By Property Management Systems
PORTLAND, Ore. – Are you planning on buying a rental property in Portland Oregon? If so, there’s no better time than right now because rents continue increasing in many neighborhoods in the area right along with demand.
Portland continues to be one of the top relocation destinations in the United States thanks to more employers choosing to relocate to the area along with a wide variety of things to do which cannot be matched anywhere else in the United States.
In this article we will break down which Portland neighborhoods saw the highest rent increases in 2018.
Neighborhoods with The Highest Rent Increases In 2018
East Portland neighborhoods saw the highest rent increases in the city last year, the 2018 State of Housing in Portland report found.
The report breaks down how fast rents and home sales prices rose last year in Portland, which neighborhoods are growing the fastest, and how that impacts people across demographic divides.
Parkrose saw the fastest-rising rents across the board. Studio apartments now cost $977 per month to rent on average, a whopping 106 percent increase from last year. One-bedrooms rose 17 percent, to $1,021, two-bedrooms increased by 12 percent to $1,235, and three bedrooms cost $1,417, a spike of 20 percent.
Other East Portland neighborhoods saw massive rent increases as well. A studio in Gateway now costs $833 — 86 percent more than it did last year. Studios in Roseway-Cully rose 46 percent to $992, Centennial one-bedrooms rose 16 percent to $906, and a studio in Montavilla is now $1,048, an increase of 13 percent.
That doesn’t mean East Portland has the highest housing prices, though. That designation goes to Marquam Hill for studios, which now run on average $1,271. The most expensive average one-bedroom in Portland is on Hayden Island, at $1,603. Northwest claims the title for most expensive two-bedroom, at $2,431, and Central City boast the priciest three-bedroom, which will run renters – on average — $2,971 per month.
The East Portland rent spike disproportionately hurts Portland’s minority communities. The historically affordable neighborhoods around and east of 82nd Avenue are now too expensive for many minority families to afford.
The average Black or Native American household can’t afford to rent in any of Portland’s neighborhoods, except a studio in 122nd-Division. The average Latino household can’t rent a two or three-bedroom in any Portland neighborhood, and they can only afford to rent in in about one-third of the other neighborhoods if they want a studio or one-bedroom apartment.
For those who are able to buy a home, the outlook isn’t any sunnier. Home prices on average rose 34 percent between 2012 and 2016. The fastest-rising home prices were in Lents, which saw home prices rise by 50 percent between 2011 and 2016.
There is some hope. Rents rose last year, but not as fast as in the past. Overall, rents increased by 2 percent in 2017, instead of the 5-percent or higher spikes Portland saw in each of the four years prior.
Get Portland Oregon Property Management
Property Management Systems is a Professional Property Management Company that specializes in the management of single family homes, small multiplex units and large apartment communities throughout Portland, Oregon. Our State licensed and accredited property managers have heightened expertise and industry knowledge to assist them in doing the best possible job for you. They are real estate professionals who know first-hand the unique challenges of managing Portland Oregon rental property in today’s constantly changing economic and legislative environment and they know how to manage those challenges to everyone’s benefit.
Save the time, money and hassle of managing your rental properties yourself. Contact Property Management Systems today by calling us at (503) 515-3170 or click here to connect with us online.