I suscribe to a number of economic journals and publications, and this month’s rent report from Apartmentlist.com has the following highlights (note the methodology for this information skews towards “luxury” apartments):
- Rents in Portland have declined 0.2% over the past month, and are down 0.4% year-over-year.
- Portland’s median two-bedroom rent of $1,322 is above the national average of $1,194.
- Over the past year, rent decreases have been occurring in the city of Portland, but trends across the metro have varied – of the largest 10 cities in the Portland metro, some have seen decreases while other cities have rents increasing.
Portland rents have declined 0.2% over the past month, and are down slightly by 0.4% in comparison to the same time last year. Currently, median rents in Portland stand at $1,121 for a one-bedroom apartment and $1,322 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in March. Portland’s year-over-year rent growth lags the state average of 0.5%, as well as the national average of 0.8%.
What the above paragraph mean is, the national average showed an increase in rents of 0.8%, while Portland showed a decrease of -0.4%.
Rent trends vary across the Portland Metro
While rent prices have decreased in Portland over the past year, the rest of the metro is seeing varying rent trends. Of the largest 10 cities that we have data for in the Portland metro, half have seen increases, while the other half have been decreasing. Here’s a look at how rents compare across some of the largest cities in the metro.
Over the past year, Tualatin has seen the biggest rent drop in the metro, with a decline of 3.0%. Median two-bedrooms there cost $1,892, while one-bedrooms go for $1,604.
Forest Grove has seen the fastest rent growth in the metro, with a year-over-year increase of 2.3%. The median two-bedroom there costs $1,452, while one-bedrooms go for $1,231.
Hillsboro has the most expensive rents of the largest cities in the Portland metro, with a two-bedroom median of $2,062; rents went down 0.9% over the past month and 1.3% over the past year.
Portland proper has the least expensive rents in the Portland metro, with a two-bedroom median of $1,322; rents decreased 0.2% over the past month and 0.4% over the past year.
Also of note, Salem median two bedroom rents ($1,070) are approximately $250 less than Portland median two bedroom rents ($1,320).
For the complete report, click here: Apartmentlist.com June Rent Report.