Portland rents have declined 1.1 percent over the past month, according to the latest report from Apartment List.
This is the second straight month that the city has seen rent decreases after the last increase in October of last year.
Still Portland rents are up by 9.5 percent in comparison to the same time last year.
Rents also declining across the Portland metro
In Beaverton, rents also declined 1.1 percent over the past month and like Portland they were down for second month in a row.
Median rents in Beaverton are $1,494 for a one-bedroom apartment and $1,814 for a two-bedroom while median rents in Portland are $1,205 for a one-bedroom apartment and $1,405 for a two-bedroom.
In Lake Oswego, rents have been declining for the past four months.
Median rents in Lake Oswego are $1,748 for a one-bedroom apartment and $2,068 for a two-bedroom.
Some potential seasonality in rent cool down
Across the nation, rent prices fell 0.2 percent last month, representing the country’s first measurable price decline since 2020 rent growth records, according to the January report from Apartment List.
Last year was a period of tremendous rent growth, with prices rising nearly 18 percent in less than a year, so while prices remain high they may have turned a corner.
Apartment List economists Chris Salviati, Igor Popov, Rob Warnock, and Lilla Szini write that, “Sixty-one of the nation’s 100 largest cities saw rents fall this month, indicating a widespread rental market cooldown.
While this is the time of year to see typical rent growth slowing, the report says the current slowdown is coming after 2021’s unprecedented price increases.