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- The U.S. average rent increased by 3.2% ($45) year over year reaching $1,465 in June 2019, up by 0.8% ($12) month over month, according to Yardi Matrix data.
- Hillsboro, OR renters saw the highest monthly rent increase in June, reaching $1,584 per month.
- Lake Oswego apartments are the most expensive among the state’s cities, while apartments in Salem have the cheapest rents.
Mid-year the national average rent sees a spike as peak rental season is in full effect
In true seasonality fashion, June brings rent increases consistent with the end of the second quarter. Nationally, average rent prices reached $1,465 following a 3.2% annual increase and up 0.8% since last month — the highest monthly jump since May 2018. Compared to last June, renters pay $45 more on average according to the latest rent survey from Yardi Matrix.
Since the beginning of the year, apartment rents have increased by 2.6% – that’s an extra $37 added to the average monthly rent in six months. Rent increases during the first half of the year are typically more accelerated, whereas during the second half of the year they’re expected to slow down, a typical pattern confirmed by rent evolution in the past years.
Renting in Oregon’s cities in June 2019
The average rent in Oregon’s largest cities is generally lower than the national average rent. The largest city, Portland, has seen the third highest average rents, hitting $1,528 in June, renters paying 1.2% more than they did in May.
The fastest growing rents in June were in Hillsboro, where rental apartment prices increased by 3% month over month, $46 more per month. Wilsonville saw the second-highest monthly increase, jumping by 2.5%, $36 more expensive than in May. At the other end of the spectrum, rents in Springfield have decreased by 0.1% ($1) compared to last month.
Of the cities analyzed, Lake Oswego apartments are the state’s most expensive for renters, with an average rent of $1,682, followed by apartments in Hillsboro, where the average monthly rent is $1,584. On the other hand, among the cities analyzed, the cheapest city to rent an apartment in is Salem, where the average apartment rent is $1,042.
Mid-year rent change in Oregon
Since the beginning of the year, there has been an increase in average rent in all of the cities in Oregon. The highest increase in rent can be seen in Tualatin, where average rent went up by 8.2%, or $108 in the first half of the year. Following closely behind is Hillsboro with a 7.1% increase, a value amount of $105. At the other end of the spectrum, the smallest increases during the first months of 2019 were registered in Springfield, Gresham, and Eugene, up by 0.9% in each of them.
To compare the rental market in Oregon with other cities in the U.S., you can also check our national rent report.
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.
Fair use and redistribution
We encourage you and freely grant you permission to reuse, host, or repost the images in this article. When doing so, we only ask that you kindly attribute the authors by linking to RentCafe.com or this page, so that your readers can learn more about this project, the research behind it and its methodology.
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Agatha Major is a senior marketing and communications specialist for RentCafe, with over four years of experience in the field. She is passionate about developing and executing communications strategies that help build RentCafe.com’s brand reputation online. Agatha has been relentless in her efforts to establish the RentCafe blog as a go-to resource for apartment-related topics by cultivating fruitful relationships with the media, industry publications, organizations, and the public. Her work has resulted in collaborations with Sotheby’s International Realty, Porch, This Old House, HerMoney, and HomeLight, among many others.
Agatha holds a BA in Drama and an MA in Business Administration. In her free time, she enjoys reading and further expanding her knowledge of digital marketing.
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