Portland, OR Multifamily Market Report | Yardi Matrix | Q4 2025

Market Overview

Portland entered fall 2025 with a split picture: asking rents ticked up 0.1% on a trailing three-month basis through August to $1,775, matching the national short-term rate, but fell 0.7% year-over-year as the national average rose 0.7%. The gap was driven largely by softness in the Lifestyle segment. The metro shed 5,700 net jobs over the 12 months ending in June, with unemployment at 5.1%, significantly above the 4.2% national figure. Developers completed 3,676 units through August with 5,721 more underway and more than 30,000 in planning and permitting. Against that backdrop, investors traded $720 million in assets year-to-date, with activity increasingly concentrated in higher-quality Renter-by-Necessity stock, pointing to selective but real capital market interest.

About Yardi Matrix

Yardi Matrix is a national commercial real estate data and analytics firm serving investors, developers, and property managers across asset classes. Their Portland October 2025 multifamily market report covers asking rents, occupancy, construction pipeline activity, and investment volume to help owners and investors assess market conditions. To read the full report, click here.