Portland Multifamily Future in Focus December 2023

Q3 2023 saw the delivery of 1,259 of new multifamily units, which was within 7.0% of the past four years’ average quarterly deliveries over the past four years. However, net absorption totaled 621 units, which represented a significant decline from recent quarters. For context, Q3 2023 net absorption was 1,274 units in San Francisco, 1,293 units in Los Angeles, 389 units in Chicago and 565 units in Boston. Fortunately, quarterly net absorption is expected to more than double Q3 2023 levels in Q4 2023.

Vacancy increased slightly in Q3 2023 to reach 5.7%. Consistent with most major metro markets in the U.S., Portland saw modest quarter-over-quarter declines in rent in Q3 2023, with the average slipping 0.3% to $1,748 per month.