Portland Oregon Rental Market – Summer 2018 Update

By Property Management Systems

PORTLAND, Ore. – With summer officially beginning in just a few weeks it’s the perfect time to catch up and see what’s happening with the Portland Oregon Rental Market.

Thanks to a recent report from KGW8 we know that renters who want to rent a two-bedroom apartment in PDX will have to make at least $24 per hour to afford that apartment.

Outside of Portland, you will need to earn the following hourly wage to live in one of these Oregon cities:

  • Salem – $15.65 per hour
  • Corvallis – $17.88 per hour
  • Baker City – $13.10 per hour

The average renter in Oregon, who earns $14.84 per hour, could afford a rental that costs $771 per month, according to the report. However, fair market rent is $839 per month for a one-bedroom and $1,028 for a two-bedroom.

A minimum wage worker who earns $10.25 an hour can afford $533 per month in rent. That person would need to work 63 hours per week to afford a one-bedroom at fair market rent and 77 hours per week to afford a two-bedroom at fair market rent.

Oregon, which required at least a $19.78 per hour wage to afford a two-bedroom, had the 18th highest housing wage in the nation, according to the report.

Hawaii had the highest housing wage at $35.20 per hour, and Arkansas had the lowest housing wage of the 50 states at $13.72 per hour.

Portland Oregon Rental Market

What’s the Average Rent for Portland Oregon?

As of June 2018, the average rent for an apartment in Portland is about $1,425 per month. This is an increase of about 2% compared to 2018 when the average rent was $1,404.

Are you looking for a cheap apartment in PDX? Studio apartments in Portland rent for $1,170 a month, while 1-bedroom apartments typically rents for $1,368 a month and the average rent for a 2-bedroom apartment is roughly $1,525.

Source – Rent Café

Portland Oregon Cost of Living

As with any city, Portland has its ups and downs when it comes to the cost of living in the PDX area. Here’s a synopsis of what your food and housing costs might look like if you move to the Portland area

Food Costs:

Basic lunchtime menu (including a drink) in the business district  $14

Combo meal in fast food restaurant (Big Mac Meal or similar)      $7

500 gr (1 lb.) of boneless chicken breast $4.95

1 liter (1 qt.) of whole fat milk     $0.87

12 eggs, large   $3.35

1 kg (2 lb.) of tomatoes  $4.33

500 gr (16 oz.) of local cheese    $5.82

1 kg (2 lb.) of apples      $3.72

1 kg (2 lb.) of potatoes   $1.48

0.5 l (16 oz) domestic beer in the supermarket     $3.29

1 bottle of red table wine, good quality    $14

2 liters of Coca-Cola       $2.03

Bread for 2 people for 1 day       $2.64

Housing Costs:

Utilities 1 month (heating, electricity, gas …) for 2 people in 85m2 flat       $195

Monthly rent for a 45 m2 (480 Sqft) furnished studio in EXPENSIVE area $1,536

Monthly rent for a 45 m2 (480 Sqft) furnished studio in NORMAL area      $1,151

Utilities 1-month (heating, electricity, gas …) for 1 person in 45 m2 (480 Sqft) studio          $157

Internet 8 Mbps (1 month)          $46

40” flat screen TV          $359

Microwave 800/900 Watt (Bosch, Panasonic, LG, Sharp, or equivalent brands)     $139

Laundry detergent (3 l. ~ 100 oz.)           $9

Hourly rate for cleaning help       $25

Rent Portland Homes

Get Property Management in Portland Oregon

Are you searching for professional property management for your Portland Oregon rental property? Contact us today by calling (503) 515-3170 or click here to connect with us online.

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