For a period of time during 2014 through 2016, Portland was making lists of cities with the highest rent growth. Portland saw limited apartment construction from 2008 to 2013, despite steady increases in population. Developers answered the call for new construction in a big way. Now as we enter our fifth year of sustained apartment construction, the impact is finally being seen in rents.
Based on information from CoStar, 2017 rents have decreased or remained flat for all unit types across Multnomah, Washington, Clackamas, and Clark County. It's worth noting that Multnomah County, which has seen the highest rates of construction, shows limited rent increases since late 2015/early 2016.
In addition, effective rent growth across the entire Portland MSA has dropped 1% according to CoStar. This is a drastic change from year over year increases of +10% during portions of 2015 and 2016.