{"id":57725,"date":"2018-01-22T04:47:53","date_gmt":"2018-01-22T12:47:53","guid":{"rendered":"https:\/\/www.rentcafe.com\/blog\/?p=57725"},"modified":"2019-06-25T00:51:23","modified_gmt":"2019-06-25T07:51:23","slug":"portland-metro-area-2017-rent-retrospect","status":"publish","type":"post","link":"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/portland-metro-area-2017-rent-retrospect\/","title":{"rendered":"Portland Metro Area 2017 Rent Retrospect"},"content":{"rendered":"

Portland\u2019s average rent at the end of 2017 was $1,425\/month, 1.2% less than the year-ago figure. Meanwhile, rent prices in the metro area overall posted a 0.8% increase over the year, to an average of $1,331\/month at the end of December. The national average rent is 2.5% higher than it was in December 2016. Over a 3-year period, the average rent in Portland city increased by $210 or 17.3% and by roughly the same amount at the metro level, $210 translating into a 19.1% increase in proportional terms. Meanwhile the average rent at national level has increased by 12% since December 2014, according to Yardi Matrix<\/a><\/strong> apartment data.<\/p>\n

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The past two quarters brought some relief for renters in Portland, and it was a much awaited one as the previous two years had been particularly painful on their wallets\u2014the average rent had increased by 4.8% during 2016 and a whopping 12.7% in 2015. It\u2019s now back to roughly the same level as in April 2016, but still far above the national average which it had passed in February 2015, and worked up a significant lead since. But despite prices recently turning upwind in Portland, the city remains one of the most expensive for renters among cities of its size, such as Baltimore, Las Vegas, Memphis, Nashville or Oklahoma City, where apartments cost on average between $730 and $1,230 per month.<\/p>\n

Fairview posts outstanding rent grow, Clackamas and Sherwood go neck-and-neck<\/h3>\n

The Portland area has followed the general trend of metro cores gradually cooling down in terms of rent growth and outer neighborhoods experiencing larger increases. Apart from the city proper only two smaller markets of the metro, Tualatin and Lake Oswego have seen their rents drop by 1.1% and 1.7% year-over-year, respectively.<\/p>\n

\"Portland<\/a><\/p>\n

The northeastern suburb of Fairview led the pack in absolute as well as relative terms. The average rent in the 9,000-resident community has reached $1,435, $128 more than a year prior, translating into a 9.8% Y-o-Y increase. The second and third highest rent increase in the area was in the Clackamas community and in the city of Sherwood, where apartments were 4.2% and 4.1% more expensive at the end of the year compared to 12 months earlier, respectively, with Clackamas clocking in at $1,214 and Sherwood reaching a $1,417 average rent price. Also worth mentioning that despite West Linn being the most expensive area of the metro, the southern suburb ranked quite high on the list with a 2.5% increase in rents.<\/p>\n