MARKET SUMMARY 6.30.25

Recently, a Portland-based family with a long history of West Coast multifamily ownership was looking to expand during a period of market uncertainty. National headlines were pointing to rent stagnation in high-growth metros, and many investors were shifting focus to the Midwest. Our client was hesitant but open to opportunities if the data supported a long-term play.

We helped them look past the headlines and focus on local fundamentals. Portland had experienced a construction surge from 2016 to 2022, with peak deliveries around 2019–2021. By late 2023, new development had slowed dramatically, setting the stage for rent recovery as the market absorbed excess supply. In early 2024, the client acquired a property in Portland. The asset had below-market rents and minimal deferred maintenance.

By Q2 2025, rents in Portland had begun to rebound, and the client’s asset outperformed expectations with a 5% increase in effective rents.
This is how local market timing and a contrarian strategy can generate above-market returns—even in a cooling cycle.