Portland, OR Multifamily Market Report | CBRE | Q1 2026

Market Overview

‍
Portland's multifamily market opened 2026 on a more optimistic note, with fundamentals showing meaningful improvement even as investment volume pulled back from Q4 levels. Occupancy ticked up 20 basis points to 94.8%, and net absorption reached a positive 1,827 units, comfortably outpacing the 1,367 units delivered in the quarter. Average rents held relatively steady at $1,734 per unit, down just 0.2% quarter-over-quarter, though still off 1.7% on a year-over-year basis. On the investment side, transaction volume totaled $188 million with 1,195 units changing hands at an average of $157,710 per unit. Central Portland again led submarket rent performance, with rents growing 0.97% year-over-year to $1,960 per unit.

‍About CBRE

‍
CBRE is a global commercial real estate services and investment firm operating across major U.S. and international markets. Their Q1 2026 Portland multifamily report tracks occupancy, rents, absorption, deliveries, and investment sales activity by submarket to help owners, developers, and investors evaluate market conditions and timing. To read the full report, click here.