Thanks to recent statistics from the Portland Housing Bureau we know that housing costs are increasing faster in communities just east of Portland, rather than right in the city center, especially in the newly constructed apartments that the city has seen go up in recent years.
Right now the average rent for an apartment that’s within just 10 miles of Portland Oregon is $1,516 per month (source: Rent Jungle).
The rent for a one bedroom apartment in Portland is $1,323 per month, and two bedroom apartments are renting for $1,470 per month.
8.4 Increase in Last Year
Recent statistics from the Portland Housing Bureau show us that rents across Portland have risen by almost 10 percent in the last year and this equals a rent increase of about $100 per month for the average Portland Oregon Renter.
Many People Being Priced Out Of Portland Oregon
Sadly many people who are being priced living in Portland Oregon all together and some of those people who are being forced out of the city are those who relocated to Portland from other cities across the United States.
Since 2010 Portland Oregon Renters have seen a rent increase of at least 34 percent for an average 2 bedroom apartment.
What’s the main cause of the problem? The Housing Bureau’s “State of the Housing” Report shows us that one of the primary reasons for the huge rent increases over the last five years has been the fact that not enough apartments or multi-family units have been built to keep up with demand for these properties.
More Housing In Portland, But…
Yes, we’ve seen more “high end” housing being built across Portland Oregon over the last five years but with many renters searching low end housing, the higher end rentals don’t help the renters who are searching for affordable housing across Portland.
Portland Oregon Renters are hopeful that our local and state politicians will do something to make housing affordable in Portland again before it’s too late, the big question is will elected officials do anything about the problem or will we be in the same position this time next year?
Do you need more information on the Portland rental market and Portland Oregon Property Management contact the team at Property Management Systems today by calling us at (503) 515-3170 or click here to connect with us online.