Portland rents have increased 0.6% over the past month after two months of declines, but have been relatively flat at 0.3% in comparison to the same time last year, according to the July report from Apartment List.
Currently, median rents in Portland stand at $1,131 for a one-bedroom apartment and $1,334 for a two-bedroom. 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 the Portland Metro
Throughout the past year, rents have remained steady in the city of Portland, but other cities across the entire metro have seen rents increase. Of the largest 10 cities that Apartment List has have data for in the Portland metro, all of them have seen prices rise.
Oregon 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 metro.
- Looking throughout the metro, Hillsboro is the most expensive of all Portland metro’s major cities, with a median two-bedroom rent of $2,102; of the 10 largest Oregon metro cities that we have data for, all have seen rents rise year-over-year, with Beaverton experiencing the fastest growth (+3.4%).
- Hillsboro, Vancouver, and Eugene have all experienced year-over-year growth above the state average (3.3%, 1.8%, and 1.6%, respectively).
Vancouver rents increased over the past month
Vancouver rents have increased 0.1% over the past month, and are up slightly by 1.8% in comparison to the same time last year.
Currently, median rents in Vancouver stand at $1,420 for a one-bedroom apartment and $1,675 for a two-bedroom. Vancouver’s year-over-year rent growth leads the state average of 1.7%, as well as the national average of 1.6%.
Portland rents more affordable than many 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 most similar cities across the country.
- Portland’s median two-bedroom rent of $1,334 is above the national average of $1,191. 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 (+3.7%), and Austin (+3.3%); note that median 2BR rents in these cities go for $1,186, $1,085, and $1,460 respectively.
- Renters will find more reasonable prices in Portland than most other large cities. For example, San Francisco has a median 2BR rent of $3,126, which is more than twice the price in Portland.