Portland rents rose again in September and continued the upward trend seen for the past three months, according to the September report from Apartment List. The last decline was in June.
Median rents in Portland stand at $1,142 for a one-bedroom apartment and $1,347 for a two-bedroom, according to the report.
Despite the recent months’ increases, overall Portland’s year-over-year rent growth lags the state average of 1.1 percent, as well as the national average of 1.4 percent.
Rents rising across the metro area
Lately, Beaverton has seen the fastest rising rents in the metro area, with a year-over-year increase of almost 4 percent.
In Beaverton now, the median two-bedroom costs $1,829, while one-bedrooms go for $1,551.
Here is what is going on across the metro area:
- Over the past month, Lake Oswego has seen the biggest rent drop in the metro, with a decline of 0.7 percent. Median two-bedrooms there cost $1,760, while one-bedrooms go for $1,492.
- Portland proper has the least expensive rents in the Portland metro showing the prices listed above. Rents were up 0.4 percent over the past month and 0.6 percent over the past year.
- Hillsboro has the most expensive rents of the largest cities in the Portland metro, with a two-bedroom median of $2,118; rents increased 0.3 percent over the past month and 3.4 percent over the past year.
Across the state of Oregon, rents grew more slowly, showing only 1.1 percent over the past year. For example, rents have grown by 1.6 percent in Salem and 1.4 percent in Eugene.
Portland Rents Increase Over The Past Month