Report: Portland rent increases slow but vary by neighborhood

Published 12:00 am Wednesday, April 26, 2017

Portland’s skyrocketing rent increases have slowed dramatically in recent months as more apartment buildings have been completed, but costs vary significantly by neighborhood, according to a new analysis.

A report the Zumper rental tracking firm says Portland has the 19th most expensive rents in the country. But unlike recent years, citywide median rents are no longer increasing by double digits.

In fact, according to Zumper’s Spring 2017 report, the median price of a one bedroom unit decreased 1.5 percent to $1,340, while two bedrooms median rents only grew a slight 0.6 percent to $1,600.

Those rents undoubtedly seem high to longtime residents. And low-income renters are not experiencing any relief. But the increasing supply of new apartments is tempering what owners can charge for them because of increasing competition.

At the same time, rents vary widely in different parts of town, and are still rising in some neighborhorhoods.

Although down $100 from last quarter, the report says the highest median rent for a one-bedroom apartment was in the Pearl District at $2,090. It was followed by Corbett/Terwilliger/Lair Hill at $1,600 and Old Town/Chinatown at $1,550.

More affordable rentals priced at less than $1,250 could be found in the Brooklyn, Grant Park and Humboldt neighborhoods, the report said.

The Spring 2017 Portland report can be found at http://tinyurl.com/m63djn9.