118 Pet Friendly Apartments for rent in Lake Oswego, OR
February 2020 Lake Oswego Rent Report
Welcome to the February 2020 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 metro, state, and nation.
February 2020 Lake Oswego Rent Report
Welcome to the February 2020 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 metro, state, and nation.
Lake Oswego rents declined moderately over the past month
Lake Oswego rents have declined 0.3% over the past month, but are up slightly by 1.6% in comparison to the same time last year. Currently, median rents in Lake Oswego stand at $1,521 for a one-bedroom apartment and $1,794 for a two-bedroom. Lake Oswego's year-over-year rent growth leads the state average of 1.2%, but is in line with the national average of 1.6%.
Rents rising across the Portland Metro
Throughout the past year, rent increases have been occurring not just in the city of Lake Oswego, but across the entire metro. Of the largest 10 cities that we have data for in the Portland metro, 8 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- Beaverton has seen the fastest rent growth in the metro, with a year-over-year increase of 3.4%. The median two-bedroom there costs $1,825, while one-bedrooms go for $1,547.
- Over the past year, Canby has seen the biggest rent drop in the metro, with a decline of 3.2%. Median two-bedrooms there cost $1,725, while one-bedrooms go for $1,462.
- Portland proper has the least expensive rents in the Portland metro, with a two-bedroom median of $1,324; rents remained steady over the past month.
- Hillsboro has the most expensive rents of the largest cities in the Portland metro, with a two-bedroom median of $2,050; rents fell 0.3% over the past month but rose 2.0% over the past year.
Many large cities nationwide show more affordable rents compared to Lake Oswego
As rents have increased slightly in Lake Oswego, a few large cities nationwide have also seen rents grow modestly. Compared to most large cities across the country, Lake Oswego is less affordable for renters.
- Oregon as a whole has logged 1.2% year-over-year growth, while rent trends across other cities throughout the state have varied. For example, rents have grown by 0.5% in Eugene whereas rents have fallen 1.3% in Salem.
- Lake Oswego's median two-bedroom rent of $1,794 is above the national average of $1,193. Nationwide, rents have grown by 1.6% over the past year, which matches the rise in Lake Oswego.
- While Lake Oswego's rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.7%), Austin (+3.3%), and Las Vegas (+3.2%).
- Renters will generally find more expensive prices in Lake Oswego than most large cities. For example, Salem has a median 2BR rent of $1,063, 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.