Average Rent in Downtown Portland, Portland, OR

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Current Versus Historical Downtown Portland, Portland, OR Rents

Downtown Portland rentals average $995 for a studio rental to $2,220 for a 2-bedroom rental. The median price of all currently available listings is $1,495, or roughly $2 per square feet.
For the apartment units and housing in March 2024, median rents have risen substantially over the last year. Studio rentals prices have increased by $389 (31.57%) year-over-year from $1,231 to $1,619. 1-bedroom rentals prices have increased by $307 (18.58%) year-over-year from $1,654 to $1,961. 2-bedroom rentals prices have increased by $395 (14.30%) year-over-year from $2,760 to $3,154. 3-bedroom rentals prices have increased by $0 (0.00%) year-over-year from $5,552 to $5,552. 4-bedroom rentals prices have increased by $0 (0.00%) year-over-year from $699 to $699. Note that this figure includes all active and rented listings throughout the month.
Month-to-month, seasonality might have a bigger impact than overall trend price changes. Studio rents have gone up by 14.82% this month. 1-bedroom rents have gone up by 15.99% this month. 2-bedroom rents have gone up by 15.30% this month. 3-bedroom rents have gone down by 0.00% this month. 4-bedroom rents have gone down by 0.00% this month.
Beds
Price / Sqft
Mar 2024 Rent 1 Yr Ago Rent (% +/-) 3 Yr Ago Rent (% +/-)
Studio $2.78 $1,619 $1,231 (31.57%) $1,000 (61.86%)
1 BR $2.29 $1,961 $1,654 (18.58%) $1,192 (64.56%)
2 BR $2.06 $3,154 $2,760 (14.30%) $1,932 (63.28%)

Historical Rents in Downtown Portland, Portland, OR

Studio
1 Bed
2 Bed
3 Bed
4 Bed

Top Cities Near Downtown Portland

There are a total of 5 cities nearby Downtown Portland. The average rent in Downtown Portland is currently $1,575 per month. A total of 2 cities nearby have an average rent lower than that. Our records show that Gresham, OR, with an average rent of $1,450, is the most affordable city nearby. In contrast, the most expensive city near Downtown Portland, Portland, OR is Hillsboro, OR. Monthly rents here are on average $2,024 per month.

Let's compare Downtown Portland, Portland, OR's rent against other top cities nearby by bedroom size. Typically, rent for studios in Downtown Portland, Portland, OR is 14.47% more affordable than other cities nearby. One bedrooms are about 7.00% more expensive. Two bedrooms in Downtown Portland, Portland, OR are about 23.65% more expensive. Finally, rent for three bedrooms are about inf% more affordable. Want more information? Check out the top 5 cities near Downtown Portland, Portland, OR in the following chart.
City Studio 1 Bed 2 Bed All
Gresham, OR $695 $1,195 $1,450 $1,450
Portland, OR $1,170 $1,395 $1,695 $1,495
Vancouver, WA $1,139 $1,298 $1,595 $1,575
Beaverton, OR $1,200 $1,398 $1,723 $1,625
Hillsboro, OR $738 $1,475 $1,864 $2,024

Top Neighborhoods Near Downtown Portland

There are a total of 1 neighborhoods in or near Downtown Portland. We've included all of these top 1 neighborhoods in or near Downtown Portland, Portland, OR in the following chart.

The average rent for these 1 neighborhoods in or near Downtown Portland, Portland, OR is currently around $1,325 per month. A total of one neighborhood has a lower average rent. Out of all the neighborhoods in or near Downtown Portland, Northwest District has the most affordable average rent at $1,325 per month. Whereas, at $1,325 average rent per month, Northwest District is the most expensive neighborhood in or near Downtown Portland. View the following chart for more information.
Neighborhood Studio 1 Bed 2 Bed All
Northwest District, Portland, OR $1,143 $1,425 $1,923 $1,325

Top Counties Near Downtown Portland

There are a total of 1 counties located by Downtown Portland, Portland, OR. Some of these counties include Multnomah, OR, Clark, WA, and Washington, OR. The average rent for rentals in these counties is $1,740. That's roughly around $2 per sqft. A total of 1 counties have a lower average rent. The county that is the most affordable is Multnomah, OR. It's average rent per month is $1,495. Vice versa, with an average rent of $1,950, Washington, OR is the most expensive county by Downtown Portland, Portland, OR.

Typically, rent for studios in Downtown Portland, Portland, OR is 17.99% more affordable than other counties nearby. In comparison, rent for one bedroom listings in Downtown Portland, Portland, OR is 7.00% more expensive than other counties nearby. Finally, rent for two bedrooms in Downtown Portland, Portland, OR is 25.00% more expensive than other counties nearby. We've listed all of these counties in the chart below.
County Studio 1 Bed 2 Bed All
Multnomah, OR $1,150 $1,395 $1,665 $1,495
Clark, WA $1,174 $1,345 $1,599 $1,740
Washington, OR $1,200 $1,400 $1,700 $1,950

Top Zipcodes Near Downtown Portland

There are a total of 12 zipcodes in or near Downtown Portland, Portland, OR. The average rent for all of these zipcodes is $1,495. A total of 7 zipcodes have a average rent that is lower than that. The zipcode with the most affordable average rent for apartment listings is 97233, Portland, OR at $1,350 per month. In comparison, the zipcode with the most expensive average rent of $2,525 per month is 97229, Bethany, OR.

Studios in these zipcodes have an average rent of $1,152. That's at least $3 per sqft. Do you need more space than that? Average rent for one bedroom rentals for the zipcodes in or near Downtown Portland, Portland, OR is $1,379 per month. Or in other words, $2 per sqft. Meanwhile, two bedroom apartments will cost you an average of $1,725 per month. Which comes out to $2 per sqft. The following chart includes the top 10 zipcodes in Downtown Portland, Portland, OR. You can view the average rent breakdown for each zipcode by bedroom size.
Zipcode Studio 1 Bed 2 Bed All
97201, Portland, OR $1,000 $1,295 $2,000 $1,495
97209, Portland, OR $1,185 $1,525 $2,500 $1,438
97214, Portland, OR $1,197 $1,395 $1,695 $1,350
97202, Portland, OR $1,195 $1,395 $1,695 $1,495
97210, Portland, OR $1,108 $1,400 $1,923 $1,395
97211, Portland, OR $1,175 $1,337 $1,995 $1,593
97217, Portland, OR $1,195 $1,395 $1,945 $1,495
97229, Bethany, OR N/A $1,400 $1,750 $2,525
97203, Portland, OR $1,199 $1,363 $1,699 $1,550
97236, Portland, OR $950 $1,313 $1,495 $1,595

Frequently Asked Questions - Downtown Portland Average Rents

What is the average rent price in Downtown Portland, Portland, OR?
The average monthly rental price for Downtown Portland, Portland, OR apartments for rent is approximately $1,495. This calculation takes into consideration rental listings of varying bedroom/bathroom sizes, building types, and locations.
Do Downtown Portland, Portland, OR rent prices drop in winter?
Yes! On average we see a 3.4% drop in rental prices between the peak summer months and the slower winter months. With the added bonus of decreased competition from other renters looking to move, winter is generally considered the best time of the year to find an apartment for rent in Downtown Portland, Portland, OR.
How much is a studio apartment in Downtown Portland, Portland, OR?
The average monthly rental price for studio apartments is $995 and an average price per square feet of $2.78. There are a total of 12 studio apartment listings currently available for rent in Downtown Portland.
How much is a one bedroom apartment in Downtown Portland, Portland, OR?
The average monthly rental price for one bedroom apartments is $1,500 and an average price per square feet of $2.29. There are a total of 17 one bedroom apartment listings currently available for rent in Downtown Portland.
How much is a two bedroom apartment in Downtown Portland, Portland, OR?
The average monthly rental price for two bedroom apartments is $2,220 and an average price per square feet of $2.06. There are a total of 10 two bedroom apartment listings currently available for rent in Downtown Portland.
How have rent prices in Downtown Portland, Portland, OR changed this year?
Rent prices for rentals in Downtown Portland, Portland, OR can fluctuate yearly. Specifically, studio rental prices have changed by 0.32%, one bedroom rental prices have changed by 0.19%, two bedroom rental prices have changed by 0.14%, and three bedroom rental prices have changed by 0.00% year-over-year.
What is a reasonable rent price in Downtown Portland, Portland, OR?
A reasonable rent price in Downtown Portland, Portland, OR is around $1,196/month. You can search for these reasonably priced rental listings on RentHop.
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