October 2018 Portland Rent Report
Welcome to the October 2018 Portland Rent Report. Portland rents increased over the past month. In this report, we’ll evaluate trends in the Portland rental market, including comparisons to cities throughout the state and nation.
Portland rents increased moderately over the past month
Portland rents have increased 0.3% over the past month, but are down moderately by 1.2% in comparison to the same time last year. Currently, median rents in Portland stand at $1,140 for a one-bedroom apartment and $1,340 for a two-bedroom. This is the third straight month that the city has seen rent increases after a decline in June. Portland’s year-over-year rent growth lags the state average of -0.4%, as well as the national average of 0.9%.
Rents rising across cities in the Portland Metro
While rent decreases have been occurring in the city of Portland over the past year, cities in the rest of the metro are seeing the opposite trend. Rents have risen in 8 of the largest 10 cities in the Portland metro for which we have data. Oregon as a whole logged rent growth of -0.4% over the past year. Here’s a look at how rents compare across some of the largest cities in the metro.
- Looking throughout the metro, Hillsboro is the most expensive of all Portland metro’s major cities, with a median two-bedroom rent of $2,050; of the 10 largest cities in the metro that we have data for, Bend, where a two-bedroom goes for $970, is the only other major city besides Portland to see rents fall year-over-year (-0.8%).
- Springfield, Gresham, and Vancouver have all experienced year-over-year growth above the state average (2.1%, 1.9%, and 1.8%, respectively).
Portland rents more affordable than many similar cities nationwide
As rents have fallen moderately in Portland, many comparable cities nationwide have seen prices increase, in some cases substantially. Portland is also more affordable than most other large cities across the country.
- Portland’s median two-bedroom rent of $1,340 is above the national average of $1,180. Nationwide, rents have grown by 0.9% over the past year compared to the 1.2% decline in Portland.
- While rents in Portland fell moderately over the past year, many cities nationwide saw increases, including Las Vegas (+2.9%), Phoenix (+2.6%), and Charlotte (+1.3%).
- Renters will find more reasonable prices in Portland than most comparable cities. For example, San Francisco has a median 2BR rent of $3,110, which is more than twice the price in Portland.
Portland Rental Confidence Survey
A national study of renter’s satisfaction with their cities and states.
Key Findings in Portland include the following:
- Portland renters gave their city a B overall.
- The highest-rated categories for Portland were pet-friendliness and public transit, which both received scores of A.
- The areas of concern to Portland renters are affordability and commute time, which received D and C scores, respectively.
- PDX millennials are moderately satisfied with their city, giving it an overall rating of B.
- Portland did relatively well compared to other Pacific Northwest cities like Spokane (C+) and Tacoma (C+), but earned lower marks than Seattle (B+) and Beaverton (B+).
- Portland did relatively poorly compared to similar cities nationwide, including Austin (A-), Nashville (A-) and Boston (A).
- The top rated cities nationwide for renter satisfaction include Scottsdale, AZ, Irvine, CA, Boulder, CO and Ann Arbor, MI. The lowest rated cities include Tallahassee, FL, Stockton, CA, Dayton, OH, Detroit, MI and Newark, NJ.
Credit: Apartment List