PORTLAND, Ore. (PORTLAND TRIBUNE) — Portland apartment rents increased 14 percent between February and March, the biggest increase in the country, according to a new report by ABODO.com, an online apartment marketplace.
“Portland, specifically, is following a trend that analysts and industry experts have seen in many U.S. cities. Young adults either can’t afford to buy a home or they don’t want to be bothered with the hassle of owning one. This has led to more demand for rentals and an increase in price,” says Michael Taus, Vice President of Growth at ABODO.com.
According to the report, rent for a one-bedroom apartment jumped from $1,143 to $1,303, the highest percent of top 10 cities that saw increases. Indianapolis was second at 12 percent, although its rent only increased from $523 to $588.
Some cities actually saw rents decrease, the report says, with one-bedroom rents in Tucson down 17 percent, followed by Sacramento at 16 percent.
“The U.S. rental market saw historically low levels during the mortgage finance boom and has been steadily shifting to historical norms since the mortgage bust. This boom-bust cycle also impacted new apartment starts. With homeownership rates falling, it makes sense for landlords to continue to raise pricing on their rental units, especially in markets with tighter inventory,” says Taus.
The Portland Tribune is a KOIN media partner.