What has happened is all the large multi-apartment buildings under construction for the last 2 years have come online. There's a lot more that will be ready to move into starting 2018 and into 2019. These are quick construction 4 to 6 story 100+ unit buildings that are being built everywhere in portland. Heck, home owners are event getting into the game, where they are making ADUs out of existing garages and basements. The city has waived a bunch of the development fees normally associated with ADUs. Not a game changing number coming online every year, maybe 100 or so, but the combined effect is that rental units are popping up everywhere.

Side note: many of these large buildings are built around a model that includes staggering the release of units over two years, so as to not flood the market with new units, lowering the price. I wouldn't be surprised if a few of these projects scheduled for move in late 2018 or early 2019 turned less of a profit than planned, given the sheer quantity of them being built.

Side note: We've had more than one random person looking into our business our office from the hall, who upon questioning, turned out to be a random wealthy dude from CA or NY, who is looking for some real estate in which to park a few million dollars, lead around by a hawkish businessy looking person, neither of which even know the term triple net. It's a wild market here right now, it'll be interesting to see how it all turns out.