09/02/2026
HFO Partner Greg Frick provided local reporter Chuck Slothower of the Daily Journal of Commerce Oregon with an apartment market update. Greg stated that the market appears to have stopped repricing downward, and buyers and sellers are selectively finding each other again. Vacancy has declined, absorption has exceeded new deliveries, and only 2,550 units are currently under construction across the metro area. Even more telling, 16 of 25 submarkets have no new units under construction.
With so few units currently underway, the supply pipeline will continue to shrink. As demand absorbs the existing inventory, vacancies should decline and rents should begin to strengthen. “The economics are not there yet for new construction right now, but if you wait until everything lines up, you’re going to be late when you get there,” he said.
"We are not back to a fully recovered market, but the direction is improving."
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