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Portland Metro Multifamily Market Report Q4 2022

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Portland’s multifamily market delivered mixed signals in the final quarter of 2022 as investment accelerated to close the year, but renter demand began to wane. Portland’s trend of rent growth continued into Q4 with a year-on-year rent change of 11.5%, surpassing the prior quarter’s growth rate by 60 basis points. The Hillsboro submarket continues to command the highest effective monthly rents at $2,091 while the average market-wide effective monthly rent rate was $1,817. Facing cooling demand from a sustained period of elevated rates and higher costs of living due to inflation, year-on-year occupancy rates fell for the second consecutive quarter. Falling 2% from the same period of 2021, Q4’s occupancy rate of 95.6% is only 20 basis points higher than the trailing five-year average, representing a return to historic levels following a protracted period of high occupancy rates. Investors continued to see opportunity in Portland multifamily assets through Q4, with the quarterly sales volume totaling $825 million. While this total falls well short of the record setting total from Q4 2021, Q4 2022’s sales volume is 31% higher than the five-year trailing average. Of the 43 properties that sold in the final three months of the year, the average price per unit was $286,100, a 12.6% quarter-on-quarter increase. Vancouver, Central Portland, and East Portland remain the primary areas of focus for new construction, with Vancouver seeing the most activity. The Vancouver submarket’s 2,472 units under construction represents 7.3% of existing submarket inventory.


Portland Metro Multifamily Market Report Q4 2022

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Jamison Shields

Research Analyst


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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