Portland apartment rents continue to rise as vacancy falls

Thousands of new metro-area apartments are in the works, but that hasn’t yet put a stop to rising rents or eased competition between renters.

The Portland area’s apartment vacancy rate is resting at 3.63 percent, according to a Metro Multifamily Housing Association survey released Wednesday. That’s down slightly from the 3.7 percent rate reported in April but still higher than the 3.34 percent seen a year ago.
Tenants are cutting bigger monthly rent checks, too. Compared with a year ago, rents have risen 6.2 percent to about $1.03 per square foot.
The average one-bedroom apartment rents for $774 a month, up from $706 last October.  Read More – OregonLive.com>

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