Portland rents increased again in April for the third straight month and are up by 7.5 percent year-over-year, according to the latest report from Apartment List.
With the 0.2 percent increase in April, median rents in Portland are now $1,220 for a one-bedroom apartment and $1,423 for a two-bedroom.
Portland’s last rent decline was in January. Portland’s year-over-year rent growth lags the state average of 11.5 percent, as well as the national average of 16.3 percent.
Beaverton rents increase sharply over the past month
Beaverton rents have increased 1.6 percent over the past month, and have increased sharply by 17.0% percent in comparison to the same time last year.
Median rents in Beaverton are $1,544 for a one-bedroom apartment and $1,874 for a two-bedroom. This is the third straight month that the city has seen rent increases.
Hillsboro rents also increase sharply
Hillsboro rents have increased 1.0 percent over the past month, and have increased sharply by 18.7 percent in comparison to the same time last year.
Median rents in Hillsboro are $1,685 for a one-bedroom apartment and $1,850 for a two-bedroom.
Vancouver rents also up over the past month
Vancouver rents have increased 0.7 percent over the past month, and are up sharply by 12.3 percent in comparison to the same time last year.
Median rents in Vancouver are $1,390 for a one-bedroom apartment and $1,641 for a two-bedroom.
Eugene rents increase sharply
Eugene rents have increased 1.8 percent over the past month, and have increased sharply by 16.5 percent year-over-year.
Median rents in Eugene are $1,026 for a one-bedroom apartment and $1,364 for a two-bedroom. This is the third straight month that the city has seen rent increases.
National rent growth
“Over the first four months of 2022, rents have increased by a total of just 2.5 percent, though we’re only beginning to enter the busy season for the rental market, when the bulk of annual rent growth typically occurs,” according to the Apartment List Research Team.
“Even if prices don’t rise as rapidly as they did in 2021, it’s likely that this year will continue to bring rent growth in excess of the pre-pandemic trend,” the report says.
