The Portland multifamily market in Q2 2025 is entering a phase of cautious stability, with key fundamentals showing modest shifts and muted volatility. According to a report from Kidder Mathews, market indicators suggest that while new construction has significantly slowed, investment appetite remains strong, supported by steady cap rates and rising asset prices. Vacancy rates have held firm at 8.5 percent, unchanged year-over-year and reflecting a slight improvement from the 8.9 percent recorded in Q1 2025. This stabilization is accompanied by a marginal decline in average asking rents, which fell 0.7 percent from $1,904 in Q2 2024 to $1,891 in Q2 2025. However, on a quarterly basis, rents rose slightly from $1,875 in Q1, hinting at a resilient demand base and a market that may be nearing

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