Apartment deliveries increased significantly in the small Maine town of Portland in 2024. Over 1,080 units delivered here in the year-ending 3rd quarter. While that might be minor compared to deliveries in some larger markets nationwide, Portland has a total existing unit base of a little less than 30,000 units. And in the past ten years, completions in Portland have averaged less than 400 units annually. This recent supply increase registered at more than double that long-term average. In fact, in the more than two decades RealPage Market Analytics has been tracking the market, Portland has never delivered over 1,000 units on an annual basis, until 2024. With a population of about 552,900 people, Portland is the most populous city in the state of Maine, according to the most recent data from the U.S. Census Bureau. That population increased by a sizable 5.2% between 2017 and 2022. Portland has a rich maritime and military heritage and is heavy in Education and Health Services jobs.
