Portland Rents Stay Flat in February

ortland rents continued flat in February for the second month and prices remain down 4.5% in the city year-over-year

Portland rents continued flat in February for the second month and prices remain down 4.5% in the city year-over-year, according to the March report from Apartment List.

The overall median rent in the city is $1,531, roughly the same as in January.

Portland rent growth in 2024 pacing similar to 2023

Two months into the year, rents in Portland have risen 0.0%. This is a similar rate of growth compared to what the city was experiencing at this point last year: from January to February 202,  rents had decreased 0.1%.

ortland rents continued flat in February for the second month and prices remain down 4.5% in the city year-over-year

Portland is the 38th most expensive large city in the U.S.

Citywide, the median rent currently stands at $1,391 for a 1-bedroom apartment and $1,649 for a 2-bedroom. Across all bedroom sizes (i.e., the entire rental market), the median rent is $1,531. That ranks No. 38 in the nation among the country’s 100 largest cities.

Portland rents are 6.3% lower than the metro-wide median

Across the Portland metro, the median rent is $1,634, meaning that the median price in Portland proper ($1,531) is 6.3% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -4.0%, above the rate of rent growth within just the city.

The table below shows the latest rent statistics for nine cities in the Portland metro area that are included in the Apartment List database. Among them, Lake Oswego is the most expensive, with a median rent of $1,993. Gresham is the metro’s most affordable city, with a median rent of $1,472. The metro’s fastest annual rent growth is occurring in Hillsboro (-1.0%), while the slowest is in Tualatin (-7.5%).

Portland rents continued flat in February for the second month and prices remain down 4.5% in the city year-over-year
  

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