For the second month in a row Portland rents have increased, this time 0.6% over the past month, but have been relatively flat at 0.4% in comparison to the same time last year, according to the August report from Apartment List.
Currently, median rents in Portland stand at $1,137 for a one-bedroom apartment and $1,342 for a two-bedroom. This is the second straight month that the city has seen rent increases after a decline in June. Portland’s year-over-year rent growth lags the state average of 1.0%, 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 entire 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 1.0% 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 $2,110; 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 (+3.8%).
- Hillsboro, Vancouver, and Eugene have all experienced year-over-year growth above the state average (3.1%, 1.8%, and 1.5%, respectively).
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 other large cities across the country.
- Portland’s median two-bedroom rent of $1,342 is above the national average of $1,191. 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 Las Vegas (+3.9%), Phoenix (+3.7%), and Austin (+3.2%); note that median 2BR rents in these cities go for $1,187, $1,089, and $1,465 respectively.
- Renters will find more reasonable prices in Portland than most similar cities, the report says.
Last month’s report: