Portland rents declined 1.0% in December and are now down 5.4% year-over-year, according to the January report from Apartment List.
Currently, the overall median rent in the city stands at $1,527, after falling 1.0% last month.
Rents have now decreased by a total of 5.4% over the past 12 months. Portland’s negative rent growth over the past year is similar to the state average (-4.6%) but has fallen below the national average (-1.0%). This is a slower rate of growth compared to what the city was experiencing at this point last year; from January to December 2022, rents had increased 3.1%.
Citywide, the median rent stands at $1,387 for a 1-bedroom apartment and $1,644 for a 2-bedroom. Across all bedroom sizes (i.e., the entire rental market), the median rent is $1,527. That ranks No. 39 in the nation, among the country’s 100 largest cities.
For comparison, the median rent across the nation as a whole is $1,211 for a 1-bedroom, $1,365 for a 2-bedroom, and $1,379 overall. The median rent in Portland is 10.7% higher than the national, and is similar to the prices you would find in Atlanta, Ga. ($1,528) and Austin, Texas ($1,501).
Portland rents in December across the metro
Across the Portland metro area, the median rent is $1,625, meaning that the median price in Portland proper ($1,527) is 6.0% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -5.0%, above the rate of rent growth within just the city.
The table below shows the latest rent stats for nine cities in the Portland metro area that are included in the Apartment List database.
Among them, Lake Oswego is currently the most expensive, with a median rent of $1,958. Gresham is the metro’s most affordable city, with a median rent of $1,480. The metro’s fastest annual rent growth is occurring in Gresham (-1.9%) while the slowest is in Beaverton (-7.5%).
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