Average Rent in Portland, OR Last updated October 2020 These numbers can be positive or negative depending on which side of the fence you are — Buyer or Seller? In 2019, Oregonlive.com ranked Oregon counties by their effective tax rates — the amount of tax imposed per $1,000 of real market value across the entire county. There are many exceptional neighborhoods to find rental properties in. House for rent. House for rent. Prices went down 0.5 percent in January, but average rent in Portland has gone up over the past year, rising 2.5 percent to $1,483 per month. In other words, if you buy a property now, then after twelve months, you can expect an ROI of anything between 3-7%. The neighborhoods should be close to basic amenities, public services, schools, and shopping malls. They’re choosing to rent over buying a single-family home or an apartment. Bend is a small city in Oregon. The inventory is so tight in this housing market that the median sale price rose to $435,000, an increase of $1,500 from September 2020. Should you consider Portland real estate investment? In Washington County, the average tax rate is $17.07 per $1,000 of assessed value, but the average homeowner is taxed $10.88 per $1,000 of real market value. Compare that to places like College Station, Texas – your property values and rents depend on the attractiveness of the one main school to students. The median list price per square foot in St.Johns is $258, which is lower than the Portland average of $288. Portland is a very ethnically-diverse large city and home to around 600,000 people. This article will outline how this number was obtained. The pandemic has heated up the market gain. Choosing a real estate professional/counselor continues to be a vital part of this process. https://www.portlandmercury.com/news/2018/01/24/19626335/portlands-small-time-landlords-dont-have-to-follow-renter-protections, Filed Under: Growth Markets, Housing Market, Real Estate Investing. The year-over-year median home sale price dropped in January 2020 for the first time since February 2012 in metro Portland. The median home value in University Park is $474,950 (Zillow), and home values have gone up 1.4% over the past year. Two of the most fundamental economic indicators are employment and income. 97206 zip code has the lowest foreclosure rate, where 1 in every 21153 housing units becomes delinquent. If you are looking for an investment property, consider houses in Portland rent out for $350 PW with an annual rental yield of 6.4% and units rent for $250 PW with a rental yield of 6.8%. Center, where the average rent goes for $1,217/month. But do buyers have any advantage? One of the beautiful things about Portland is its proximity to the ocean and the mountains, while much of the area is covered in protected forests. How much can you expect to pay in mortgage payments in Portland OR in 2020? In Portland, the median home value is $464,496, while Medford’s is $283,699.NeighborhoodScout data also shows that, from 2013 to 2018, the Oregon market saw strong appreciation of 8.61% annually. Well, the Portland housing market is currently undergoing some changes. Start your search for apartments in Portland, OR now. City-Data Forum > U.S. Forums > Oregon > Portland: Average Rent in Portland (buy, salary, to live in) User Name: Remember Me: Password Please register to participate in our discussions with 2 million other members - it's free and quick! This thriving area is home to the iconic ... the average apartment rent in Portland, OR is $1,038 for a studio, $1,420 for one bedroom, $1,543 for two bedrooms, and $1,455 for three bedrooms. It sounds like a wonderful place to visit. The economists and analysts at Zillow expect home prices in Oregon to continue rising throughout 2020. ↩, 3. https://www.rentcafe.com/blog/apartment-search-2/neighborhood-guides/portlands-best-neighborhoods-for-renters/, Foreclosures Rentlinx. Note that the decreasing rents are due to a sudden economic slowdown caused by the pandemic this year. A cheaper neighborhood in Portland might not be the best place to live in. Currently, the zip code with the highest foreclosure rate is 97218, where 1 in every 5957 housing units is foreclosed. Buying a rental property is a great investment to prepare for one’s retirement. According to RentJunge, as of June 2020, the average rent for an apartment in Portland, OR is $1544 which is a 4.53% decrease from last year when the average rent was $1614, and a 1.42% decrease from last month when the average rent was $1566. What is the average rent in Portland, OR? Home values rose 11.4% in 2016 alone, according to a report from the real estate data company Clear Capital. Sort by: Newest Verified Source Payment (High to Low) Payment (Low to High) Newest Bedrooms Bathrooms Square Feet Lot Size. That comes out to about $60 for a home with an assessed value of $250,000. The percent of Portland homeowners underwater on their mortgage is 3.7%, which is higher than Portland-Vancouver-Hillsboro Metro at 3.4%. https://www.rentjungle.com/average-rent-in-portland-or-rent-trends/, Best Neighborhoods Until sellers regain confidence, housing inventory will continue to be constrained during what is expected to be a slow-selling winter season. The higher buyer turnout and low inventory is favoring sellers. When you look at only private employers, it came in second. This shows that Portland is a seller's real estate market, which means there are roughly more buyers than there are active homes for sale. The worst annual change in home values in the Portland Market was -11% in the twelve months ended with the 3rd Quarter of 1981. Median property prices over the last year range from $285,000 for houses to $192,000 for units. Purchasing an investment property requires a lot of studies, planning, and budgeting. Not just limited to Portland or Oregon but you can also invest in some of the best real estate markets in the United States. The city’s high walkability score and somewhat better traffic than California’s cities are other pluses, though many love the fact you can bike to work. It is hard to run a water-dependent industry when they’re rationing water for homeowners soon. Southwest Hills has a median listing price of $995K, making it the most expensive neighborhood. This figure is a bit conservative from Zillow's positive forecast, which also predicts that home prices in this region are expected to increase by nearly 7% in the next twelve months. https://realestateagentpdx.com/category/portland-real-estate-market-news, https://www.littlebighomes.com/real-estate-portland-or.html, https://www.realtor.com/realestateandhomes-search/Portland_OR/overview, https://realestateagentpdx.com/portland-real-estate-market-spring-2020-covid-19-update/17320, https://www.oregonlive.com/realestate/2020/06/portland-area-housing-market-pending-sales-new-listings-surge-in-may.html, https://www.rentcafe.com/average-rent-market-trends/us/or/portland/, https://www.rentjungle.com/average-rent-in-portland-or-rent-trends/, https://www.neighborhoodscout.com/or/portland/real-estate, https://www.rentjungle.com/portland-or-apartments-and-houses-for-rent/, https://www.rentcafe.com/blog/apartment-search-2/neighborhood-guides/portlands-best-neighborhoods-for-renters/, https://www.realtytrac.com/statsandtrends/or/multnomah-county/portland, http://www.tax-rates.org/oregon/property-tax, https://smartasset.com/taxes/oregon-property-tax-calculator, https://realestateagentpdx.com/portland-property-taxes-to-rise-in-2020/16247, https://www.oregonlive.com/news/erry-2018/10/7273fa75401636/property-tax-rates-in-oregons.html, https://www.entrepreneur.com/article/273822, https://www.oregonbusiness.com/article/item/16045-is-oregon-good-for-business, https://www.cnbc.com/2015/05/14/water-millennials-drive-portland-oregon-housing.html, https://www.oregonlive.com/politics/index.ssf/2017/02/portlands_tina_kotek_explains.html, https://www.oregonlive.com/portland/index.ssf/2014/07/how_friendly_is_oregon_portlan.html, https://www.pdx.edu/nerc/sites/www.pdx.edu.nerc/files/The%20State%20of%20the%20Portland%20Housing%20Market.pdf, https://www.business2community.com/brandviews/upwork/why-silicon-valley-techies-are-rushing-to-the-pacific-northwest-02076366, https://www.forbes.com/sites/thomasdelbeccaro/2018/04/19/the-top-four-reasons-california-is-unsustainable/#6f1366cd3a23, https://www.portlandmercury.com/news/2018/01/24/19626335/portlands-small-time-landlords-dont-have-to-follow-renter-protections, Portland Real Estate Market Forecast 2021, Portland Real Estate Investment Outlook For 2021. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates. Bridlemile, where renters pay $1,153/mo on average. As of October 28, 2020 there are 3528 houses available for rent in St. Johns, Portland, OR. Due to the COVID-19 Public Health Emergency the Portland Housing Bureau is temporarily suspending person-to-person customer service. As a state, Oregon’s median home value is $340,027, according to NeighborhoodScout. No warranty or guarantee of accuracy is offered or implied. For buyers in Portland, mortgage rates are at their lowest. Two-bedroom apartment rents average $1704 (a 7.81% decrease from last year). The median home value in Spokane is $264,212 and home values have gone up 13.1% over the past year. ForRent.com provides you with the most comprehensive list of rentals so you can find the Houses you’ve been dreaming about. All are within walking distance for residents. We saw an increase in inventory and an even great increase of buyers to purchase. He’s also the host of the top-rated podcast – Passive Real Estate Investing. Portland's strong economy kept it from crashing in the crisis. With sellers taking their homes off the market, it has led to an inventory crisis. The Las Vegas real estate market is entirely brimming with new businesses. It is as hot as the desert heat in Nevada. Here is Zillow's home price forecast for Portland, Multnomah County, and Portland Metropolitan Area. The price rise has mainly been supported by rising incomes as Portland has seen a lot of job growth. Dismiss. Let us know which housing markets you consider hot for real estate investing? It is sited on the Spokane River in the foothills of the Rocky Mountains. And that’s not going to happen. 30251 Golden Lantern, Suite E-261 Contact email@example.com (or @deptofnumbers on Twitter) if you have any questions, comments or suggestions. https://www.oregonlive.com/realestate/2020/06/portland-area-housing-market-pending-sales-new-listings-surge-in-may.html, Rental Statistics for apartments This figure puts Portland in the top 10% nationally for real estate appreciation. This is lower than the Portland-Vancouver-Hillsboro Metro value of 0.8 and also lower than the national value of 1.2. The supply of homes remains low by historic standards. Concordia is one of the fastest growing places in Oregon, and it's no wonder why. Their data also shows that Portland real estate appreciated by nearly 70% over the last ten years. Relative to the strong migration and income-driven demand, the supply is lagging in the entire Portland MSA. Goose Hollow is a neighborhood in southwest Portland, and it borders both the downtown area and Washington Park. 1510 N Highland St, Portland, OR 97217. In a tight housing market like Portland, it can take some time to find a property that meets all of your criteria. 2020 Portland median and average rent data will be released in September of 2021. The standard way is to multiply the value of your home by the property tax rate for your area of the county—which is estimated by county assessors through in-person inspections and comparisons to similar, recently sold homes. Using median household income data for Portland, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. Increased demand for housing guarantees higher rental rates and property values. % decrease from last year show us that Portland is 0.4 %, while the U.S. for estate! 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