194 1 Bedroom Apartments for rent in Lake Oswego, OR
August 2019 Lake Oswego Rent Report
Welcome to the August 2019 Lake Oswego Rent Report. Lake Oswego rents declined over the past month. In this report, we'll evaluate trends in the Lake Oswego rental market, including comparisons to cities throughout the state and nation.
August 2019 Lake Oswego Rent Report
Welcome to the August 2019 Lake Oswego Rent Report. Lake Oswego rents declined over the past month. In this report, we'll evaluate trends in the Lake Oswego rental market, including comparisons to cities throughout the state and nation.
Lake Oswego rents decline sharply over the past month
Lake Oswego rents have declined 0.7% over the past month, but have remained steady at 0.2% in comparison to the same time last year. Currently, median rents in Lake Oswego stand at $1,509 for a one-bedroom apartment and $1,781 for a two-bedroom. Lake Oswego's year-over-year rent growth lags the state average of 0.9%, as well as the national average of 1.6%.
Rents rising across cities in the Portland Metro
Throughout the past year, rents have remained steady in the city of Lake Oswego, but other cities across the entire metro have seen rents increase. Of the largest 10 cities that we have data for in the Lake Oswego metro, all of them have seen prices rise. Oregon as a whole logged rent growth of 0.9% over the past year. Here's a look at how rents compare across some of the largest cities in the metro.
- Looking throughout the metro, Hillsboro is the most expensive of all Lake Oswego metro's major cities, with a median two-bedroom rent of $2,102; of the 10 largest Oregon metro cities that we have data for, all have seen rents rise year-over-year, with Beaverton experiencing the fastest growth (+3.4%).
- Hillsboro, Vancouver, and Eugene have all experienced year-over-year growth above the state average (3.3%, 1.8%, and 1.6%, respectively).
Many large cities nationwide show more affordable rents compared to Lake Oswego
Rent growth in Lake Oswego has been relatively stable over the past year - some other large cities have seen more substantial increases. Compared to most large cities across the country, Lake Oswego is less affordable for renters.
- Lake Oswego's median two-bedroom rent of $1,781 is above the national average of $1,191. Nationwide, rents have grown by 1.6% over the past year compared to the stagnant growth in Lake Oswego.
- While rents in Lake Oswego remained moderately stable this year, similar cities saw increases, including Las Vegas (+3.9%), Phoenix (+3.7%), and Austin (+3.3%); note that median 2BR rents in these cities go for $1,186, $1,085, and $1,460 respectively.
- Renters will generally find more expensive prices in Lake Oswego than most large cities. For example, Phoenix has a median 2BR rent of $1,085, where Lake Oswego is more than one-and-a-half times that price.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.