Portland multifamily market, October 2026

Neither side has the edge in Portland, and it is cooling: asking rents are up 0.6% on a year, while jobs slipped 0.6%.

Updated October 30, 2026 · from Zillow, BLS and the US Census Bureau

+0.6%

Asking rent, year over year

Zillow · September 2026

-0.6%

Jobs, year over year

BLS · September 2026, preliminary

5.9%YEARLY

Vacancy

Census · 2024 count

What is moving now

Asking rents are up 0.6% on a year to September 2026, which is the figure the condition is read from. Jobs are down 0.6% over the same year to September 2026, a first release the BLS revises the following month. Job growth has cooled (September 2026).

The backdrop

These are yearly Census counts, not this month's: 5.9% of rentals sat empty in 2024, permits for new apartments were down 32% in 2025, more people moved in than out in 2025, and the typical rent was $1,767 a month in 2024. They are the background the monthly figures move against, and they are the newest the Census has published.

See every figure behind this read

Open the live Portland read →

We watch Portland for you.

The day asking rent growth (now +0.6%) or job growth (now -0.6%) moves half a point, you get an email. Plus two years of history and the report.

Track Portland, $39/month

Cancel anytime. Every market read stays free.

Common questions about Portland

Answered from the data, updated October 30, 2026

Is the Portland rental market tight or soft right now?

In Portland right now, neither side has a clear edge, and it is cooling.

Which way is the Portland market heading?

Portland is cooling right now, as asking rents firm over the past year (Zillow ZORI, monthly).

Is Portland a landlord's or a renter's market?

Portland is a balanced market right now, with neither side holding a clear edge.

What is the vacancy rate in Portland?

Vacancy in Portland is 5.9% in the 2024 count, a yearly snapshot rather than a monthly reading (US Census Bureau).

How much have Portland rents changed?

Asking rents in Portland are up 0.6% over the past year (Zillow ZORI, monthly, latest Sep 2026).

Recent coverage

Daily, from the MetroSgnl news feed. Headlines only.

A Punishing Housing Market Is Squeezing RentersGV Wire

Oregon Secures Decades of Affordable Housing for Seniors Through $72 Million Portland Preservation ProjectGrants Pass Tribune

New 60-pod safe rest housing village opens in AlohaKATU

Merkley, Wyden, Bonamici, Dexter Announce $12.4 Million for Affordable Housing in PortlandMerkley (.gov)

Apollo and UDR Inc Announce 19-Property Multifamily Ownership and Operation Joint VentureYield PRO

Portland-Area County To Eliminate All Race-Based Housing Programs as Part of Agreement With Trump Administrationfreebeacon.com

See all Portland news →

Data: Zillow ZORI, BLS, US Census Bureau, FRED, and the MetroSgnl news feed. Recomputed daily. Market information only, not investment advice.
Methodology ↗ · All insights ↗