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

Market Overview

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Portland's multifamily market turned negative in Q4 2025 for the first time in eight quarters, with demand falling to -695 units absorbed and occupancy slipping to 94.6%. Effective rents declined 1.9% year-over-year to $1,730 per month, with most submarkets posting losses. Investment activity was equally subdued: Q4 sales volume of $249 million reached only one third of the five-year trailing average, and the average price per unit fell 11% year-over-year to $222,000. Vancouver was the clear exception, posting positive absorption, 0.6% occupancy growth, and 0.9% rent growth. With nearly two thirds of the metro's 1,826 units under construction concentrated there, Vancouver is positioned to anchor Portland's recovery as the broader pipeline tapers through 2026 and 2027.

‍About Colliers

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Colliers is a global commercial real estate services firm operating across 70 countries with over $108 billion in assets under management. Their Portland Q4 2025 multifamily market report covers occupancy rates, effective rents, new supply, absorption, and investment sales to help owners and investors track conditions across the metro's submarkets. To read the full report, click here.