Thanks to a recent report from rentjungle.com we know that the current rent for an apartment in the City of Roses is about $1,669 per month. This is an increase of 1.5% in the last year when the average rent was $1,644.
If you are moving to Portland and want to rent a one-bedroom apartment you can expect to pay about $1,553 per month while a two-bedroom apartment will cost you about $1,913 per month.
Portland And Seattle Continue to Be Hottest Cities in U.S. For Rent Growth
Even though rent growth is slowing in many metro areas across the United States, like San Francisco and New York, rents continue to increase in Portland OR and Seattle. Why? Both cities are major tech hubs in the United States and continue to attract the best and brightest minds who can afford to live in either city.
What’s great about rents in both cities is that they are still affordable when compared to what the average rent is for a one-bedroom apartment in Silicon Valley so many renters, especially Millennials, are eager to live Portland and Seattle.
What Will the Next 6 Months Bring?
Rents in both Portland are predicted to continue increasing for the next 6 months and beyond since they’ve risen steadily this year and those increases don’t show any signs of changing.
The most expensive Portland neighborhoods to rent apartments in are Pearl District, Arbor Lodge, and Corbett-Terwilliger-Lair Hill.
The cheapest Portland neighborhoods to rent apartments in are Wilkes, Mill Park, and Powellhurst. – Source – Rentjungle.com
Rent Growth Remains Strong In Urban Areas, Especially Near Coffee Shops
Even though rent growth remains strong in Portland and Seattle, rent growth remains especially strong in areas that are within close proximity to coffee shops like Stumptown Coffee Roasters and Starbucks.
The American city runs on coffee. It’s served nearly everywhere, in cafes, restaurants, and corner stores, and it’s an ingrained part of most people’s morning routines. From the distinct taste to the plethora of ways it can be prepared, to the benefits of caffeine, most people can find an aspect of the drink that they love.
However, getting coffee from a coffee shop rather than making it at home can be expensive. It is somewhat of a luxury item, especially if you consider the cost of fancy cafes serving espresso and pour over drinks (generally referred to as third wave coffee). For this reason, some measure of coffee shops could be useful as a barometer of city and neighborhood cost. Our hypothesis is that an area with a greater number of coffee shops would have a population with a larger disposable income, who can also afford more expensive housing.
So, in U.S. cities, are the number of coffee shops and rent prices connected in any way?
We analyzed data from Priceonomics customer RentHop, an apartment listing site, to explore that question. We have thousands of recent rental listings, which we used to find median rental prices. Then, by connecting that with business data from Datafiniti (also a Priceonomics customer) detailing coffee shops in each city, we were able to highlight the relationship between the two factors. We conducted analysis at the city level, but also completed a deep dive into neighborhoods in Manhattan, NYC.
At the Manhattan neighborhood level, high rent is positively correlated with coffee shops, but the results are nuanced. Generally, neighborhoods that were more expensive had a greater number of coffee shops per capita, especially around Midtown. Areas with large concentrations of office buildings have large numbers of coffee shops to cater to office workers (e.g. Midtown Manhattan, Financial District). Other neighborhoods are appealing specifically because they are more residential (and have fewer businesses) and can command higher rents (e.g. Stuyvesant Town-Cooper Village).
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Last of all, but most important, with more time and energy on your side each month you will be able to finally GROW your property portfolio and generate more income from your properties each month than you currently are.
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