Market Insights Rental Market

Oregon’s Most Expensive ZIP Codes – with $1.8K, Portland’s Pearl District, Nob Hill and the Northwest District Are Leading the Pack

Oregon’s Most Expensive ZIP Codes

Key takeaways:

  • At $1,837, Oregon’s #1 most expensive ZIP code for renters is 97209 in Portland
  • Portland is home to 12 of the state’s top 20 priciest ZIPs 
  • Close to a quarter of Oregon ZIPs boast rents higher than the $1,350 national average
  • 4.8K new apartments are expected in the Portland–Vancouver–Hillsboro metro by end of 2017

Although Millennial-friendly markets such as Denver, Austin, San Francisco and Portland have seen apartment pricing trends decelerate recently, 16 Oregon ZIPs passed the mid-year mark with rents above the national average of $1,350, according to Yardi Matrix. With the state average at $1,273, Oregon rent rates are comparable to Florida, Pennsylvania and Maine levels.

Supply, however, is growing along with rent deceleration, with 4,802 new units to be delivered in the Portland-Vancouver-Hillsboro metro, making it the 20th best market for new apartments in the U.S. At $1,837 per month, the state’s top most expensive ZIP code for renters rivals the priciest ZIPs of Tennessee and South Carolina.

The interactive table below allows you to take a detailed look at Oregon’s top 50 most expensive ZIP codes for renters. Use the search box or click on the header of each column to sort results according to your preferences.

Top Most Expensive Zip Codes in Oregon in 2017

#Zip CodeCityCountyAverage Rent
197209PortlandMultnomah$1,837
297217PortlandMultnomah$1,761
397239PortlandMultnomah$1,703
497201PortlandMultnomah$1,666
597232PortlandMultnomah$1,643
697205PortlandMultnomah$1,630
797068West LinnClackamas$1,596
897227PortlandMultnomah$1,590
997210PortlandMultnomah$1,484
1097214PortlandMultnomah$1,469
1197035Lake OswegoClackamas$1,465
1297124HillsboroWashington$1,447
1397212PortlandMultnomah$1,434
1497140SherwoodWashington$1,405
1597229PortlandWashington$1,365
1697006BeavertonWashington$1,364
1797123HillsboroWashington$1,349
1897225PortlandWashington$1,332
1997070WilsonvilleClackamas$1,327
2097086Happy ValleyClackamas$1,319

Boasting a monthly average rent of $1,837, Portland’s 97209 is the #1 most expensive ZIP code for Oregon renters. It managed to keep its #1 spot from a year ago, although prices have contracted 2%. On the other hand, supply has grown significantly over the past few months in the priciest Portland districts—apartment stock is up 9% in ZIP code 97209. Covering large parts of the Pearl DistrictNob Hill and the Northwest District, and even Old Town Portland, the ZIP boasts some of the most expensive apartments statewide. Luxury options include the pet-friendly Bridgetown LoftsKearney Plaza, where units go for up to $7,000+, and The Louisa—top units here fetch over $8K.

Speaking of top markets for new deliveries, Portland’s 97217 boosted its stock 35% year-over-year, making this Oregon’s top ZIP code for new apartments. The massive injection of new units has brought rent averages down by 2% compared to the year-ago figure, but 97217 remains firmly entrenched as Oregon’s #2 top most expensive ZIP, with the average rent slipping to $1,761.

Boasting a monthly average rent of $1,703, 97239 in Southwest Portland is the 3rd most expensive ZIP code in Oregon, climbing on the podium due to a 2% rent growth. All while also expanding its supply by 13% over the past 12 months. Pricey apartments here include Sanctuary apartments and Oxbow49, both with units that ask rents reaching and even exceeding $4K.

Overall, thanks to the Portland-Vancouver-Hillsboro metropolitan area’s ever-expanding population—up 1.7% between 2015-2016—and a growing job market—up 1.8% over the year-ago figure—, Portland is one the most dynamic apartment markets in the country.

97209 in Portland is the most expensive ZIP code in Oregon, with the average rent clocking in at $1,837.  Curious to see if other states’ priciest ZIPs can take Oregon on? Just move your cursor to another state boundary or hover over the price bar to see which states are in the same price range.

Methodology
  • Data compilation, analysis, and mapping done by RENTCafe using rent and construction data provided by Yardi Matrix, a RENTCafe sister company.
  • The average rent figures in this article were calculated from the actual rents charged in apartment buildings with at least 50 rental units, located in 125 U.S. markets, totaling approximately 15 million apartment units.
  • ZIP codes with less than 200 rental units and less than 3 properties were excluded from the calculations.
  • Rent prices are for apartments only, no single-family homes or townhomes were included.

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. For more in-depth, customized data, please contact us at media@rentcafe.com.

Discover Apartments Near You

At RENTCafe.com, the perfect apartment nearby is just a click away.

APARTMENTS NEAR ME

About the author

Balazs Szekely

Balazs Szekely is a qualified journalist with extensive experience as a real estate writer for several Yardi publications. He has covered a wide range of housing issues and real estate news as a creative writer for RENTCafé. Balazs holds a B.S. in Journalism. You can connect with Balazs via email.

Add Comment

Click here to post a comment