Rent prices on the rise in Portland, Oregon
It’s no secret: rent prices are rising in Portland, Oregon, and they might rise even more this year. To counter the trend, some Portlanders are asking for a rent freeze. Others need help to stay in their homes.
Our data at Cozy confirms that rent prices are going up.
In April of this year, the median Portland rent amount paid through Cozy was $1,489, an increase of almost 25% percent from April 2015, when the same median rent was $1,195. This month, the median Portland listing price is $1,695.
What’s the best deal?
The median Portland listing price this month is $1.56 per square foot, which makes a four-bedroom (plus) property the best deal at $1.17 per square foot. The median listing for a four-bedroom property is currently $2,350.
Studios and one-bedroom properties tie for the most expensive per square foot, with rates in the $1.90s. Those listings have a median range of $850-$1,098.
Which neighborhood is the hottest?
Portland zip code 97217, which includes the Kenton, Arbor Lodge, and Overlook neighborhoods, has the highest number of Cozy listings this month. In that zip code, the median rent listing is $1,925.
With no sign that rent prices will flatten anytime soon, some people are starting to say that the current boom will lead to a bust in affordability and popularity for Portland.
Written on May 17, 2016 by Lucy Burningham
Originally published at cozy.co.