Average Rent in Portland, OR

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Current Versus Historical Portland, OR Rents

Portland rentals average $1,132 for a studio rental to $2,995 for a 4-bedroom rental. The median price of all currently available listings is $1,475, or roughly $2 per square feet.
For the apartment units and housing in March 2024, median rents have fallen substantiallyover the last year. Studio rentals prices have decreased by $370 (-23.58%) year-over-year from $1,569 to $1,199. 1-bedroom rentals prices have decreased by $239 (-14.43%) year-over-year from $1,656 to $1,417. 2-bedroom rentals prices have decreased by $184 (-9.85%) year-over-year from $1,869 to $1,685. 3-bedroom rentals prices have decreased by $3 (-0.10%) year-over-year from $2,398 to $2,395. 4-bedroom rentals prices have increased by $173 (5.77%) year-over-year from $2,988 to $3,160. 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 down by 11.79% this month. 1-bedroom rents have gone down by 11.55% this month. 2-bedroom rents have gone down by 11.44% this month. 3-bedroom rents have gone down by 2.01% this month. 4-bedroom rents have gone up by 0.81% this month.
Beds
Price / Sqft
Mar 2024 Rent 1 Yr Ago Rent (% +/-) 3 Yr Ago Rent (% +/-)
Studio $2.96 $1,199 $1,569 (-23.58%) $1,332 (-10.01%)
1 BR $2.34 $1,417 $1,656 (-14.43%) $1,334 (6.21%)
2 BR $1.98 $1,685 $1,869 (-9.85%) $1,506 (11.86%)
3 BR $1.87 $2,395 $2,398 (-0.10%) $2,213 (8.25%)
4+ BR $1.52 $3,160 $2,988 (5.77%) $2,905 (8.79%)

Historical Rents in Portland, OR

Studio
1 Bed
2 Bed
3 Bed
4 Bed

Top Cities Near Portland

There are a total of 4 cities nearby Portland. The average rent in Portland is currently $1,546 per month. Only one city nearby has an average rent lower than that. Our records show that Gresham, OR, with an average rent of $1,473, is the most affordable city nearby. In contrast, the most expensive city near Portland, OR is Hillsboro, OR. Monthly rents here are on average $2,295 per month.

Let's compare Portland, OR's rent against other top cities nearby by bedroom size. Typically, rent for studios in Portland, OR is 3.78% more affordable than other cities nearby. One bedrooms are about 4.73% more expensive. Two bedrooms in Portland, OR are about 5.40% more expensive. Finally, rent for three bedrooms are about 10.59% more expensive. Want more information? Check out the top 4 cities near Portland, OR in the following chart.
City Studio 1 Bed 2 Bed All
Gresham, OR $1,150 $1,195 $1,473 $1,473
Vancouver, WA $1,275 $1,295 $1,512 $1,495
Beaverton, OR $1,200 $1,325 $1,695 $1,598
Hillsboro, OR $488 $1,375 $1,800 $2,295

Top Neighborhoods Near Portland

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

The average rent for these 1 neighborhoods in or near Portland, OR is currently around $1,295 per month. A total of one neighborhood has a lower average rent. Out of all the neighborhoods in or near Portland, Northwest District has the most affordable average rent at $1,295 per month. Whereas, at $1,295 average rent per month, Northwest District is the most expensive neighborhood in or near Portland. View the following chart for more information.
Neighborhood Studio 1 Bed 2 Bed All
Northwest District, Portland, OR $1,120 $1,425 $1,950 $1,295

Top Counties Near Portland

There are a total of 1 counties located by Portland, OR. Some of these counties include Multnomah, OR, Clark, WA, and Washington, OR. The average rent for rentals in these counties is $1,653. That's roughly around $2 per sqft. 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 Portland, OR.

Typically, rent for studios in Portland, OR is 1.59% more affordable than other counties nearby. In comparison, rent for one bedroom listings in Portland, OR is on par with the other counties nearby. Finally, rent for two bedrooms in Portland, OR is 2.65% 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 $1,132 $1,375 $1,650 $1,495
Clark, WA $1,188 $1,345 $1,550 $1,653
Washington, OR $1,150 $1,395 $1,695 $1,950

Top Zipcodes Near Portland

There are a total of 12 zipcodes in or near Portland, OR. The average rent for all of these zipcodes is $1,487. A total of 5 zipcodes have a average rent that is lower than that. The zipcode with the most affordable average rent for apartment listings is 97201, Portland, OR at $1,350 per month. In comparison, the zipcode with the most expensive average rent of $2,595 per month is 97229, Bethany, OR.

Studios in these zipcodes have an average rent of $1,135. 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 Portland, OR is $1,395 per month. Or in other words, $2 per sqft. Meanwhile, two bedroom apartments will cost you an average of $1,754 per month. Which comes out to $2 per sqft. The following chart includes the top 10 zipcodes in Portland, OR. You can view the average rent breakdown for each zipcode by bedroom size.
Zipcode Studio 1 Bed 2 Bed All
97217, Portland, OR $1,185 $1,350 $1,945 $1,495
97202, Portland, OR $1,195 $1,395 $1,695 $1,485
97214, Portland, OR $1,195 $1,395 $1,650 $1,395
97229, Bethany, OR N/A $1,450 $1,972 $2,595
97209, Portland, OR $1,120 $1,600 $2,695 $1,463
98661, Vancouver, WA N/A $1,199 $1,495 $1,488
97006, Beaverton, OR N/A $1,345 $1,795 $2,295
97210, Portland, OR $1,150 $1,420 $2,098 $1,395
97203, Portland, OR $1,295 $1,399 $1,712 $1,663
97233, Portland, OR N/A $1,175 $1,350 $1,350

Frequently Asked Questions - Portland Average Rents

What is the average rent price in Portland, OR?
The average monthly rental price for Portland, OR apartments for rent is approximately $1,475. This calculation takes into consideration rental listings of varying bedroom/bathroom sizes, building types, and locations.
Do 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 Portland, OR.
How much is a studio apartment in Portland, OR?
The average monthly rental price for studio apartments is $1,132 and an average price per square feet of $2.96. There are a total of 201 studio apartment listings currently available for rent in Portland.
How much is a one bedroom apartment in Portland, OR?
The average monthly rental price for one bedroom apartments is $1,375 and an average price per square feet of $2.34. There are a total of 411 one bedroom apartment listings currently available for rent in Portland.
How much is a two bedroom apartment in Portland, OR?
The average monthly rental price for two bedroom apartments is $1,695 and an average price per square feet of $1.98. There are a total of 383 two bedroom apartment listings currently available for rent in Portland.
How have rent prices in Portland, OR changed this year?
Rent prices for rentals in Portland, OR can fluctuate yearly. Specifically, studio rental prices have changed by -0.24%, one bedroom rental prices have changed by -0.14%, two bedroom rental prices have changed by -0.10%, and three bedroom rental prices have changed by 0.00% year-over-year.
What is a reasonable rent price in Portland, OR?
A reasonable rent price in Portland, OR is around $1,180/month. You can search for these reasonably priced rental listings on RentHop.
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