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.
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
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
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
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.