Average Rent for Portland Oregon Is $1,337 Per Month For 2 Bedroom Unit
Are you planning on renting a two-bedroom apartment in the PDX area? Right now, the average rent in Portland Oregon for a 2-bedroom apartment or home is $1,337 per month.
The good news for PDX renters is that year-over-year rents have remained “flat” with just 0.04% growth. This will without a doubt be highly encouraging to renters who have been struggling to stay afloat in the competitive Portland Oregon rental market in recent years.
What’s shocking about rents in Portland is that at $1,337 per month, a two-bedroom unit is actually more affordable in Portland than comparable properties in Forest Grove or Vancouver because similar units in those rental markets average between $1,450 to $1,680 per month.
What’s Next for The Portland Rental Market?
Following the passage of statewide rent control earlier this year, the good news is that PDX rents are holding steady and it’s actually more affordable now to live in the Portland area compared to what rents were just 5 years ago.
The median rents in Portland for a one-bedroom apartment stand at $1,133 in the first year Oregon capped rent increases at 7% a year plus the rate of inflation, which for 2019 amounts to 10.3%. For 2020, rent increases will be capped at 9.9%.
Portland’s median two-bedroom rent is above the national average of $1,191 but is more affordable than Seattle ($1,686), San Francisco ($3,120) and Los Angeles ($1,760).
An analysis by real estate database Zillow found three-bedroom units in Portland are in high demand and last just 16 days before they’re rented, while four-bedroom apartments linger for 25 days.
Studio and two-bedroom units are typically listed for rent on Zillow for 22 days while a one-bedroom lasts for 24 days.
Since a typical U.S. renter spends about 2.5 months searching for an apartment, “in the time it takes renters to actually find an apartment, it’s possible that the inventory of available units in their area has completely turned over twice,” according to Zillow Group’s 2019 Consumer Housing Trends Report.
Zillow, which offers online applications, leases, and rent payment tools, found that in a fast-moving market with stable rents like Portland, a typical renter contacts nearly five landlords or property managers, tours about three units and submits more than three applications.
Contact Rent Portland Homes Professionals
At Rent Portland Homes Professionals, we specialize in full-service property management for the Portland Oregon area. To learn more about the property management services we can offer you contact us today for a free consultation at (503) 447-7735 or connect with us online by clicking here.