Portland sees 54% drop in new apartment construction
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Roughly 3,900 new apartment units are expected to be completed in the Portland metro area this year, down about 54% compared to 2024, according to a report by listing site RentCafe.
The big picture: That is considerably less than other metros of its size — like San Antonio (8,100) and Salt Lake City (6,500) — but reflects a broader national slowdown trend.
- Higher building costs, higher interest rates and a surplus of supply in some markets have made developers cautious to start new projects.
What they're saying: "The boom in multifamily construction is ending," researchers at Harvard's Joint Center for Housing Studies wrote in a June report.
What we're watching: This could be bad news for Portland, which is already grappling with a housing affordability crisis and dramatic slowdown in new construction in recent years, despite officials' efforts to spur more development.