The softening trend that seized the national multifamily market at the start of fall 2022 also engulfed Portland, but the metro\u2019s performance remained healthy<\/strong><\/a>. While short-term rent growth turned negative\u2014down 0.2% on a trailing three-month basis in December and on par with the national rate\u2014annual rent growth posted a solid 7.2% increase, 100 basis points above the U.S. average. The occupancy rate in stabilized properties signaled a tight rental market, settling at 95.7% in November following a 40-basis-point dip over the course of one year.<\/p>\n