Portland Multifamily Market Report – February 2025

Market Overview

Portland recorded a 0.5% decline in advertised rents on a trailing three-month basis through December 2024, with the average rate at $1,743. However, occupancy remained strong at 95.1%, outperforming the national average. Developers completed over 7,300 units in 2024, the highest annual total in more than a decade, contributing to current leasing headwinds. Despite the record deliveries, most submarkets posted annual rent gains, with Downtown Portland seeing the largest increase at 12.6%.

About Yardi Matrix

Yardi Matrix offers comprehensive insights into commercial and multifamily real estate markets. Their Portland report includes detailed data on rent trends, occupancy, employment, and new construction, broken down by asset class and submarket. Backed by a robust platform and team of analysts, Yardi Matrix equips industry stakeholders with the tools needed for data-driven investment decisions.