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Portland Metro Multifamily Market Report Q3 2022

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Following a historic run of rent and occupancy growth paired with all-time high sales volume, Portland’s multifamily market has begun to slow in the face of headwinds from the larger economy. Despite causing market fundamentals falling from recent highs, year-on-year rent growth remains a bright spot at 10.9% and the market-wide occupancy rate of 96% remains above the trailing five-year average of 95.8%. Of the 59 sales transactions recorded during the period the average price per unit was $253,762, a 5.6% drop from the prior quarter. The largest sale of the quarter was LaSalle Investment Management’s purchase of the Oak Street Lofts in the Southwest Portland/Tigard submarket from Abacus Capital Group. The 187-unit property traded at $435,829 per unit for a total of $81.5 million. The East Portland, Southeast Portland and Vancouver submarkets remain key areas of focus for new construction. Vancouver has drawn heavy attention from developers; its 2,300 units under construction represent nearly 7% of the total submarket inventory.

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Portland Metro Multifamily Market Report Q3 2022

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Jamison Shields

Research Analyst

Portland

Jamison Shields joins the Colliers team after working for a boutique student housing developer providing asset management and development services. Responsible for research efforts out of the Portland office, related to office, industrial, multifamily and retail asset types. Jamison works to collect, analyze and synthesize market data for the local commercial real estate market. He provides pitch support, innovative GIS dashboards, and client-specific reporting. 

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