In their December, 2020 report, Apartmentlist.com outlines the rental decreases in Portland and the increases in the surrounding areas like Hillsboro, Beaverton, and Gresham, Oregon, which matches the urban decreases in rents in other cities like New York and San Francisco.
Here are the highlights:
- Portland rents have declined sharply by 1.6 percent over the past month, and have decreased by 6.5 percent year-over-year, according to the latest report from Apartment List.
- This is the eighth straight month the city has seen rent decreases.
- Median rents in Portland are now $1,126 for a one-bedroom apartment and $1,313 for a two-bedroom.
Meanwhile, these graphs are fun, here is Beaverton’s rent increase:
Now, for Hillsboro’s increase:
And finally, here is Gresham’s pretty steller 2.4% increase:
I am not surprised to see these urban decreases across the country and in Portland, as the rents over the past decade rose quickly in Portland, and now there seems to be a “catching up” period where rents are leveling off across locations. This is not surprising, and may have occured even if the pandemic had not happened this year (although the pandemic assuredly spurred people to move to more rural areas).