Average Rent Portland Oregon – October 2022
Searching for information on the average rent Portland Oregon? If so, you’ve come to the right place.
In this article, we will share with you on what the average rent is for the PDX area, including what the outlook is for renters as we get closer to another new year.
What Is the Average Rent for Portland Oregon?
At the end of September 2022, the average rent for Portland Oregon is $1,495 for a one-bedroom apartment.
Rents in the PDX area have increased by just 0.3% in the last month, and 4.7% year-over-year, but that’s nothing compared to the rent increases that we’ve seen in recent years.
One reason why rent increases in Portland have slowed down is rent control, which was signed into law in 2019.
Oregon landlords cannot raise the rent by more than 7% plus inflation on buildings that are more than 15 years old.
Since its inception, rent control in Oregon has provided tenants with some ‘breathing room’ as rents increased by more than 30% in the five years before rent control was signed into law.
Is Portland an Affordable Place to Live?
One of the biggest questions on minds of renters who are thinking about relocating to Portland is if it’s an affordable place to live?
The answer to this question is yes, Portland rents are still more affordable than most major US cities including San Diego, Austin, Los Angeles, and San Francisco, where the average rent for a two-bedroom property is more than two and a half times what a comparable property is renting for in the Portland area
Average Rent in Portland, OR By Neighborhood
|Old Town Portland – Chinatown||$1,999|
|Nob Hill – Northwest District||$1,962|
|Northwest Heights – Forest Heights||$1,889|
Portland Rental Market Outlook For 2023
Renters can be encouraged that rents in the PDX area have mostly remained flat for studio and 1-bedroom apartments; this is positive news for renters as it means that rental properties are more affordable than they’ve been in recent years.
Sadly, rental inventory in the Portland area remains tight but that could change in 2023 as Portland, like other major cities, is cracking down on short term rentals.
If the City of Portland Oregon can successfully regulate the short-term rental market, this would limit the amount of Airbnb’s and other vacation rentals in the PDX area, and the owners of those properties would be faced with converting their rentals back to long term rental properties.
San Diego, CA recently enacted their own short term rental legislation after years of debate and that move is projected to regulate their local short term rental market to just 1% of the city’s housing stock.
A similar move would radically change the rental market landscape in Portland and bring a lot of rental inventory that’s been allocated to short term rentals back to the long-term rental market.
Until we see major progress with the addition of new inventory added to the PDX rental market, it’s likely that finding a place to live for renters will continue to be difficult in the coming year.
More People Are Choosing to Live Outside of Portland
Due to the social unrest that we’ve seen in the Portland area in the last 2 years, more people are choosing to move to other communities just outside of Portland including West Linn, Eugene, Newport, Astoria, and Beaverton.
Beaverton is in the Tualatin River Valley in Washington County and is situated seven miles west of the city of Portland. In 2004 The municipality and Washington County revealed an interim plan which spans more than ten years. The plan includes annexation of nearby areas, which will make Beaverton the second largest city in the state.
The world headquarters of Nike is in the area. Beaverton is included in the Silicon Forest and is home to numerous technology companies. The nearby landscape includes forests, rolling hills, rivers, and wetlands.
The city’s naming was inspired by the nearby large body of water, created by beaver dams. The Atfalati Indians were the original inhabitants. Settlers arrived during the 19th century. In 1847 Lawrence Hall bought a large acreage and constructed a grist mill. He made the first land claim in the region. In 1893 Beaverton was incorporated. During the early portion of the 1920s a movie studio known as Premium Picture Productions was in Beaverton.
- The Flicks by the Fountain offers free movie watching during the summer months at Beaverton City Park
- Beaverton’s Farmer’s Market is a prominent shopping location with residents and tourists
- Washington Square is a popular shopping mall
- Cedar Hills Crossing is a notable shopping location
- Kingstad Gallery
The coastline is little over an hour away from Beaverton. Touring the local wineries, including Cooper Mountain Vineyards and Ponzi Vineyards is popular with tourists. The region is known for its Pinot Noir grape production. More than 100 parks provide the city with a vast amount of green area. Hiking trails and bicycle paths traverse through the city.
Golf enthusiasts enjoy the numerous golf courses including Reserve Vineyards and Golf Club, Progress Downs Municipal Golf Course and Pumpkin Ridge. The Tualatin River National Wildlife Refuge, The Jackson Bottom Wetlands and the Fernhill Wetlands offer visitors opportunities to view waterfowl, a variety of birds and other types of wildlife. The Tualatin Hills Nature Park is set in a scenic location and includes paved trails.
The city is home to Cambridge College Institute of Technology.
A light rail system provides transportation to Portland.
Search for rentals in Beaverton by CLICKING HERE
Thankfully, the work from home trend makes it possible for many people to live and work from any location that they can have an internet connection.
What once was a fad is slowly becoming an accepted norm as the continued struggle with COVID-19, and the desire of many people to change their lives, makes it possible for many renters to be near the convenience of the big city while enjoying a quiet pace of life.
At Rent Portland Homes – Professionals, we specialize in property management for Portland, Beaverton, and surrounding areas.
To search for a rental property in the area, contact us today by calling (503) 791-4610 or click here to connect with us online.