Portland rents held steady over the past month after several of months of decline, according to the latest report from Apartment List.
Portland’s year-over-year rent growth lags the state average of 1.2 percent, as well as the national average of 1.6 percent. After the last increase in September, Portland rents had declined for three months in a row until steadying in January.
Currently, median rents in Portland are $1,122 for a one-bedroom apartment and $1,324 for a two-bedroom.
Rents increase in 8 cities across the Portland metro
While rents have remained steady in the city of Portland throughout the past year, cities across the metro have seen a different trend.
Rents have risen in 8 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.
- Beaverton has seen the fastest rent growth in the metro, with a year-over-year increase of 3.4 percent. The median two-bedroom there costs $1,825, while one-bedrooms go for $1,547.
- Over the past year, Canby has seen the biggest rent drop in the metro, with a decline of 3.2 percent. Median two-bedrooms there cost $1,725, while one-bedrooms go for $1,462.
- Hillsboro has the most expensive rents of the largest cities in the Portland metro, with a two-bedroom median of $2,050; rents went down 0.3 percent over the past month but rose 2.0 percent over the past year.
- Portland proper has the least expensive rents in the Portland metro.
Portland rents are more affordable than many large cities
Rent growth in Portland has been relatively stable over the past year while 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 1.2 percent year-over-year growth, while rent trends across other cities throughout the state have varied. For example, rents have grown by 0.5 percent in Eugene whereas rents have fallen 1.3 percent in Salem.
- 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 Phoenix (+3.7 percent), Austin (+3.3 percent), and Las Vegas (+3.2 percent).
- Renters will find more reasonable prices in Portland than most similar cities.
Portland Rents Continue Decline for 3rd Month