Oregon Rent Report – May 2019

RentCafe Editors-June 15, 2019

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The national average rent reached $1,442 in May 2019, up by 2.5% ($35) year over year, and by 0.3% ($5) month over month, according to Yardi Matrix data.
Springfield, OR renters saw the highest annual rent increase in May, reaching $1,061 per month.
Lake Oswego apartments are the most expensive among the state’s cities, while apartments in Woodburn have the cheapest rents.

The national average rent in May went up by 2.5% year-over-year

Average rent prices went up by 2.5% year-over-year in May and reached a $1,442 monthly average. Nationally, rents maintain a strong month-over-month growth, but the annual increase is the slowest we’ve seen in 18 months. Residential rents are rising steadily across cities, with the third month in a row sprouting a 0.3% month-over-month jump. Compared to last May, renters pay $35 more on average, according to the latest Yardi Matrix data on apartment market trends

Renting in Oregon’s cities in May 2019

The average rent in Oregon’s largest cities is generally lower than the national average rent. The fastest growing rents in May were in Springfield, where rental apartment prices increased by 8.3% over the year, $81 more per month. Bend apartments saw the second highest annual increase, jumping by 7.2%, $85 more expensive than the same month last year. The slowest rising rents were in West Linn, where prices changed by -2.8%.

Of the cities analyzed, Lake Oswego apartments are the state’s most expensive for renters, with an average rent of $1,638, followed by apartments in West Linn, where the average monthly rent is $1,578. On the other hand, the cheapest city to rent an apartment in, is Woodburn, where the average apartment rent is $1,021.

Methodology

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.

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RentCafe Editors

The RentCafe Editors are a team of real estate writers, researchers and analysts committed to making the rental journey easier for millions of renters. From in-depth market reports and data-driven studies to practical tips for apartment searching and living, they deliver trusted, timely content you can count on.