Portland rents continued their decline for the third month in a row after the last increase in September, according to the January report from Apartment List.
Portland rents have declined 0.5 percent over the past month, but have been relatively flat at 0.4 percent in comparison to the same time last year. Median rents now are $1,122 for a one-bedroom apartment and $1,324 for a two-bedroom in Portland.
Rents rising across the Portland metro
While rents have remained steady in the city of Portland throughout the past year, cities across the metro have seen a different trend. Rents have risen in nine of the largest 10 cities in the Portland metro for which Apartment List has data.
Here’s a look at how rents compare across some of the largest cities in the metro.
- Beaverton has seen the fastest rent growth in the metro, with a year-over-year increase of 3.0 percent. The median two-bedroom there costs $1,824, while one-bedrooms go for $1,546.
- Over the past month, Canby has seen the biggest rent drop in the metro, with a decline of 2.6 percent. Median two-bedrooms there cost $1,725, while one-bedrooms go for $1,462.
- Portland proper has the least expensive rents in the Portland metro, with a two-bedroom median of $1,324.
- Hillsboro has the most expensive rents of the largest cities in the Portland metro, with a two-bedroom median of $2,055; rents fell 1.0 percent over the past month but rose 2.9 percent over the past year.
Portland rents more affordable than many other large cities nationwide
Rent growth in Portland has been relatively stable over the past year, while some other large cities have seen more substantial increases.
Portland is still more affordable than most comparable cities across the country.
- Oregon as a whole has logged 1.5 percent year-over-year growth, while rent trends across other cities throughout the state have varied. For example, rents have grown by 1.0 percent in Eugene and have fallen 0.8 percent in Salem.
- While rents in Portland remained moderately stable this year, similar cities saw increases, including Phoenix (+3.8 percent), Las Vegas (+3.2 percent), and Austin (+3.1 percent); note that median 2BR rents in these cities go for $1,099, $1,193, and $1,471 respectively.
Eugene Rents Continue Decline, While Corvallis is Flat
Eugene rents have declined 0.5 percent over the past month, but have increased slightly by 1.0 percent in comparison to the same time last year, according to the latest report from Apartment List.
Median rents in Eugene are $820 for a one-bedroom apartment and $1,091 for a two-bedroom.
This is the third straight month that the city has seen rent decreases after an increase in September. Eugene’s year-over-year rent growth lags the state average of 1.5 percent, as well as the national average of 1.4 percent.
Corvallis rents flat over the past month
Corvallis rents have remained flat over the past month, however, they are up slightly, by 1.2 percent year-over-year.
Median rents in Corvallis are $828 for a one-bedroom apartment and $1,039 for a two-bedroom.
Salem rents decline sharply over the past month
Salem rents have declined 0.7 percent over the past month, and have decreased moderately by 0.8 percent in comparison to the same time last year.
Median rents in Salem are $808 for a one-bedroom apartment and $1,062 for a two-bedroom.
This is the third straight month that the city has seen rent decreases after an increase in September.