Rent “Emergency” in Portland? Apartment Rents Down 6% Over Last 12 Months

Portland, Oregon city leaders have pushed the “Rental emergency” for years, now that the data reflects a substantial rental decrease of 6%* will the city leaders rescind the emergency status?  The latest rent data from apartmentlist.com indicates:

• Rents in Portland decreased 0.7% month-over-month, and are down by 5.2% since the start of the pandemic in March.
• Year-over-year rent growth in Portland currently stands at -6%, compared to 1.3% at this time last year.

A few factors are at work here:

1. We are in the middle of a pandemic.
2. Rents YTD were already decreasing in Portland before the pandemic in March.
3. Rent control agenda from the city of Portland.

What will the city council and mayor’s office do with their stance on rent control once the pandemic stress has been relieved?

In case you are interested in reading history, here is the brief article from OPB’s website in 2015:

The City of Portland declared a housing emergency Wednesday.

Over the last year, city officials say Portland has seen the highest increases in rent in the nation: close to 15 per

The city also has extremely low vacancy rates of about 3 percent.

At a City Council meeting Wednesday, Mayor Charlie Hales said renters need protection.

“No mayor takes pleasure in declaring an emergency in his or her city,” Hales said. “But this is one.”

An advocacy group called the Community Alliance of Tenants pushed for landlords to give a year’s notice when they want to increase rent, and they want a moratorium on no-cause evictions.

But city lawyers have advised commissioners against the ideas put forth Wednesday, saying state laws block local governments from enacting extensive rent controls.

Landlords say changing housing rules will not create more affordable housing.