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November 29 2020
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Portland apartment rents are falling, outpacing declines elsewhere
By Jamie Goldberg | The Oregonian/OregonLive
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The cost of renting an apartment in Portland is falling, reversing years of steady increases and outpacing declines in most other cities. The declines apparently reflect the impacts of the coronavirus pandemic on the regional housing market.

Portland rents were down 5.7% in September compared to the same time last year, with median rents sitting at $1,155 for a one-bedroom apartment and $1,346 for a two-bedroom apartment, according to online rental platform Apartment List.

Only nine other cities with populations over 250,000 saw steeper year-over-year rent declines than Portland, according to Apartment List.

Real estate listings site Realtor.com reported similar findings in an analysis of the nation’s 100 largest counties. Only 10 counties experienced sharper year-over-year rent declines for one-bedroom apartments than Multnomah County.

Rob Warnock, research associate at Apartment List, said that Portland has seen substantial growth and large rent increases over the last decade, which could be a factor in the ...