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Clark County and Vancouver Multifamily Market Update [4/23/26]
Welcome back to Multifamily Market Watch. I’m Michael Pierce, senior data analyst at HFO Investment Real Estate. Today we’re looking at southwest Washington, specifically Clark County, and the city of Vancouver. These two areas sit within the same metro, but are behaving very differently together. However, they are producing some of the strongest apartment fundamentals in the Pacific Northwest.
Clark County & Vancouver Washington Vacancy Rates
Let’s start off with the big picture. Clark County’s vacancy is approximately 3.7%. Vancouver is about 6.6%. Portland, by comparison, is closer to 7.4%. That gap is the story. Clark County is operating at one of the tightest vacancy levels in the region, while Vancouver is working through new supply, but still outperforming Portland. This is not a distressed market; it is a market that is separating into distinct sub-markets, each with its own supply and demand dynamics.
Clark County Apartment Pipeline
Clark County, outside of Vancouver, is a small market with roughly 1900 apartment units. Over the past 12 months, there have been no new deliveries and no new units under construction. That absence of supply really explains everything else. Vacancy sits at 3.7% well below historical averages, and is expected to remain near that level through 2026 Rents are holding at approximately 1760 a month, while annual growth is about 1.6% Even more notable, higher end product is effectively full vacancy in four and five star properties is just above 2% This is not a market adjusting supply, it’s a market defined by lack of supply. As a result, pricing remains firm and rent growth continues, even as other parts of the metro slow.
Vancouver, Washington Apartment Pipeline
Vancouver is a market that is slowly absorbing supply. The city is a much larger, more active market with around 39,000 apartment units. Unlike Clark County, Vancouver has been the center of development activity in the region over the past 12 months. There have been 842 units delivered, approximately 905 units were absorbed, and vacancy is currently sitting at 6.6% The key point is the demand is keeping pace with supply. That’s what separates Vancouver from a typical oversupplied market. The defining number for Vancouver is its construction pipeline. There are approximately 2187 units under construction, that represents roughly 5.5% of total inventory. Projects include several large developments, such as a 400 unit on the waterfront and multiple 200 plus projects across the market. At the same time, construction activity has slowed. New starts have declined significantly from peak levels of 2022 and 23. That suggests Vancouver is nearing the end of its current supply cycle rather than entering a new one.
Rent Growth
When we look at rent performance, the trends really reflect the differences between the two markets. Clark County continues to post positive rent growth of about 1.6% annually, with minimal concessions. Vancouver has seen slight softness, asking rent growth is slightly negative, around point 2% Effective rent growth is modestly positive, despite that Vancouver is still overperforming Portland, where rent declines have been more pronounced. But really, the key takeaway is that Vancouver’s rent softness is supply driven, not demand driven.
Clark County Employment Growth
The strength of this market is rooted in its economy. Clark County employment has recovered to approximately 114% of pre-pandemic levels, that is a significant outperformance relative to parts of the Portland metro. Population growth is also stronger. Clark County has grown roughly 4.8% since 2020 reaching more than 527,000 residents. Vancouver alone has grown to nearly 199,000 residents, up more than 4% over the same period.
Population Growth in Portland
By comparison, population growth in the Portland metro has been much slower. Tax policy also plays a role. Washington does not have a state income tax, while Oregon does. That difference continues to influence migration patterns and housing demand. Investment activity reflects these fundamentals. In Vancouver, recent sales show pricing generally in the range of 180 to 250,000 per unit, with cap rates in the mid 5% range, some notable transactions include the Terra at Hazel Dale at approximately 233,000 per unit. There’s also the Very Vancouver at roughly 235,000 per unit. Clark County, by contrast, is very limited transaction volume. Only one sale occurred in the past year at approximately 242,000 per unit. That reflected the lack of inventory and limited opportunities to transact, long-term demand remains strong.
Clark County Population Growth
Clark County is projected to grow more than 700,000 residents by 2045. Housing units are estimated at more than 115,000 units over that period. Even if a portion of that demand is met through ownership, housing multifamily will play a significant role. Infrastructure investment will also support growth. The interstate bridge replacement project with an estimated cost of over $14 billion is expected to improve regional connectivity and support long-term economic expansion.
The Key Takeaways
So, in conclusion, Clark County and Vancouver are outperforming Portland in the metrics that matter most. Clark County is defined by extremely tight vacancy and no new supply, while Vancouver is defined as strong demand that continues to absorb new construction units. Both markets are benefiting from the stronger job recovery, faster population growth, and favorable migration trends. In the near term, 2026 will be a leasing year in Vancouver, as the market continues to absorb recent deliveries, but the broader outlook remains positive. This is not just a stable market, it’s a leading one. I’m Michael Pierce, and this has been Multi Family Market Watch. Thanks for listening. And talk to you next week.
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