Portland rents have declined 0.1% during June, but have remained steady at 0.4% in comparison to the same time last year, according to the latest report from Apartment List.
Currently, median rents in Portland stand at $1,120 for a one-bedroom apartment and $1,330 for a two-bedroom.
This is the third straight month that the city has seen rent decreases after an increase in March.
Portland’s year-over-year rent growth lags the state average of 0.9%, as well as the national average of 1.6%.
Rents rising across cities in Oregon
Throughout the past year, rents have remained steady in the city of Portland, but other cities across the state have seen rents increase.
Of the largest 10 cities that Apartment List has data for in Oregon, 9 of them have seen prices rise. The state as a whole logged rent growth of 0.9% over the past year.
Here’s a look at how rents compare across some of the largest cities in the state.
- Hillsboro is the most expensive of all Oregon’s major cities, with a median two-bedroom rent of $2,090; Medford, where a two-bedroom goes for $990, is the only major city to see rents fall year-over-year (-0.3%).
- Hillsboro, Beaverton, and Vancouver all have experienced year-over-year growth above the state average (4.2%, 3.3%, and 2.0%, respectively).
Portland rents in June more affordable than many comparable cities nationwide
Rent growth in Portland has been relatively stable over the past year; there are other large cities that have seen more substantial increases. Portland is still more affordable than most other large cities across the country.
Portland’s median two-bedroom rent of $1,330 is above the national average of $1,190. Nationwide, rents have grown by 1.6% 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 Las Vegas (+3.9%), Phoenix (+3.8%), and Austin (+3.5%); note that median 2BR rents in these cities go for $1,180, $1,080, and $1,450 respectively.