Portland Multifamily Outlook Q2 ‘26

Portland is at the beginning of a supply-driven recovery.

“Three conditions rarely converge in a single market: a near-complete halt in new construction, structural rental demand that has remained intact throughout the cycle, and government incentives that materially improve development economics on a non-repeatable basis. Portland exhibits all three simultaneously. Seneca's portfolio is positioned to deliver into the first years of rent recovery — not after the opportunity has been widely recognized…”