Landlord Tips & Tricks

August 1, 2024

What's The Average Rent In Portland, OR

Zoe Harper

Marketing

Wondering about the cost of living in Portland, OR? You're not alone. As July 2024 approaches, the rent here averages at $1,503 monthly. This is a bit cheaper than the national monthly average, which is $1,535¹. These numbers offer a glimpse into what you might pay to live in this buzzing city.

Looking into the specifics, a studio in Portland goes for about $1,241. If you need more room, a one-bedroom apartment is around $1,503 monthly. Need even more space? A two-bedroom averages at $1,787, and a three-bedroom hovers over $2,104 each month. Bear in mind, your rent could vary, depending on the apartment's size and its location within Portland².

Key Takeaways

The average rent in Portland, OR, is $1,503 per month as of July 2024¹.
This figure is slightly lower than the national average of $1,535¹.
Studio apartments in Portland typically cost around $1,241 per month².
One-bedroom apartments average at $1,503, while two-bedroom apartments are about $1,787 monthly².
Rental prices vary depending on the apartment size and location within Portland².

Introduction to Portland, OR Housing Market

The Portland housing market has a variety of urban living choices. It offers different neighborhood vibes. This makes it appealing for those looking to rent or buy. With about 600,000 people in the city and two million in the metro area, there's something for everyone. Rentals range from tall apartment buildings to cozy single-family houses³.

House prices in Portland have kept going up, doubling since 2015³. The middle price for sold homes in the Portland Metro in April 2023 was $519,000. This was a 7.32% drop from the year before⁴. Yet, the market is still strong. Almost half the sales in May 2023 ended above the asking price³.

Big businesses like Nike and Intel help the local economy. They create a need for homes and rental places³. Also, by December 2022, the city had over 60,000 more jobs. This keeps the housing market healthy⁴.

Renting in Portland is interesting too. The middle rent price was $1,750 per month in August 2023. It had dropped from $1,950 the previous August³. This shows how rent prices in Portland change with the economy and demand.

The Portland housing scene looks balanced right now. There were 2,653 new home listings in April 2023. Prices might go up a bit between 2023 and 2024. Portland is a good spot for those wanting to buy a home or invest. Most homes sell for near their listing prices.

If you want detailed info on Portland homes, like median prices or listings, check out this analysis of the Portland housing market ³.

The Portand real estate market stays strong thanks to key employers like Nike and Intel³.
Despite some price changes, Portland offers many choices for homebuyers and investors.

Getting the latest on rent trends in Portland and the larger housing market helps with smart choices. Whether renting or investing, knowing the market is key.

What's The Average Rent in Portland, OR

Renting in Portland can be a challenge for many. As of mid-2024, rent averages at $1,503 a month. This is a small 1.5% hike from last year, adding roughly $22 to monthly costs⁵. It makes Portland a bit pricier than some other places, pushing renters to budget wisely.

Current Average Rent

Portland offers various living costs. Neighborhoods like Downtown and Pearl District ask for higher rents, upping monthly costs⁵. Yet, places like East Portland offer cheaper living. You'll likely spend about $1,503 each month for a usual rental in Portland⁵.

Average Rent by Apartment Size

Looking at apartment size and rent helps understand Portland's rent range. A typical rental is 646 square feet. Apartment size, like studios at 446 square feet, affects rent prices. It's key for renters to find what best fits their budget and needs.

For those exploring Portland's rentals, online and newspapers are great for finding spots⁵. Knowing the market well and planning is vital for navigating Portland's rents.

Factors Influencing Rent Prices in Portland, OR

Rent prices in Portland, Oregon, are shaped by economic and geographic elements. Knowing what affects Portland's rent helps understand market trends and strategies. This insight aids landlords and investors.

Economic Factors

Portland's economy deeply affects its rent prices. Things like job rates and income are big players. The city's strong economy, showing in its average rent of $1,763, surpasses the U.S. mean of $1,702⁶. Moreover, costs for landlords, like inflation and interest rates, sway rent levels⁷. Central areas often see pricier rents due to these factors and wealthy neighborhoods⁷.

Location and Neighborhood

Where you live in Portland can mean different rent costs. Areas downtown, the Pearl District and Old Town, have high rents, around $1,883 and $1,763⁶. In contrast, places like Cully and St. Johns are more affordable, with average rents near $1,409⁶. Rent goes up near popular spots, like malls, buses, schools, and hospitals.

For example, South Portland and North Portland, despite price decreases, still show high rates because of their favorable spots economic influence on renting.

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Rent Trends Over the Past Year in Portland, OR

Rent in Portland, OR has slightly increased in the past year. The city saw rents go up by 1.5%. This means renters are now paying an extra $22 each month. Such growth mirrors the overall rent trends in Portland OR. In 2019, the typical monthly rent was $1,356. But the average was a bit more at $1,359⁸.

The rental vacancy rate was 4.01% in 2019, according to data. This is a big drop from 6.25% in 2005⁸. In 2019, 38.21% of homes were rented. This was a decrease from 40.47% in 2014⁸.

In 2019, renters spent about 20.74% of their income on rent⁸. Also, the city's average rent hit its highest point since 2005. This points to notable yearly changes in rent⁸.

Portland's rental market saw a 3% drop in listings last year⁹. However, there was a 24% jump in people looking for places to rent. RentCafe found double the favorites on listings in 2023 compared to 2022⁹. This suggests Portland's average rent could reach $1,728 in 2024. It points to Portland becoming a key rental market in the area⁹.

Yearly Increase in Rent

Looking at Portland OR rent trends shows a modest yearly increase. This rise in rent is linked with higher demand and fewer available places. Such trends indicate a move towards pricier rents. But, the growth remains within reach for the city's residents.

Most Affordable Neighborhoods in Portland, OR

Portland is a city of diverse neighborhoods, each with its own charm. If you're looking for affordable places to live, East Portland, Park Blocks, and Raleigh Hills stand out. These areas offer great value while keeping you close to what matters.

East Portland

East Portland is known for being wallet-friendly.

Here, studio rent is about $1,095, and one-bedrooms are around $1,295¹⁰. It's perfect for those wanting to save money but still live comfortably. Powellhurst-Gilbert and Hazelwood are favorites, with rents near $1,075 and $1,095 respectively¹⁰. With easy access to public transit, parks, and necessary services, it's a smart choice.

Park Blocks

Park Blocks offers an affordable city lifestyle. In the middle of downtown, studio rents in places like the King's Hill Historic District start at $1,125. One-bedrooms are up to $1,295¹⁰.

This area is close to cultural spots, shops, and eats. Despite its central location, living in Park Blocks won't break the bank. It's ideal for those who love city life but are mindful of their budget.

Raleigh Hills

Raleigh Hills is known for its serene setting and great amenities. Here, you can find apartments that fit various budgets.

While rent details are scarce, Raleigh Hills is on par with other affordable neighborhoods. It has parks, schools, and local shops, making it attractive to families and professionals.

East Portland, Park Blocks, and Raleigh Hills each offer something special. They have public services and community vibes that cater to different preferences. Whether you prefer East Portland or Park Blocks, these areas offer affordable, quality living options for many renters.

Most Expensive Neighborhoods in Portland, OR

Portland, OR is full of diverse, exciting neighborhoods. Yet, some shine as tops for *luxury Portland living*. Pearl District is a prime example. It's known for high-end homes with a median price of $547,470. Also, average rents are around $1,800 a month. This makes it a favorite for city dwellers seeking quality housing ¹¹.

The Northwest District merges old-world charm with modern comfort. It is also a *high rent neighborhood*. Rents range from $1,800 to $2,011. This area is perfect for those who value a luxurious lifestyle¹¹.

In South Waterfront, living is elevated with high-rise apartments and river views. This area is known for *luxury Portland living*. Its top-notch amenities and ideal location result in higher rent. It stands as one of Portland's top living spaces¹¹.

Uptown Portland continues the *upscale Portland areas* trend. It offers exclusive homes for those wanting luxury. With rents between $1,800 and $2,011, living here means enjoying beautiful apartments. Plus, it's close to key city spots and conveniences¹¹.

Rent Comparison of Portland, OR to Neighboring Cities

Comparing rent prices between Portland and its neighbors shows some clear trends. Portland's average rents are lower than cities like San Francisco and San Diego. Yet, they align more with places like Phoenix, Charlotte, NC, and Las Vegas¹². Portland offers a good balance of affordability and city living benefits.

Portland's rent prices are quite appealing. For a one-bedroom, the median rent is $1,300. A two-bedroom goes for about $1,518, with prices growing by 5.9 percent¹² annually. But in Vancouver, WA, rent is a bit higher. A one-bedroom costs $1,392 and a two-bedroom $1,604. Their prices are climbing faster at 9.9 percent¹² per year.

Tigard, another close city, has higher rents too. You'd pay $1,447 for a one-bedroom and $1,659 for two. Here, rent shot up by 14.4 percent¹².

Looking at suburbs around Portland, we see different numbers. In Beaverton, a one-bedroom is $1,627. Two bedrooms are $1,889, with a big jump in growth of 17.3 percent¹². Wilsonville's even pricier. One-bedroom units cost $1,660, two-bedrooms at $1,920, growing by 8.1 percent¹².

Gresham gives another view. Last month saw a small dip by 0.1 percent. Still, rent grew by 9.1 percent over the year¹². This shows not all areas around Portland are the same in rent changes.

Important to note, Portland's property market has more details like vacancy rates. The average vacancy rate in Portland went up to 6.2 percent from 5.5 percent¹³. Downtown has even more empty apartments, with a 7.5 percent vacancy rate¹³.

This deep dive into the rental market around Portland offers key insights. Whether you prefer city buzz or a quieter suburb, these facts help weigh cost against lifestyle.

Rent Affordability in Portland, OR

Getting to know about rent affordability in Portland is key for renters. It helps plan your budget to cover your living costs well. When figuring out what you can afford, look at the income to rent ratio too, not just the rent.

Affordability Calculation

In Portland, the typical rent is about $1,503 each month¹. Experts say you should only use 30% of your monthly pay on rent. So, you need to make around $5,010 a month, or $60,120 a year¹, to live comfortably.

This way, you'll have enough for other important needs like food, power, and saving money.

Income Requirements

To follow the income to rent ratio advice for Portland’s average rent, you need $60,120 annually¹. Rent costs here are 2% lower than the U.S. average, at $1,535 monthly¹. The median prices for one and two-bedrooms are $1,435 and $1,701².

This shows why it's smart to plan your rent budget to stay financially healthy.

Additional Living Expenses in Portland, OR

Living in Portland, OR, means facing extra costs besides rent. These additional expenses are important for anyone's budget. They help you understand what you'll spend.

Cost of Groceries

Groceries in Portland are around 8% more expensive than the U.S. average¹⁴. Plan to spend about $4,689 on food each year if you're working full-time¹⁴. Eating out? A dinner for two costs about $75¹⁴. Remember, grocery shopping affects your monthly expenses.

Utilities and Transportation

Utility costs in Portland are somewhat cheaper, about 7% less than average¹⁴. Expect to pay around $231.72 monthly for utilities in a 915 sq. ft. apartment¹⁴. Transportation costs also add up. A single person spends about $9,731 annually¹⁴. For a family of four, it's $16,323 every year¹⁴. These expenses make up a big part of living costs in Portland.

Property Management Companies in Portland, OR

In Portland, standout companies like Avenue5 Residential, Greystar Real Estate Partners, and Meritus Property Group are top choices. They offer a wide range of services for different rental needs in many areas.

Overview of Top Companies

Avenue5 Residential shines in the Portland property scene. It handles tenant placement, upkeep, and finance management, aiming for excellence for owners and tenants alike.

Greystar Real Estate Partners oversees thousands of units in Portland. It prides itself on high-quality services including tenant check, lease work, and repairs. They keep everyone updated, ensuring satisfaction.

Meritus Property Group plays a crucial role, too. They focus on detailed management of apartments and houses while prioritizing tenant happiness and property conditions.

Since 1985, The Management Group (TMG) has offered standout property management. Services range from finding tenants to maintenance and checks¹⁵. TMG gives free rent analysis papers, showing rent guesses and similar rentals¹⁵. They also match tenants to homes effectively with a Relocation Department¹⁵.

TMG sticks to the law and keeps in touch with clients¹⁵. They use web ads and Realtor networks to fill vacancies fast, keeping places full¹⁵. Rent Portland Homes places many tenants yearly and gets rave reviews¹⁶. They show how experts can help make the most out of rentals¹⁶.

Visit the Portland property management sites for details. It will help you choose the right service for your needs.

Living in Portland, OR

Portland, OR stands out for mixing city life with nature, offering a great place to live. It might cost more to live here, but the city's lively culture and many amenities add a lot to the Portland quality of life.

Quality of Life

Life in Portland scores high due to various reasons. The city has many parks, trails, and outdoor activities. This fits well with its green vibe. The food scene is rich too, from street food to fancy dining places.

Getting around is easy thanks to efficient public transport. This helps make living in Portland better for people and the planet.

Cost of Living

Living costs in Portland are above average, mainly because of housing prices. Rent averages at $1,579 per month². It's important to know living here is 22% pricier than most places. Housing alone costs 56% more². With rent possibly going up by 14.6% in 2023 due to new rules, finding affordable homes gets tougher¹.

Despite higher costs, many feel Portland's quality of life and amenities are worth it. Still, consider these aspects before deciding to move here.

Conclusion

Portland's housing market shows its economic health. You can see this in its neighborhood's popularity and rent changes. Rents have climbed a lot in the U.S., with some places going up 17% in early 2022. But, they started to level off later that year¹⁷.

If you're looking to rent in Portland, think about what's more important: how much you pay or where you live. The average rent in Portland might be high. But, you might find cheaper places outside the downtown area¹⁸. You could also think about smaller places or living with roommates to save money¹⁸.

Even with money worries, Portland has a lot going for it. This makes it an attractive option for many. With new buildings going up, the rent scene in Portland should get more stable. This means rents might not jump up too much in the near future¹⁷. If you're planning on renting here, stay flexible and keep your sense of humor while exploring Portland's rental market.

FAQ

What's The Average Rent In Portland, OR?

As of July 2024, the average rent in Portland is $1,503 per month. This is a bit below the U.S. average of $1,535.

How Do Rent Prices Vary By Apartment Size in Portland?

In Portland, studios cost about $1,241. One-bedroom apartments average $1,503. Two-bedrooms are priced around $1,787, while three-bedrooms go over $2,104 monthly.

What Are The Main Economic Factors Influencing Rent Prices in Portland?

Key factors include the strength of the local economy, job rates, and income levels. These elements affect how much rent costs.

Which Locations and Neighborhoods Have The Highest Rent Prices?

The Pearl, South Waterfront, and Uptown Portland have the priciest rents. These areas offer larger homes and great views.

How Have Rent Prices in Portland Changed Over The Past Year?

Rent prices in Portland rose by 1.5% last year. This means the average rent went up by about $22 monthly.

Which Are The Most Affordable Neighborhoods in Portland?

More affordable areas include East Portland, Park Blocks, and Raleigh Kings. These neighborhoods have lower rent costs.

How Does Rent in Portland Compare to Neighboring Cities?

Portland's rent prices hold up well against nearby cities. It offers good value and diverse living spaces.

What Is The Recommended Income to Afford Rent in Portland?

Renters should ideally make around $5,010 a month. This yearly income of $60,120 helps support a comfortable lifestyle in Portland.

What Additional Living Expenses Should Residents in Portland Expect?

Expect to pay more for groceries, about 8% above the U.S. average. Transportation costs are 22% higher, but utilities are 7% cheaper.

Which Are The Prominent Property Management Companies in Portland?

Top management firms in Portland include Avenue5 Residential, Greystar Real Estate Partners, and Meritus Property Group.

What Is The Quality of Life Like in Portland?

Portland offers a quality lifestyle with many amenities and a strong housing market. These benefits justify its 22% higher living cost than the national average.