Portland saw a rebound in apartment demand in recent months, after the COVID-19 pandemic altered fundamentals across the nation in 2020. In 1st quarter 2021, annual demand in Portland climbed to about 6,500 units, the most the market has absorbed in over 15 years. Even with record high demand, however, concurrent completions topped that volume, also hitting a record high at over 6,800 units. This pattern held over from 4th quarter 2020, when demand was solid at 5,880 units, by just shy of supply at 5,900 units. Two quarters of solid demand is quite a change from the pandemic-induced lows from 2020’s 2nd and 3rd quarters, when absorption was averaging around 3,000 units, notably below supply. Portland’s recent performance is also well ahead of pre-pandemic norms. From early 2017 through early 2020, annual demand averaged at 4,800 units, while supply came in at an average annual pace of about 4,900 units.
