Portland Metro, OR Multifamily Market Report | Colliers | Q4 2025

Market Overview

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Portland's multifamily market closed Q4 2025 with demand turning negative for the first time in eight quarters, recording 695 net move-outs as easing demand in Multnomah County outweighed absorption in surrounding submarkets. Occupancy slipped to 94.6% and average effective rents fell 1.9% year-over-year to $1,730 per unit. Investment activity weakened considerably, with Q4 sales volume of $249 million reaching just one third of the five-year trailing average and price per unit down 11% year-over-year. Vancouver was the clear outlier, posting occupancy growth of 0.6% and rent growth of 0.9%, with nearly two thirds of the metro's 1,826 units under construction concentrated there. Deliveries are projected to taper sharply through 2026 and into 2027, setting the stage for a gradual rent recovery.

‍About Colliers

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Colliers is a global real estate advisory and investment management firm serving owners, operators, and investors across major U.S. markets. Their Q4 2025 Portland multifamily report tracks occupancy, rents, absorption, deliveries, and investment sales activity by submarket to help owners, developers, and investors assess market conditions and timing. To read the full report, click here.