The median rent in Portland fell by only 0.1 percent – essentially flat- over the course of January while rents fell in many other large metros, according to the February report from Apartment List.
Portland rents have now increased by a total of 2.4 percent over the past 12 months.
Portland is the No. 53 most expensive large city in the U.S. with a median rent of $1,492.
Citywide, the median rent currently stands at $1,253 for a 1-bedroom apartment and $1,462 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,392.
For comparison, the median rent across the nation as a whole is $1,148 for a 1-bedroom, $1,316 for a 2-bedroom, and $1,338 overall.
Across the Portland metro rents are higher, where the median rent is $1,550.
Metro-wide annual rent growth stands at 4.2 percent, above the rate of rent growth within just the city.
Across the metro, Lake Oswego is currently the most expensive, with a median rent of $2,037. The metro’s fastest annual rent growth is occurring in Tualatin at 8.4 percent while the slowest is in Portland at 2.4 percent.
Portland remains the most affordable city in the metro.
For comparison, the median rent across the nation as a whole is $1,148 for a 1-bedroom, $1,316 for a 2-bedroom, and $1,338 overall.
The median rent in Portland is 4.0 percent higher than the national, and is similar to the prices you would find in Paradise, NV ($1,405) and Chicago, IL ($1,372).
The table below shows the latest rent stats for 9 cities in the Portland metro area that are included in the Apartment List database.
Vancouver rents are flat month-over-month and up 4.5 percent year-over-year. The median rent in Vancouver rose by 0.3 percent over the course of January, and has now increased by a total of 4.5 percent over the past 12 months.
