Portland rents saw a smaller decline in January, dropping a small 0.2%, after several months of larger declines, according to the February report by Apartment List.
The overall median rent in the city across all bedroom sizes is $1,526, roughly the same as last month in December and prices are now down 5.0% year-over-year. Median rent for a one-bedroom in Portland is $1,386 and $1,643 for a 2-bedroom.
Portland’s rent growth over the past year has is similar to the state average (-4.0%) but has fallen below the national average (-1.0%). January rent growth in Portland ranked #35 among large U.S. cities.
Rents lower in Portland proper
Outside the city the median rent is $1,624 meaning that the median price in Portland proper ($1,526) is 6.0% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -4.5%, 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 $1,990. Gresham is the metro’s most affordable city, with a median rent of $1,458. The metro’s fastest annual rent growth is occurring in Lake Oswego (-2.5%) while the slowest is in Tualatin (-8.0%).
Portland, Metro Area Rents Continue Decline
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