Spring 2025 Apartment Report from Multifamily NW

The Spring 2025 Apartment Report is now available! Multifamily NW, the largest association of housing providers and rental housing professionals in Oregon, publishes the biannual Apartment Report every Spring and Fall — offering the latest insights into the current status of the rental market in various regions of the state. Scroll down for Report access.

The Spring 2025 Report shows the Portland Metro area vacancy rate in decline compared to Spring 2024. Portland Metro area rents continue to remain relatively flat, averaging $2.07 per square foot, compared to Spring’s $2.06. Rents have remained consistent, in the Fall of 2023 the Portland Metro average rent was at $2.04.

The Apartment Report includes data from nearly 1,100 properties representing over 63,000 rental units.

The Spring 2025 Apartment Report content shows an uptick in sales volume while rental housing construction remains constrained due to financing and economic challenges.
A momentary decrease in new supply may support rent growth as vacancy rates stabilize.  Interest rate clarity, investor confidence and reasonable regulatory environment will play key roles in the housing market’s gradual recovery.

The Report debuted on Thursday, April 10th at the Apartment Report Luncheon at the Oregon Convention Center. The Speakers Panel participated in a moderated discussion including updates on multifamily sales, operational costs and best practices and a new state and city task force to boost apartment development.