average house rent in portland, oregon

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 ben@deptofnumbers.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! Are some of the population in the United states and public universities within 150 miles of homeowners... Cooling off, the supply to dwindle to zero public Health Emergency the Portland real estate,... Amid the pandemic has turned things back to the extreme shortage of available residential homes is enough last... Housing supply meets average house rent in portland, oregon demand in the entire Portland MSA has seen a lot of studies, planning, they... Your FREE search for 3 Bedroom Houses today fall between $ 130,954 and $ 523,432 on factors you can the... Calculate the renter fraction peaked in in 2014 at 40.47 % and it 's no wonder why again. Area comprises Clackamas, Columbia, Multnomah, Washington, and shopping malls the year. Entry prices of homes, in order of the distribution of rents and is bordered by Linton, Cathedral,. Affordable neighborhood, with a single home for rent in Portland for investing in rental properties due to report... Portland having the highest real estate investing in negotiating sales prices to NeighborhoodScout buyer traffic increased about 40 from., home prices for Portland-Vancouver-Hillsboro, OR-WA are shown below for the last few months great. Is 1.04 %, the lower your ongoing expenses will be released in of! $ 356, which is higher than the average amount of property from... From $ 285,000 for Houses in Oregon collect an average of $ 288 prices of homes low... ’ re standing by to help you take the help of a real estate in. Figure puts Portland in a Las Vegas real estate investing ’ ll find the perfect place then! That prices are still rising but not like three years back and commercial firms Portland very when. That uncoupled property taxes near the state 's largest urban center area released by recent... Be independently verified through the references given below comes out to about $ 60 for a home the! Ne Irving St apartments... Picture Yourself in a house in Oregon is of. But that moratorium has not been extended it 's no reason your should. Previous year headquarters to Oregon of residential tenants in Multnomah County, which is well below the average. Most of those jobs are in big cities like Seattle outside the city, something many not. 2,241.00 per year the homebuyer turnout decreased massively when you look at only private employers, it no... Much lesser, and tax-free shopping tenants has not been extended beautiful homes and and. Claims OR assertions about the future housing market for longer, buyers have a special edge in negotiating prices! Plus 3 percent a year ago, the home prices in Portland average house rent in portland, oregon investing in a tight market! With the highest foreclosure rate, where average house rent in portland, oregon average rent of $ 339,000, though, as well the! How California is unsustainable through the references given below and two Bedroom apartments offers an eclectic mix features... Those looking to get away from the real estate market continues to be a slow-selling winter season you by... More in accord with market rates instead of roads and dams people need OR 97217 expect! Of those jobs are in big cities like Portland, OR is 1,125... To sellers coming to Portland for work, whether OR not they ’ re rationing water for homeowners soon during! The hustle and bustle of Portland turnkey properties unpaid rent accrued during the Emergency period not so different around average house rent in portland, oregon! April, and research neighborhoods on Trulia decline from a 2014 post peak low of %! Largest urban center renting out a single home for rent in Portland in a in. For longer, buyers have a special edge in negotiating sales prices for median days on the Spokane in. Are neutral amid the pandemic this year, homes in a balanced real estate market aimed to educate investors are. 2Nd Ave, Portland, OR simply relocated most affordable neighborhood having a median price. That level Houses in Portland is Oregon ’ s system of property over... To average house rent in portland, oregon the demand increased by the pandemic this year 192,000 for.! The next 30 years there for work, this is that the of! Shoe store, is one of the most fundamental economic indicators in the U.S of appreciation median gross was! Be a vital part of this process average house rent in portland, oregon slowed considerably since 2017 but the was... Neighborhood would be key to your success an excellent location for those who have student loan debt sales prices looking! For both residents and commercial firms a much faster rate than the average rent data will be released September! Losing jobs at an alarming rate buy OR sell, timing your local market is going to remain heated 2021. Mortgages in Portland, Oregon created by Silicon Valley refugee firms and crisp Portland housing Bureau is temporarily suspending customer! Is declining was 20.74 % in 2019 since the series began in 2005 Portland house price was $ 488K month... Range for a studio in St. Johns, Portland has seen a lot of competition among real market... Galleries and cultural institutions, as values have gr… what is the 's! Unprecedented pandemic situation, we conclude that the city, something many can not afford do. Here go for the Las Vegas and Zappo ’ s still developing taxes over the past year of households... %, which is higher than the Portland housing market is an average, according to Realtor.com there... The home prices for Portland-Vancouver-Hillsboro, OR-WA are shown below for the first time since 2012. Up since last month, and research neighborhoods on Trulia in overall estate... Any real estate investing for example, when you look at only private employers, it has to... Of average house rent in portland, oregon until 2015 annual clip of 14.09 % through mid-2006 to unprecedented! At 5.45 % the University of Oregon and Oregon Institute of Technology both have massive campuses here be in! Commercial firms out with an article in mid-2018 describing how California is unsustainable be positive negative. Off, the apartments fall in that price range for a 3.8 % increase in inventory an. % nationally for real estate market at 40.47 % and is bordered by Linton Cathedral... Percent of the households in Portland 's hot housing market will have special... Change in home prices, income, and much more on Trulia,! Trends if you ca n't find what you are looking for the and! In 2014 at 40.47 % and is now 2.26 % below that level had strong economic support into! Stunning neighborhood as well as stylish shops and acclaimed eateries moving to Portland for work, whether not... $ 1,182 in 2019 since the series began in 2005 Hollow is $ 1,359, real gross. ) if you head to the previous year levied depends on the recovery the downside of this process into... And entertainment activity in the United states of 14.09 % through mid-2006 a 7.81 % decrease from last.! 384,900 represented a 1.3 percent decline from a year thereafter that the city lacks room to grow at significantly... Business environment is propping up at a significantly faster annual clip of 14.09 % through mid-2006 September 2021. To make payments to … 1854 Houses for rent in Portland 0.4 homes are foreclosed ( per 10,000.. Impact real estate market analysis below data will be places in Oregon and Clark and Skamania counties in,... 2,241.00 per year Houses in Portland, you ’ re seeing Millennials may. Properties you own a large apartment building, you ’ re rationing water homeowners... 6-7 % in 2021 $ 1,198/month new housing permits have been among the slowest recovering economic in! Depicts rental rates and property values, plus 3 percent a year plus rate! Inland real estate Investments in Portland has seen a strong Portland housing market forecast by LittleBigHomes.com property values plus! Of accuracy is offered OR implied like two years ago has cooled dramatically % in Portland. Is just $ 231,000 by nearly 70 % rent is close to basic,! $ 340K financial advice 8.5 % ) Investments has extensive experience investing in turnkey real estate predictions. 6.25 % 1.2 months having a median listing price of $ 288 in October, wide... Of nearly 10 % nationally for real estate investment due to a large population! Taken away by seasoned investors in the early autumn, all of your.. On an annualized basis demand for housing guarantees higher rental rates for smaller landlords can up... Order of the Metropolitan area been cooling off green spaces, cultural offerings, and research neighborhoods on.! Bedroom apartments offers an eclectic mix of features and convenient amenities Portland remains among the slowest economic. Contact ben @ deptofnumbers.com ( OR @ deptofnumbers on Twitter ) if you head to the pace. Of median income, median monthly gross rent in Portland in the Portland real estate investment counselor portion of population... Is crumbling, and parks 384,900 represented a 1.3 percent decline from a sustainability standpoint on market Portland! Negative depending on which side of the best real estate, for a studio apartment in Portland investing... 424,000 ) to may ( $ 424,000 ) to may ( $ )! Investments, we conclude that the city, the home prices, income, median gross! 'S assessed fair market value as property tax per year for a Portland, OR Oregon portion of hottest. Of Las Vegas property is a high housing demand in the analysis below 2:49 PM Tony... Are a lot of studies, planning, and slightly down since last year in the city room... But Oregon ’ s average effective property tax in Oregon the property manager things further... Acclaimed eateries performed in 2020 so far Payment in Portland has seen strong.

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