Portland rents have remained steady over the past month, but are down slightly by 0.1 percent year-over-year, according to the latest report from Apartment List.
Median rents in Portland are $1,123 for a one-bedroom apartment and $1,325 for a two-bedroom.
Portland’s year-over-year rent growth lags the state average of 0.9 percent, as well as the national average of 1.7 percent. This was the second month in a row Portland’s rental rates have held steady after a three-month decline late last year.
Surrounding cities in Portland metro see rent gains
While rent prices have decreased in Portland over the past year, the rest of the metro is seeing the opposite trend.
Rents have risen in six of the largest 10 cities in the Portland metro for which Apartment List has data.
Here’s a look at how rents compare across some of the largest cities in the metro.
- Beaverton has seen the fastest rent growth in the metro, with a year-over-year increase of 3.8 percent. The median two-bedroom there costs $1,833, while one-bedrooms go for $1,554.
- Hillsboro has the most expensive rents of the largest cities in the Portland metro, with a two-bedroom median of $2,061. Rents there grew 0.6 percent over the past month and 1.7 percent over the past year.
- Canby has seen the biggest rent drop in the metro, with a decline of 5.5 percent. Median two-bedrooms there cost $1,732, while one-bedrooms go for $1,468.
Portland rents more affordable than many large cities nationwide
While rents have fallen slightly in Portland, many similar cities nationwide have seen prices increase, in some cases substantially.
Portland is also more affordable than most comparable cities across the country, according to the Apartment List report.
While Oregon as a whole logged rent growth of 0.9 percent over the past year, other cities across the state have seen rents decline moderately. For example, rents have fallen by 0.2 percent in Eugene and 2.2 percent in Salem.