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Portland Rent Rising By 9 Percent Annually, According to New Report

Saturday, October 17, 2015

 

Portland rental rates are rising at an annual mark of 9 percent, according to a new report.

Multifamily NW, a rental industry trade association, said that rent prices have gone up 7 percent in the past six months in their biannual Apartment Report, issued this week. 

That indicates that rent prices may actually be climbing at a 14 percent rate annualy, according to the report.

The city’s vacancy rate is below three percent and the average unit in Portland remains vacant for just more than a month. 

Mark Barry, founder of Barry and Associates, spoke at the Multnomah Athletic Club to promote the report. He said the Portland real estate climate “continues to remain a landlord’s market.”

Barry also said that 2015 may be the most proposers year yet for those in the real estate industry, including landlords, property managers and  real estate brokers.

Downtown Portland boasts themes expensive rate in the city, with the average apartment costing $2.15 per square foot. It costs $1.92 per square foot to rent in Northwest Portland, and more than $1.50 to rent on the inner east side.

Barry said the Portland area has already surpassed last year’s sales record of $1.6 billion in just 9 months, and is on track to make about $2.1 billion in sales of 250 properties.

 

Related Slideshow: Slideshow: What can you rent in Portland for around $1,500 a month?

What can you rent in Portland for around $1,500 a month?

Prev Next

"Mint Urban Riverplace" 2083 SW River Drive

$1,484 per month

One Bedroom

819 square feet

Amenities:

  • Gym
  • Playground
  • On-site laundry
  • Furnished
  • Close to major transit
Prev Next

"20 on Hawthorne" 1550 SE 20 Avenue

$1,400 per month

One Bedroom 

600 square feet

Amenities:

  • Parking
  • In-apartment laundry
Prev Next

"Mississippi Avenue Lofts" 4216 N Mississippi Avenue

$1,575 per month

Studio Loft

727 square feet

Amenities:

  • Parking
  • In-apartment laundry
Prev Next

"Savier Street Flats" 2270 NW Savier Street

$1384

Studio Loft

692 square feet

Amenities:

  • Gym
  • Parking
  • Courtyard with Barbeque
  • Outdoor Projector summer movie nights
  • Close to public transit
Prev Next

"Central Eastside Lofts" 111 NE 6 Avenue

$1595 per month

Two Bedrooms

690 square feet

Amenities:

  • furnished
  • balcony
  • In-apartment laundry
  • Close to major transit
Prev Next

"Clinton Court Apartment" 2906 SE Clinton Street

$1,245 per month

One Bedroom 

500 square feed

Amenities:

  • on-site laundry
  • off-street parking
  • Some public transit
Prev Next

"The Hawthorne 26" 2625 SE Hawthorne Boulevard

$1280 per month

One Bedroom

589 square feet

Amenities:

  • Gym
  • Coffee shop with resident entry in lobby
  • Parking
  • Rooftop Patio
Prev Next

House located at 3432 NE 131 Avenue

$1,495 per month

Three Bedrooms, Two and a half bathrooms

Amenities:

  • Fireplace
  • Garage
  • In-home laundry
Prev Next

House located at 6645 NE Alberta Street

$1,595 per month

Three Bedrooms, Two Bathrooms

Amenities:

  • Garage 
  • Covered Patio
Prev Next

Apartment located at 1104 SE Lincoln Street

$1,499 per month

2 Bedrooms

772 sqare feet

Amenities:

  • Fireplace
  • In-apartment laundry
  • Close to public transit
Prev Next

"Abernethy Court Apartments" 3013 SE Hawthorne Boulevard

$1,595 per month

2 Bedrooms

Amenities:

  • Balcony
  • In-apartment laundry
Prev Next

House located at 8448 SE Brooklyn Street

3 Bedrooms

1,500 square feet

Amenities:

  • Garage
  • In-home laundry
  • Deck
  • Fenced Yard
 
 

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