Portland, OR Multifamily Market Report | Colliers | Q1 2026

Market Overview

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Portland's multifamily market opened 2026 with improving momentum, with net absorption rebounding to 809 units in Q1 after negative absorption of 677 units in Q4 2025, pushing occupancy up to 94.8%. Just 311 units were delivered during the quarter as the construction pipeline contracted sharply to 1,880 units, down 30% year-over-year, with over two-thirds of that activity concentrated in Vancouver. Average monthly effective rent held at $1,734, down 1.9% year-over-year, and over 25% of landlords offered concessions averaging $110 per month. Central Portland led all submarkets in demand, accounting for 285 units absorbed and posting 0.7% occupancy growth year-over-year despite carrying the market's highest average rent at $1,956 per unit. Investment sales totaled approximately $317 million across 35 transactions at an average of $191,000 per unit, with capital concentrated in workforce-oriented assets. Rent growth is projected to turn positive by mid-2027 as deliveries taper through 2026 and into 2027.

‍About Colliers

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Colliers is a global real estate services and investment management firm operating across more than 60 countries. The firm offers comprehensive brokerage, capital markets, valuation, advisory, and research services. Their Q1 2026 Portland multifamily report tracks occupancy, rents, absorption, deliveries, and investment activity across 11 submarkets to help owners, developers, and investors assess market conditions and timing. To read the full report, click here.