Portland rents declined 0.3% in April, but have been relatively flat in comparison to the same time last year, according to the latest report from Apartment List.
Currently, median rents in Portland stand at $1,130 for a one-bedroom apartment and $1,330 for a two-bedroom. Portland’s year-over-year rent growth lags the state average of 0.7%, as well as the national average of 1.5%.
Beaverton rents increase sharply in April
Beaverton rents have increased 0.8% over the past month, and are up moderately by 2.5% in comparison to the same time last year.
Currently, median rents in Beaverton stand at $1,510 for a one-bedroom apartment and $1,780 for a two-bedroom. This is the third straight month that the city has seen rent increases after a decline in January.
Beaverton’s year-over-year rent growth leads the state average of 0.7%, as well as the national average of 1.5%.
Rents rising across cities in the Portland metro
Throughout the past year, rents have remained steady in the city of Portland, but other cities across the metro have seen rents increase.
Of the largest 10 cities that Apartment List has data for in the Portland metro, all of them have seen prices rise.
Oregon as a whole logged rent growth of 0.7% over the past year.
Here’s a look at how rents compare across some of the largest cities:
- Hillsboro is the most expensive of all Portland metro’s major cities, with a median two-bedroom rent of $2,080; of the 10 largest Oregon metro cities that the company has data for, all have seen rents rise year-over-year, with Hillsboro experiencing the fastest growth (+3.2%).
- Beaverton, Vancouver, and Eugene have all experienced year-over-year growth above the state average (2.5%, 1.8%, and 1.6%, respectively).
Portland rents more affordable than comparable cities nationwide
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 some other large cities across the country.
Portland’s median two-bedroom rent of $1,330 is above the national average of $1,180. Nationwide, rents have grown by 1.5% 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%), Austin (+3.5%), and Las Vegas (+3.3%); note that median 2BR rents in these cities go for $1,070, $1,430, and $1,160 respectively.
Renters will find more reasonable prices in Portland than some similar cities. For example, San Francisco has a median 2BR rent of $3,100, which is more than twice the price in Portland.