Clark County Multifamily Update: 03/18/2026
March 18, 2026
Aaron Kirk Douglas

Clark County Multifamily Update: 03/18/2026

Southwest Washington is not one apartment market. There are at least two, and both are outperforming Portland.

The city of Vancouver is a large, fast-growing urban submarket working through a wave of new supply. Outside of Vancouver, Clark County is a smaller, more competitive market with hardly any new construction. Together, they are driving the strongest apartment fundamentals in the Portland-Vancouver metro.

For owners and investors, the takeaway is simple: this is one of the most resilient rental markets in the Pacific Northwest

The headline numbers tell the story right away:

  • Clark County vacancy: 3.7%
  • Vancouver vacancy: 6.6%
  • Portland metro vacancy: 7.4%

Clark County’s 3.7% vacancy rate is extremely low. It is well below its five-year average of 5.7% and 10-year average of 6.1%, and it is expected to remain tight at about 3.8% through 2026.

Vancouver’s 6.6% vacancy is higher—but it comes with context. Over the past 12 months, Vancouver delivered 842 units and absorbed 905 units, indicating that demand has kept pace with new supply. The vacancy rate has already begun to decline from recent highs.

Portland, at 7.4% vacancy, remains softer. Even with improved absorption, it is still working through a larger supply-and-demand imbalance.

Vancouver is carrying the region’s supply wave

Vancouver has become the center of multifamily development in the region.

  • Total inventory: 39,152 units
  • Units delivered (12 months): 842
  • Units absorbed (12 months): 905
  • Units under construction: 2,187

That 2,187-unit pipeline is the defining number for the next two years. It represents about 5.6% of existing inventory and roughly half of all units under construction in the Portland-area market.

Projects like Waterfront Gateway (400 units), Broadrock (276 units), and multiple 200+-unit developments are driving this wave.

Even so, Vancouver is holding up well. Over the past five years, the market has delivered roughly 7,500 units, and it is still absorbing new product at a steady pace.

Clark County is tight because there is almost no supply

Clark County outside Vancouver is the opposite story.

  • Total inventory: 1,931 units
  • Units delivered (12 months): 0
  • Units under construction: 0
  • Units expected (next 2 years): 0

There is simply no new supply coming online.

That is why vacancy is so low and why rent growth remains positive.

  • Average asking rent: $1,769
  • Effective rent: $1,760
  • Asking rent growth: +1.6% year over year

Even more telling:

  • 4 & 5 Star vacancy: 2.1%
  • 3 Star vacancy: 4.4%
  • 1 & 2 Star vacancy: 2.8%

Clark County is not experiencing a supply problem. It is experiencing a supply shortage.

Rent trends show clear outperformance vs. Portland

Rent performance follows the same pattern.

  • Clark County: +1.6% asking rent growth ($1,760 effective rents)
  • Vancouver: -0.2% asking rent growth (0.5% effective growth) ($1,686 effective rents)
  • Portland: -0.9% asking rent growth ($1,638 effective rents)

Clark County also has the lowest concessions in the metro at just 0.5%, compared with about 1.0% in Vancouver and higher levels across many Portland submarkets.

Even Vancouver, despite the supply wave, is outperforming much of Portland simply because demand remains stronger.

Economy: Clark County is leading the recovery

The reason this market is holding up comes down to jobs.

Clark County’s economy has outperformed the rest of the metro since the pandemic.

  • Employment level: 114% of 2020 levels
  • Multnomah County is still below 2020 levels

That gap is one of the biggest drivers of apartment demand.

There is also real investment behind the growth:

  • $1.68 billion in business activity and capital investment
  • 3,926 jobs created or retained
  • $338 million in investment and 445 jobs added in 2024 alone

The workforce system is also active:

  • $142.5 million invested in job training and employer support since 2002

There are some near-term risks. Layoffs have increased across several sectors since mid-2025. But even with that, Clark County remains one of the strongest job markets in the region.

There is also a structural advantage that continues to matter:

Washington has no state income tax. Oregon does.

That difference continues to influence where renters choose to live.

Population growth is driving long-term demand.

Clark County is also growing faster than the rest of the metro.

  • Clark County population (2024): 527,269
  • Growth since 2020: +4.8%
  • Vancouver population: 198,992
  • Growth since 2020: +4.2%

Compare that with the Portland metro, which grew only about 0.6% from 2023 to 2024.

Looking ahead:

  • Projected population (2045): 718,154
  • Housing units needed: 115,705 units (2020–2045)

That is a large amount of growth for a market this size.

Even if a portion of that demand is met through ownership housing, the scale of need means multifamily will remain a key part of the solution.

There is also a shift in how growth is happening:

  • Slower natural population growth
  • Greater reliance on migration
  • Household formation often outpaces population growth

That last point is critical. Even modest population increases can still drive strong apartment demand if more households are being formed.

Infrastructure will support the next phase of growth

The Interstate Bridge Replacement project will be one of the biggest long-term drivers.

  • Estimated cost: $14.4 billion
  • Billions already committed (?)*

This project could:

  • Create years of construction jobs
  • Improve cross-river access
  • Strengthen Vancouver’s role as a major housing option in the region.

The bottom line:

Clark County and Vancouver are outperforming Portland where it matters most:

  • Lower vacancy: 3.7% (Clark County) vs. 7.4% (Portland)
  • Stronger job recovery: 114% of pre-pandemic employment
  • Faster population growth: +4.8% since 2020
  • More development activity: 2,187 units under construction in Vancouver
  • No new supply in outlying Clark County

Yes, 2026 will be a leasing year, especially in Vancouver.

But Clark County remains extremely tight, and the long-term fundamentals throughout Southwest Washington are stronger than those of most competing submarkets.

For owners and investors, this is not just a stable market.

It is a leading one.

This story includes CoStar data (available to subscribers only) and publicly available economic and planning sources listed below.

*Status of funding remains uncertain at both the federal and state levels due to ballooning budget estimates.

Sources

Additional primary documents referenced:

 

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