Others will find that renting works out just fine
for them. Rent in Portland, even in the most
desirable neighborhoods, is relatively affordable compared to many big cities. Renting
gives Portlanders a little more flexibility in
which neighborhood they choose, as well as
the freedom to move elsewhere, should their
neighborhood preferences change.
The Portland area is changing quickly, and
you’re sure to discover more and more to
love about living here. For those opting
for apartment living, you’ll find the search
for your first Portland apartment to be an
exciting adventure into what makes our
neighborhoods and our city so special.
THE APARTMENT MARKET
Everyone is moving to Portland. That’s a
slight exaggeration, of course. But not by
much. According to the 2014 National Movers
Study, Oregon is the number one destina-
tion for people who are relocating. Word of
Oregon’s impressive livability is spreading
across the country. The mild temperatures,
stunning natural surroundings, and the craft
food and beverage scene are calling many.
And for many of those newcomers, Portland
is the Oregon city of choice.
A surge in Portland residents means that
apartment prices are going up. Over the past
five years, the average rental price has risen
roughly 20%, making it the 6th fastest rising
rent in the country.
On the upside, Portland still offers affordable
options compared to bigger cities like New
York City and San Francisco, with compa-
rable offerings in urban amenities, from
museums to top-rated restaurants. Those
who are looking for an exciting, up-and-
coming city that doesn’t require celebrity
wealth or multiple side jobs, will find just
that in Portland.
The average rental price of a one-bedroom
within Portland is $1,323. The average
two-bedroom is going for $1,470. You’ll find
more affordable rental options as you move
away from the city center, especially in the
far east side and North Portland.
Exceedingly low vacancy rates are making the
competition for properties a fierce one. It’s not
uncommon for landlords to rent out apartment units, sight unseen, to potential tenants
who are anxious to jump on appealing options
in their neighborhoods of choice.
The prevalence of craftsman style bungalows
in Portland means that many apartments
It takes significant time and energy to understand a new city and
navigate the many neighborhoods that one could potentially call
home. Many new Portlanders will opt for an apartment when
they first relocate, giving them time to explore the variety of
options before committing themselves to home ownership.