MARKET SNAPSHOT

Portland Q3 2025

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AVERAGE RENT

$1,651 Q3 2025

OCCUPANCY RATE

94.1% Q3 2025

NET ABSORPTION

4,574 YTD Q3 2025

ANNUAL RENT CHANGE

-0.4% Q3 2025

ANNUAL OCCUPANCY CHANGE

0 BPS Q3 2025

QUARTERLY COMPLETIONS

3,197 YTD Q3 2025

KEY TAKEAWAYS

New supply is easing, with 1,536 units delivered in Q3 and 5,292 over 12 months, and the pipeline down six straight quarters to about 2,026 units, a cycle low.

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Portland absorbed 1,264 units in Q3 2025 and 5,858 over the year, keeping stabilized occupancy at 94.1%, above the 93.5% U.S. average.

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Rental growth remained slightly negative after a 0.4% YoY decline in Q3, but discounting is fading and momentum should gradually improve as deliveries taper and lease-ups mature.

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MARKET OUTLOOK

Portland heads into late 2025 with a firmer floor under fundamentals. The pipeline has declined for six straight quarters to roughly 2,026 units under construction, the smallest of this cycle, and future deliveries are trending lower...

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