Portland Multifamily Market

Experts

Deep local knowledge, comprehensive market data, and expert insights for informed

investment decisions.

5.2%

Average Cap Rate

+0.3% YoY

$185K

Median Price/Unit

+8% YoY

4.8%

Vacancy Rate

-0.5% YoY

4.2%

Rent Growth

Annual

Portland Rental Market Overview

Portland's multifamily market continues to demonstrate resilience with steady rental growth and strong investor interest. The metro area's diverse economy, quality of life, and relative affordability compared to other West Coast markets support ongoing apartment demand.

Key drivers include the tech sector expansion in the Silicon Forest, healthcare and education employment, and Portland's appeal to remote workers relocating from higher-cost markets. Population growth and household formation continue to outpace new construction.

Value-add opportunities remain attractive as investors target properties with below-market rents and deferred maintenance. Well-positioned assets with renovation potential continue to command premium pricing.

Current Market Trends

  • Strong rental demand across all unit types

  • Cap rate compression stabilizing after 2023 adjustments

  • Development pipeline moderating, supporting existing assets

  • Suburban markets outperforming urban core

  • Value-add premiums remain attractive for repositioning plays

  • 1031 exchange buyers driving competitive bidding

Portland Submarket Analysis

Downtown/Pearl District

Premium urban living with strong rental demand from young professionals.

Cap Rate Range

4.8-5.2%

Outlook

Stable

Inner Eastside

Hip neighborhoods with high walkability scores and lifestyle amenities.

Cap Rate Range

5.0-5.5%

Outlook

Growing

Beaverton/Hillsboro

Tech corridor with strong employment growth and suburban appeal.

Cap Rate Range

5.2-5.8%

Outlook

Growing

Gresham/East County

Affordable submarket with value-add opportunities and improving fundamentals.

Cap Rate Range

5.5-6.2%

Outlook

Improving

Tigard/Lake Oswego

Affluent suburbs with excellent schools and stable tenant base.

Cap Rate Range

5.0-5.5%

Outlook

Stable

SW Washington

Cross-border opportunities in Vancouver and Clark County.

Cap Rate Range

5.3-5.8%

Outlook

Growing

Ready to Get Started?

Schedule a confidential consultation to discuss your multifamily investment

goals.

Portland's trusted multifamily investment brokerage. Expert valuation, positioning, and execution for apartment owners.

Principal Broker: Streamline Real Estate

(971) 458-4080

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Serving Portland, Beaverton, Gresham, Hillsboro, Tigard & SW Washington.