Portland rents rose 0.8% in April, making the overall median rent in the city $1,549, according to the May report from Apartment List.
While the median rent in Portland rose over the course of April, it has decreased by a total of 3.2% over the past 12 months.
Portland’s rent growth over the past year has fallen behind both the state (-1.6%) and national averages (-0.8%).
However, so far in 2024 Portland rent increases are pacing above 2023. At this point four months into the year, rents in Portland have risen 1.6%.
April rent growth in Portland ranked No. 32 among large U.S. cities. Citywide, the median rent stands at $1,408 for a 1-bedroom apartment and $1,669 for a 2-bedroom.
Portland rents are 6.7% lower than the metro-wide median
Outside the city proper, the median rent is $1,661, meaning that the median price in Portland is 6.7% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -2.3%, above the rate of rent growth within just the city.
The table below shows the latest rent stats for 9 cities in the Portland metro area that are included in our database. Among them, Lake Oswego is currently the most expensive, with a median rent of $1,935. Gresham is the metro’s most affordable city, with a median rent of $1,514. The metro’s fastest annual rent growth is occurring in Wilsonville (1.8%), while the slowest is in Lake Oswego (-5.3%).
