As of January 2013, Portland’s unemployment rate is 7.4%, which is slightly lower than the December 2013 national average of 7.8%. Despite the falling unemployment rate, people still report that it seems difficult to find a job here. Intel is the city’s largest employer, which employs over 15,000 people. Portland is also home to the North American headquarters for both Adidas and Nike. As one of the biggest ports in the US, Portland ships more wheat than all but one port in the US. Lewis & Clark College has employment opportunities for students both on- and off-campus, and listings are available on a database on their site. Winter days in Portland are usually in the 50s. Snowfall varies anywhere from no snow all winter, to feet of snow. Summer days are usually in the 80s but can reach into the 100s. Some months rain for days in a row, but months like July may not see any. Portland is known for its gray, gloomy weather most of the year, in complete contrast to its few months of gorgeous summer weather.
Welcome to the September 2023 Portland Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the September 2023 key findings and figures for the Portland rental landscape.
Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Portland and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Portland average rent prices in the chart below.
Portland rent prices increased over the last month. From August to September, the city experienced a 0.89% increase for the price of a one-bedroom apartment. The rent price for a Portland one-bedroom apartments currently stands at $1,589.0.
When we take a look at the two-bedroom comparison from August to September, Portland experienced a 2.89% increase for the price of a two-bedroom apartment. The rent price for a Portland two-bedroom apartments currently stands at $2,170.0.
Rent prices have increased in Portland over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 5 of the Portland suburbs increased last month. On the other hand, 2 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Vancouver, WA, Beaverton, OR, Hillsboro, OR, Gresham, OR, Wilsonville, OR .
Rent decreased in Tigard, OR, Lake Oswego, OR.
5 suburbs are currently priced higher than the city of Portland.
2 suburbs are currently priced lower than the city of Portland.
Rent growth in Portland over the past year has been on the rise. When compared to major cities nearby, along with some of the most expensive cities in the country, Portland average rent prices appear to be relatively affordable for local residents.
The price for a Portland one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.
For more information about Portland and surrounding area rent prices, take a look at the complete data set below.
|1 BR September||1 BR M/M % Change||2 BR September||2 BR M/M % Change|
|Lake Oswego, OR||$1,687.0||-0.06%||$1,891.0||2.49%|
Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.