The Portland Business Journal just came out with this article on rental prices in Portland. Here is what they had to say-
In Portland, you can get a room in a house. So says a new report from apartment search company ABODO, which took an informal look at rentals in nine fast-growing cities across the country to see what a tenant could get for about $1,000 a month. In North Portland, the company found a bedroom for rent in a Craftsman home built in 1912.
For $950 per month, the tenant gets one bedroom and use of the common spaces of the home, which sits on the edge of the Alberta Arts District.
“Portland clearly has a lot to offer — a great food scene, a growing tech sector and the weather, for the most part, is mild. These are selling points that are attracting new residents every day,” said Sam Radbil, senior communications manager for ABODO. “But being a trendy, attractive city also comes with a cost.”
That cost, according to ABODO, is an average rent of $1,222 for a one-bedroom apartment in Portland. In February, the average rent was $1,143. Continued population growth in the region is likely to keep rents rising, though Radbil said they may ease somewhat as new supply comes online. “Landlords have all the leverage in this situation, so it makes sense for them to raise prices while demand is high,” he said. “As new developments come to market and the supply catches up to the demand, we expect to see rent prices in Portland come down a bit from the highs that we’re seeing now.”