Multifamily product is continuing to show its strength as an asset class in the Portland metro. Occupancy, however, is showing pandemic-related stress with Portland dropping 2.8% to 90.5% while Clackamas and Clark counties increased by 0.8% and 2.8%, respectively. As rent growth crawls (0.5% from Q3 2019) across the region, concessions have more than doubled downtown and in close-in submarkets. Suburban submarkets, however, have seen them cut in half. Rents per square foot, however, remain stable for every quarter in the last year.