The Portland metropolitan area has experienced a population increase of approximately 1.08% year-over-year, reaching a total of about 2.54 million residents in the fourth quarter of 2026. This growth is supported by a net migration of 64,913 individuals, contributing to a diverse demographic landscape. The median household income stands at $98,994, while the unemployment rate is relatively low at 4.6%. Employment figures indicate a robust job market with over 1.34 million individuals employed, and the average weekly wage is reported at $1,567. The renter share of the population is 38.9%, highlighting a significant demand for rental housing in the region.
In terms of multifamily fundamentals, the HUD Fair Market Rent for a two-bedroom unit is benchmarked at $1,771, which is slightly below the asking rent of $1,997 for similar units. Year-over-year multifamily rent growth is recorded at 2.3%, with the median gross rent remaining steady at $1,767. This stability in rent levels, coupled with a modest growth rate, suggests a market that is maintaining affordability, although it may be approaching limits for some renters given the current economic conditions.
Capital market activity over the trailing 24 months has seen 490 transactions, with a total dollar volume of approximately $1.59 billion and a median price per unit of $236,159. The multifamily cap rate is currently at 5.64%, which is about 140 basis points tighter than the national median of 7.04%. This indicates a competitive investment environment in Portland, reflective of strong demand relative to supply. As reported by CBRE Research, the market's fundamentals remain resilient, suggesting continued interest from investors despite broader economic uncertainties.
Figures assembled automatically from public property records, third-party listing feeds, licensed market data, and federal sources (HUD, Census, BLS).
Mountains, trails, and luxury homes starting near $1.25 million. Denver offers faster sales and a higher ceiling, while Portland has held its value through the cycle. Here’s how the two outdoor metros compare for high-end buyers, from entry prices to top ZIP codes.
OLYMPIA, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two apartment properties in Olympia. Hillsboro, Ore.-based Bender Equities sold the assets to FPA Multifamily for $43.7 million, or $154,417 per unit. Situated on more than 18 acres at 3000 Cardinal Drive…
PORTLAND, ORE. — Dallas-based NewcrestImage has purchased The Hotel Zags, a luxury lifestyle boutique property in downtown Portland. Terms of the transaction were not released. NewcrestImage will manage the property in-house. Situated in Portland’s Cultural District, The Hotel Zags features 174 guest rooms, 2,700 square feet of flexible meeting/event space,…
FOREST GROVE, ORE. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $14.7 million sale of The Boxer, a 99-unit apartment complex in Forest Grove, about 27 miles west of Portland. Hillsboro, Oregon-based Bender Equities sold the property to San Francisco-based Tam Ridge Partners. The…
Newmark has arranged the $30.9 million sale of Trellis West, a 214,152-square-foot advanced manufacturing and research and development campus in Hillsboro, Oregon, to buyer SKB and KCB Partners. Newmark Director Kellen Kollmorgen represented the seller in the transaction. Leasing efforts at Trellis West were led by Newmark Portland Market Leader…
Micron Technology plans a new research institute in Idaho; Aspora will increase its presence in the EU market with a new location in Lithuania; Genentech plans to expand its manufacturing base in Oregon.
| Sold | Address | Type | Units | Price | $/Unit |
|---|---|---|---|---|---|
| 2026-02-27 | 2904 SE Washington St, Portland, OR 97214 | Multifamily | 6 | $1.5M | $253,583 |
| 2025-06-01 | 11125 SE 21st Ave, Milwaukie, OR 97222 | Multifamily | 110 | $28.0M | $254,545 |
| 2025-06-01 | 4141 N Williams Ave, Portland, OR 97217 | Multifamily | 265 | $88.0M | $332,075 |
| 2025-05-16 | 26 28 Ne 24th Ave, Portland, OR 97232 | Multifamily | — | $600K | — |
| 2025-05-16 | 905/907 Bales Ave, Willamina, OR 97396 | Multifamily | 2 | $467K | $233,500 |
| 2025-05-15 | 1558 E 3rd St Unit 6, Newberg, OR 97132 | Multifamily | 12 | $2.7M | $223,750 |
| 2025-05-15 | 1778 Mountain View Ln, Forest Grove, OR 97116 | Multifamily | — | $412K | — |
| 2025-05-14 | 504 9th 10 St, Newberg, OR 97132 | Multifamily | — | $499K | — |
| 2025-05-13 | 5197 SW 175th Ave, Beaverton, OR 97078 | Multifamily | 1 | $2.0M | $2,035,000 |
| 2025-05-13 | 217-219 SE Sweetbriar Ln, Troutdale, OR 97060 | Multifamily | 4 | $570K | $142,500 |
| 2025-05-12 | 13151 Carmel St, Tigard, OR 97224 | Multifamily | — | $570K | — |
| 2025-05-09 | 474 Harris Ln, Oregon City, OR 97045 | Multifamily | — | $620K | — |
| 2025-05-09 | 1543 SE Carlton St Unit D, Portland, OR 97202 | Multifamily | 8 | $965K | $120,625 |
| 2025-05-08 | 4123-4125 SE Taggart St, Portland, OR 97202 | Multifamily | 4 | $590K | $147,500 |
| 2025-05-08 | 13614 Gaffney Ln, Oregon City, OR 97045 | Multifamily | — | $725K | — |
| 2025-05-08 | 2912-2914 SE Yamhill St, Portland, OR 97214 | Multifamily | 2 | $625K | $312,500 |
| 2025-05-08 | 2225 B St, Forest Grove, OR 97116 | Multifamily | 1 | $501K | $501,000 |
| 2025-05-08 | 4103 SE Taggart St, Portland, OR 97202 | Multifamily | 6 | $870K | $145,000 |
| 2025-05-07 | 6821 SW Capitol Hwy, Portland, OR 97219 | Multifamily | 1 | $1.2M | $1,184,301 |
| 2025-05-06 | 2711 NE 84th Ave, Vancouver, WA 98662 | Multifamily | 1 | $725K | $725,000 |
| 2025-05-06 | 3709 91st Ave, Portland, OR 97266 | Multifamily | — | $975K | — |
| 2025-05-05 | 280 5th St, Woodland, WA 98674 | Multifamily | 1 | $3.2M | $3,225,000 |
| 2025-05-05 | 330 5th St, Woodland, WA 98674 | Multifamily | 1 | $3.2M | $3,225,000 |
| 2025-05-05 | 240 5th St, Woodland, WA 98674 | Multifamily | 1 | $3.2M | $3,225,000 |
| 2025-05-05 | 260 5th St, Woodland, WA 98674 | Multifamily | 1 | $3.2M | $3,225,000 |
| 2025-05-05 | 300 5th St, Woodland, WA 98674 | Multifamily | 1 | $3.2M | $3,225,000 |
| 2025-05-05 | 220 5th St, Woodland, WA 98674 | Multifamily | 1 | $3.2M | $3,225,000 |
| 2025-05-02 | 18136 NE Everett Ct, Portland, OR 97230 | Multifamily | 1 | $515K | $515,000 |
| 2025-05-02 | 400 SE 169th Ave, Portland, OR 97233 | Multifamily | 1 | $870K | $870,000 |
| 2025-05-01 | 3624-3626 NE 158th Ave, Portland, OR 97230 | Multifamily | 1 | $635K | $635,000 |
| 2025-05-01 | 6425 SE Woodstock Blvd, Portland, OR 97206 | Multifamily | 1 | $473K | $472,500 |
| 2025-05-01 | 2103-2105 SE Stark St, Portland, OR 97214 | Multifamily | 4 | $630K | $157,500 |
| 2025-05-01 | 714 SE 19th Ave, Portland, OR 97214 | Multifamily | 3 | $770K | $256,667 |
| 2025-04-30 | 11934 SE Harold St, Portland, OR 97266 | Multifamily | 1 | $575K | $575,000 |
| 2025-04-30 | 3530 SE 136th Ave, Portland, OR 97236 | Multifamily | 7 | $984K | $140,571 |
| 2025-04-30 | 1015-1017 SE 49th Ave, Portland, OR 97215 | Multifamily | 4 | $572K | $142,875 |
| 2025-04-30 | 525 Fellows St, McMinnville, OR 97128 | Multifamily | — | $524K | — |
| 2025-04-30 | 10985 E Burnside St #11, Portland, OR 97216 | Multifamily | — | $150K | — |
| 2025-04-30 | 4805 SE Hull Ave, Milwaukie, OR 97267 | Multifamily | 2 | $650K | $325,000 |
| 2025-04-29 | 10917 SE 5th St, Vancouver, WA 98664 | Multifamily | 1 | $291K | $291,000 |
| 2025-04-29 | 5814-5814 92nd Ave, Portland, OR 97266 | Multifamily | — | $13.0M | — |
| 2025-04-29 | 5802 SE 92nd Ave, Portland, OR 97266 | Multifamily | — | $13.0M | — |
| 2025-04-29 | 10919 SE 5th St, Vancouver, WA 98664 | Multifamily | 1 | $291K | $291,000 |
| 2025-04-29 | 4804-4806 NE 111th Ave, Portland, OR 97220 | Multifamily | 4 | $225K | $56,250 |
| 2025-04-29 | 9224 SE Ramona St, Portland, OR 97266 | Multifamily | — | $13.0M | — |
| 2025-04-25 | 8036 SE 105th Ave, Portland, OR 97266 | Multifamily | 5 | $625K | $125,000 |
| 2025-04-25 | 770-780 Paloma Ave, Gresham, OR 97030 | Multifamily | 4 | $550K | $137,500 |
| 2025-04-25 | 1024-1026 SE 31st Ave, Portland, OR 97214 | Multifamily | 4 | $550K | $137,500 |
| 2025-04-25 | 2405 88th Ave, Portland, OR 97220 | Multifamily | — | $485K | — |
| 2025-04-25 | 1793 NE 18th St, McMinnville, OR 97128 | Multifamily | 2 | $523K | $261,250 |
Recorded multifamily sales from public property records and third-party listing feeds over the trailing 24 months — a partial sample, not an exhaustive market index. Sources & methodology →
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