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New data show a stable multifamily market in the Portland-metro area, with little change in rents or vacancy rates, while construction deliveries and investment sales fell.

The numbers indicate a market giving multifamily developers little reason to invest in new projects amid high interest rates.

Average asking rents in the Portland area slipped by 0.24 percent compared to a year ago to $1,656, according to a Kidder Mathews analysis of CoStar data. The numbers are from the second quarter 鈥� April through June. Rents rose 0.7 percent from $1,644 during the first quarter.

Vacancies improved to 7.1 percent, down from 7.2 percent a year ago and 7.4 percent in the first quarter of 2026, indicating a 鈥渞elatively stable rental market,鈥� Kidder Mathews stated.

Investment sale prices dropped 12.9 percent compared to a year earlier, to $182,489 per unit. Falling values reflected 鈥渃ontinued repricing in the investment market,鈥� Kidder Mathews stated.

Capitalization rates were unchanged at 6.4 percent, compared to the previous quarter.

The top transaction during the second quarter was the $63.3 million sale of Ladd Tower in the South Park Blocks by Invesco to buyers Guardian and PCCP. The 332-unit property fetched $190,663 per unit.

Construction deliveries fell 24.8 percent compared to a year earlier, with only 1,813 units arriving during the quarter. The largest completed project was at the Vancouver Waterfront, where Lincoln Property‘s 440 West added 198 units to the market.

The largest multifamily development under construction is the 369-unit project in Beaverton’s Cedar Hills neighborhood from High Street Residential, SCOA Real Estate Partners and Lease Crutcher Lewis.

Absorption remained positive at 2,604 units during the first half of the year.