Portland Rents Declined After Three Months of Increases

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After three straight months of increases,  Portland rents declined slightly in October, declining 0.8 percent over the past month, according to Apartment List.

Currently, median rents in Portland are $1,133 for a one-bedroom apartment and $1,337 for a two-bedroom.

Portland proper has the least expensive rents in the metro area and Portland’s year-over-year rent growth is essentially flat and lags the state and national averages, which both stand at 1.4 percent.

Rents rising across the Portland metro

While rents have remained flat in the city of Portland proper, 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.

  • Hillsboro has the most expensive rents in the Portland metro, with a two-bedroom median of $2,098; the city has also seen rent growth of 3.7 percent over the past year, the fastest in the metro.
  • Over the past month, Canby has seen the biggest rent drop in the metro, with a decline of 4.5 percent. Median two-bedrooms there cost $1,824, while one-bedrooms go for $1,546.

Vancouver rents have increased for eight straight months

Vancouver rents in October 2019

Vancouver rents, meanwhile, have increased 0.3 percent over the past month, and are up moderately by 2.1 percent in comparison to the same time last year.

Currently, median rents in Vancouver stand at $1,427 for a one-bedroom apartment and $1,684 for a two-bedroom. This is the eighth straight month that the city has seen rent increases after a decline in February.

Vancouver’s year-over-year rent growth leads the state average of 1.8 percent, as well as the national average of 1.4 percent.

Rent growth in Oregon

While the report shows Portland rents declined recently, rent growth in Portland has been relatively stable over the past year – some other large cities have seen more substantial increases.

Portland Rents Declined After Three Months of Increases

Portland is still more affordable than most comparable cities across the country.

  • Oregon as a whole has logged 1.4 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 1.0 percent in Eugene, while in Salem rents have fallen 0.6 percent.
  • Portland’s median two-bedroom rent of $1,337 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 (+4.0 percent), Las Vegas (+3.4 percent), and Austin (+3.2 percent); note that median 2BR rents in these cities go for $1,097, $1,188, and $1,471 respectively.

Eugene Rents Drop in October

Eugene rents have declined 1.0 percent over the past month, but are up 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 stand at $829 for a one-bedroom apartment and $1,102 for a two-bedroom.

Eugene’s year-over-year rent growth lags the state and national averages, which both stand at 1.4 percent.

Corvallis rents held steady over the past month

Unlike Eugene, while rents in Corvallis have remained flat over the past month they are up slightly year-over-year, by 1.3 percent

Median rents in Corvallis stand at $829 for a one-bedroom apartment and $1,040 for a two-bedroom.

Salem rents plunge in October

Salem rents dropped 3.0 percent over the past month, and are down moderately by 0.6 percent in comparison to the same time last year.

Median rents in Salem stand at $820 for a one-bedroom apartment and $1,078 for a two-bedroom.

Last month’s report:

Portland Rents Continue Upward Trend for Third Straight Month

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