Portland rents have declined 0.5 percent over the past month, the second month in a row the city has seen declines, according to the latest report from Apartment List.
Portland’s year-over-year rent growth lags the state average of 1.5 percent, as well as the national average of 1.4 percent.
While rents in Portland stand at $1,127 for a one-bedroom apartment and $1,330 for a two-bedroom, the same trend does not hold across the metro. Rents have steadily risen across the Portland metro area.
Hillsboro has the most expensive rents in the metro, but recently those rents have declined as well, down 0.1 percent over the past month but up 3.3 percent year-over-year. This is the second straight month that the city has seen rent decreases after an increase in September.
Rents in Hillsboro are $1,759 for a one-bedroom apartment and $2,076 for a two-bedroom.
Unlike Hillsboro, Beaverton rents held steady over the past month and are up 3.1 percent year-over-year. Median rents in Beaverton are $1,545 for a one-bedroom apartment and $1,822 for a two-bedroom.
Portland rents still more affordable than comparable cities
Rent growth in Portland has been relatively stable over the past year; 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 seen both increases and decreases. For example, rents have grown by 1.1 percent in Eugene, whereas rents have fallen 0.6 percent in Salem.
- Portland’s median two-bedroom rent of $1,330 is above the national average of $1,191. Nationwide, rents have grown by 1.4 percent over the past year compared to the stagnant growth in Portland.
- While rents in Portland remained moderately stable this year, similar cities saw increases, including Phoenix (+3.9 percent), Las Vegas (+3.2 percent), and Austin (+3.1 percent).
- Renters will find more reasonable prices in Portland than most other large cities