Portland Rents Up, Seattle Sees Slight Decline In October

Portland Rents Up, Seattle Sees Slight Decline while Oregon rents growth

Portland rents increased only slightly by 0.2 percent last month while Seattle saw a slight decline of 0.2 percent, according to the November report from Apartment List.

However for the year Portland rents are up 7.6 percent and Seattle is up 15.4 percent in comparison to the same time last year.

Currently, median rents in Portland are $1,244 for a one-bedroom apartment and $1,451 for a two-bedroom. This is the ninth straight month that the city has seen rent increases.

Portland rents increased only slightly by 0.2 percent last month

Throughout the past year, rent increases have been occurring not just in the city of Portland, but across the entire metro. Of the largest 10 cities that Apartment List has data for in the Portland metro, all of them have seen prices rise.

Oregon as a whole logged rent growth of 12.0 percent over the past year.

Portland rents increased only slightly by 0.2 percent last month

Here’s a look at how rents compare across some of the largest cities in the Portland metro and in Oregon:

  • Looking throughout the metro, Hillsboro is the most expensive of all Portland metro’s major cities, with a median two-bedroom rent of $1,845.
  • Of the 10 Portland metro cities with rent increases year-over-year, Hillsboro is experiencing the fastest yearly growth up 23.3 percent.
  • Beaverton was up 19.9 percent year-over-year.
  • Vancouver ¬†up 14.7 percent in comparison to the same time last year
  • Bend up 19.9 percent for the year.
  • Salem grew 15 percent.

Seattle Rents

Currently, median rents in Seattle stand at $1,726 for a one-bedroom apartment and $2,153 for a two-bedroom.

Rent growth over the past month

While up 15.4 percent, Seattle’s year-over-year rent growth still lags the state average of 16.6 percent, as well as the national average of 15.8 percent.

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

  • Bellevue has the most expensive rents in the Seattle metro, with a two-bedroom median of $2,534; the city has also seen rent growth of 19.4 percent over the past year, the fastest in the metro.
  • Over the past month, Redmond has seen the biggest rent drop in the metro, with a decline of 0.7 percent. Median two-bedrooms there cost $2,499, while one-bedrooms go for $2,226.
  • Lakewood has the least expensive rents in the Seattle metro, with a two-bedroom median of $1,600; rents grew 0.1 percent over the past month and 16.8 percent over the past year.

Seattle saw a slight decline of 0.2 percent

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