Portland ranks as the toughest housing rental market in the country
Are you ready for another “negative” Portland ranking? I guess it’s all in how you read and interpret the data, but people are still moving into Portland at a rate that has our housing market and infrastructure bursting at the seams. It really shouldn’t be a surprise to learn that there aren’t enough rentals, so rental rates rise.
According to Zillow.com, Portland rents have risen 7% year after year, but other sources paint a more dismal picture. The average rent in Portland is now at $1516 per month, and that’s for a 1 bedroom apartment. If you’re looking for a house to rent, think much much more depending on size and location.
Did you know that bidding wars for rentals have become common, and not just close in Portland. Apartment managers are reporting that they have dozens of applicants within minutes of posting apartments, condos and houses for rent on sites such as Craigslist. And of course, the majority of rental units in the best apartments, condos, etc. never make it to Craigslist. Managers have waiting lists and are reporting zero vacancy rates.
The Portland area has the tightest rental market of any major city in the United States, according to the U.S. Census Bureau. Only 3 percent of apartments here are vacant at any given time—half as many as were available three years ago. Again, this is in part because of the inflow of new residents. But it’s also because during the housing boom, no one was building apartments, so with more people and less housing, we’re bursting at the seams.
If you are looking for a rental unit in the Pearl district – are you ready for this? Rents are increasing an average of 15 – 20 percent annually! Great place to own a rental unit, if you can afford to buy one.