Portland, Oregon has become a city with some high property values. For instance, average home values are over $400,000. Zillow expects these values to rise slightly within the next 12 months. The higher home prices also support a fairly high price of rent, but rental units in Portland aren’t as expensive as they are in some other major cities.
Rental Prices in Portland, OR
The average monthly rent for an apartment in Portland, OR is about $1,900. Inside the city, expect to pay a little more. The city has boomed in recent years and does have a problem with housing affordability for many residents, particularly those who have lived in the city for a long time. Portland has a reputation for being very progressive in coming up with some solutions, but they haven’t completely fixed the problem.
Consider Transportation Options When Renting Apartments In Portland
One of the problems with rental units in Portland is that there aren’t transportation options in all areas. The city is quite spread out, and public transportation has not really caught up to the demand yet. Residents of this city tend to spend more on transportation that residents of other comparable cities. That’s why some apartment rents may appear more affordable than they do in cities like New York or San Francisco, but there is still an issue.
In the country, people typically spend 34 percent of their income on housing and about 17 percent on transportation. Because Portland is spread out, people tend to spend more on transportation, so spending as much on housing may strain budgets.
Anybody who is looking for affordable rental housing in Portland really needs to consider the advantages of being located close to transportation. Of course, those apartments tend to go for a premium, so it’s tough to find the right balance of affordable rents and nearby transportation.