Is Rent Going Down In Portland Oregon? Or Going Up?
One of the most common questions that people have in Portland is rent going down? Or is it going up?
This is an understandable question to ask because with more people renting in the 2020’s, it’s easy to see why people are concerned about the rising cost of housing in the PDX area.
In this article, we will answer this question and offer you some insight into what to expect from the Portland Oregon rental market as we end 2021, and move into 2022.
Is Rent Going Down, Or Up, In Portland?
As of September 16, 2021, the average rent for an apartment in Portland, OR is currently $1,425. This is a 2% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Portland remained flat. The average rent for a 1-bedroom apartment increased by 2% to $1,425, and the average rent for a 2-bedroom apartment increased by 1% to $1,790.
- Two-bedroom apartment rents average $1,790 (a 5% increase from last year).
- Three-bedroom apartment rents average $2,495 (a 12% increase from last year).
- Four-bedroom apartment rents average $3,195 (a 10% increase from last year).
Even though rent in the Portland Oregon area is slightly up, the reality is that rentals here are still incredibly affordable when compared to other cities:
San Francisco – $3,102/mow
Seattle – $2,169/mo
Los Angeles – $2,518/mo
What To Expect For 2021-2022 Rental Market
As we move into the winter months, rents in the Portland Oregon area are likely to remain stable and the state of Oregon has set a maximum rent increase of 9.9% for 2022.
The rent increase only applies to homes that were built 15 years ago or more. Newer homes are exempt, a carve-out intended to keep the rule from discouraging the construction of new rentals.
The state determines the rate of inflation each year using the Consumer Price Index, which measures changes in the average costs of hundreds of items that a household buys, such as food, gasoline, medicine, cars and homes.
State economist Josh Lehner said that the rent increase number is calculated based on a 12-month average. The past six months have seen a higher rate of inflation, but Lehner said that won’t be fully reflected until next year’s rent increase is calculated.
Contact Rent Portland Homes – Professionals
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Our team knows Portland and we can save you the time, money or hassle of managing your investment property yourself.
To learn more about the property management services that we can offer you, contact us today by calling (503) 447-7735 or click here to connect with us online.