Portland Rents Increased Significantly Over the Past Month

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Portland rents have increased 0.4% over the past month, but are down slightly by 0.3% in comparison to the same time last year, according to a new April report from Apartment List.

Currently, median rents in Portland stand at $1,120 for a one-bedroom apartment and $1,330 for a two-bedroom.

Second straight month for Portland rent increases

This is the second straight month that the city has seen rent increases after a decline in December of last year. Portland’s year-over-year rent growth leads the state average of -1.3%, but trails the national average of 0.9%.

Rents rising across cities in the Portland Metro

Portland Rents Increased Significantly Over the Past Month

While rent decreases have been occurring in the city of Portland over the past year, cities in the rest of the metro are seeing the opposite trend.

Rents have risen in 9 of the largest 10 cities in the Portland metro for which Apartment List has data. Oregon as a whole logged rent growth of -1.3% over the past year.

Here’s a look at how rents compare across some of the largest cities in the metro.

  • Hillsboro is the most expensive of all Portland metro’s major cities, with a median two-bedroom rent of $2,030; of the 10 largest Oregon metro cities that the company has data for, 9 have seen rents rise year-over-year, with Springfield experiencing the fastest growth (+2.7%).
  • Beaverton, Vancouver, and Eugene have all experienced year-over-year growth above the state average (2.0%, 1.7%, and 1.3%, respectively).

Portland rents more affordable than many similar cities nationwide

Portland Rents Increased Significantly Over the Past Month

As rents have fallen slightly in Portland, many comparable cities nationwide have seen prices increase, in some cases substantially. Portland is also more affordable than most other large cities across the country.

Portland’s median two-bedroom rent of $1,330 is above the national average of $1,170. Nationwide, rents have grown by 0.9% over the past year compared to the 0.3% decline in Portland.

While rents in Portland fell slightly over the past year, many cities nationwide saw increases, including Phoenix (+3.6%), Austin (+3.1%), and Las Vegas (+3.1%).

Renters will find more reasonable prices in Portland than most similar cities. For example, San Francisco has a median 2BR rent of $3,100, which is more than twice the price in Portland.

Eugene rents up slightly over the past month

Eugene rents up slightly over the past month

Eugene rents have increased 0.7% over the past month, and are up slightly by 1.6% in comparison to the same time last year.

Currently, median rents in Eugene stand at $830 for a one-bedroom apartment and $1,100 for a two-bedroom.

This is the third straight month that the city has seen rent increases after a decline in December of last year. Eugene’s year-over-year rent growth leads the state average of 0.7%, as well as the national average of 1.3%.

Salem rents also up

Salem rents also up

Salem rents have increased 1.3% over the past month, and have increased slightly by 1.4% in comparison to the same time last year.

Currently, median rents in Salem stand at $840 for a one-bedroom apartment and $1,100 for a two-bedroom. This is the third straight month that the city has seen rent increases after a decline in December of last year. Salem’s year-over-year rent growth leads the state average of 0.7%, as well as the national average of 1.3%.

Corvallis rents remain flat

Corvallis rents remain flat

Corvallis rents have remained flat over the past month, however, they are up marginally by 0.7% year-over-year. Currently, median rents in Corvallis stand at $820 for a one-bedroom apartment and $1,020 for a two-bedroom. Corvallis’ year-over-year rent growth is level with the state average of 0.7%, but lags the national average of 1.3%.

 

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