Portland rents have declined 0.6% over the past month, and are down moderately by 1.1% in comparison to the same time last year, according to a new report.
Currently, median rents in Portland stand at $1,130 for a one-bedroom apartment and $1,330 for a two-bedroom. Portland’s year-over-year rent growth lags the state average of -0.3%, as well as the national average of 1.1%, according to ApartmentList.com.
Rents rising across cities in the Portland metro
While rent decreases have been occurring in the city of Portland over the past year, cities in the rest of the metro are seeing the opposite trend.
Rents have risen in 8 of the largest 10 cities in the Portland metro for which we have data. Oregon as a whole logged rent growth of -0.3% over the past year. Here’s a look at how rents compare across some of the largest cities in the metro.
- Looking throughout the metro, Hillsboro is the most expensive of all Portland metro’s major cities, with a median two-bedroom rent of $2,020; of the 10 largest cities in the metro that we have data for, Hillsboro, where a two-bedroom goes for $2,020, is the only other major city besides Portland to see rents fall year-over-year (-0.2%).
- Corvallis, Gresham, and Springfield have all experienced year-over-year growth above the state average (1.9%, 1.7%, and 1.5%, respectively).
Portland rents more affordable than many similar cities nationwide
As rents have fallen moderately in Portland, many other large cities nationwide have seen prices increase, in some cases substantially. Portland is also more affordable than most comparable cities across the country.
- Portland’s median two-bedroom rent of $1,330 is above the national average of $1,180. Nationwide, rents have grown by 1.1% over the past year compared to the 1.1% decline in Portland.
- While rents in Portland fell moderately over the past year, many cities nationwide saw increases, including Las Vegas (+3.6%), Phoenix (+3.0%), and Austin (+2.3%).
- Renters will find more reasonable prices in Portland than most similar cities. For example, San Francisco has a median 2BR rent of $3,100, which is more than twice the price in Portland.
Eugene rents decline sharply over the past month
Eugene rents have declined 0.6% over the past month, but are up marginally by 0.7% in comparison to the same time last year. Currently, median rents in Eugene stand at $820 for a one-bedroom apartment and $1,090 for a two-bedroom. Eugene’s year-over-year rent growth leads the state average of -0.3%, but trails the national average of 1.1%.
Salem rents decline sharply over the past month
Salem rents have declined 0.9% over the past month, but are up marginally by 0.6% in comparison to the same time last year.
Currently, median rents in Salem stand at $820 for a one-bedroom apartment and $1,080 for a two-bedroom. Salem’s year-over-year rent growth leads the state average of -0.3%, but trails the national average of 1.1%.
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Rents Declined The Most In Portland Year-Over-Year