Wednesday, September 5, 2018

August to August 2 Bedroom Median Rent Change Data Shows 4 Year City of Portland Increase is Lowest in Portland Metro Area.

Apartmentlist has published their updated apartment median rent data for August 2018 HERE. (My prior related post for July is HERE). 

Their methodology for rent calculations is HERENote because their method uses repeat sales/rentals, new construction rent prices are likely underrepresented in their reported median rents. 

A picture of the table I created showing August to August changes in 2 BR median rents is pasted below. 

City of Portland vs Portland Metro
For the City of Portland the estimated total 4 year August to August increase in the median 2 BR monthly rent was $75 /5.9% (from $1,262 to $1,337). 

That is the lowest increase of any city with data in the Portland metro area. 

Hillsboro and Tualatin both saw $600+/40%+ 2 BR median rent increases in the same time period. 

The Gresham 4 year increase (38.1%) was more than 6 times the rate of the City of Portland rent growth (5.9%). 

Vancouver saw a $387/30.7% increase in 2BR median rents over the August 2014-August 2018 period. 

The City of Portland August 2018 median 2 BR rent ($1,337) is also the lowest reported in the Portland metro area. 

1 Month and 1 Year Change
From July 2018-August 2018 City of Portland 2 BR median rents increased by $7 and in the last 12 months rents decreased by 2.1%.In contrast Tualatin saw a 5.6% 12 month increase in median 2 BR rents and a 1.7% increase from July 2018-August 2018. 

City of Portland vs City of Seattle
The 4 year City of Seattle 2 BR median monthly rent increase from August 2014 to August 2018 was $246 /17.2% substantially more than the $75/5.9% reported for the City of Portland.

The City of Seattle 2BR median rent decreased by 2.4% in the last 12 months, a greater rate of decrease than the 2.1% reported decrease for the City of Portland.

Originally created and posted on the Oregon Housing Blog

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