Portland Rent Report: May 2026

Welcome to the Apartment List May 2026 Rent Report for Portland, OR. Currently, the overall median rent in the city stands at $1,536, after rising 0.8% last month. Prices remain down 0.7% year-over-year. Read on to learn more about what’s been happening in the Portland rental market and how it compares to trends throughout the broader Portland metro area and the nation as a whole.

The median rent in Portland rose by 0.8% over the course of April, and has now decreased by a total of 0.7% over the past 12 months. Portland’s rent growth over the past year has is similar to both the state (-1.3%) and national averages (-1.7%).

Four months into the year, rents in Portland have risen 1.9%. This is a similar rate of growth compared to what the city was experiencing at this point last year: from January to April 2025 rents had increased 1.6%.

Portland rents went up 0.8% in the past month, compared to the national rate of 0.4%. Among the nation's 100 largest cities, this ranks #34. Similar monthly rent growth took place in St. Louis, MO (0.8%) and Raleigh, NC (0.7%).

Citywide, the median rent currently stands at $1,396 for a 1-bedroom apartment and $1,655 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,536. That ranks #38 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,204 for a 1-bedroom, $1,356 for a 2-bedroom, and $1,370 overall. The median rent in Portland is 12.1% higher than the national, and is similar to the prices you would find in Chandler, AZ ($1,583) and Atlanta, GA ($1,510).

If we expand our view to the wider Portland metro area, the median rent is $1,639 meaning that the median price in Portland proper ($1,536) is 6.3% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -1.3%, below the rate of rent growth within just the city.

The table below shows the latest rent stats for 9 cities in the Portland metro area that are included in our database. Among them, Lake Oswego is currently the most expensive, with a median rent of $2,011. Gresham is the metro’s most affordable city, with a median rent of $1,505. The metro's fastest annual rent growth is occurring in Portland (-0.7%) while the slowest is in Hillsboro (-4.3%).

Apartment List is committed to the accuracy and transparency of our rent estimates. We begin 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, capturing apartment transactions over time 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. For more details, please see the Apartment List Rent Estimate Methodology.

Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.