Portland, OR Rental Market Trends

Portland Rent Report: April 2024

Welcome to the Apartment List April 2024 Rent Report for Portland, OR. Currently, the overall median rent in the city stands at $1,539, after rising 0.7% last month. Prices remain down 4.1% 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.

Portland rents are up 0.7% month-over-month and down 4.1% year-over-year

The median rent in Portland rose by 0.7% over the course of March, and has now decreased by a total of 4.1% over the past 12 months. Portland’s rent growth over the past year has has fallen behind both the state (-2.7%) and national averages (-0.8%).

Portland rent growth in 2024 pacing above last year

Three months into the year, rents in Portland have risen 1.0%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to March 2023 rents had increased 0.3%.

March rent growth in Portland ranked #31 among large U.S. cities

Portland rents went up 0.7% in the past month, compared to the national rate of 0.6%. Among the nation's 100 largest cities, this ranks #31. Similar monthly rent growth took place in Enterprise, NV (0.7%) and Tacoma, WA (0.7%).

Portland is the #40 most expensive large city in the U.S., with a median rent of $1,539

Citywide, the median rent currently stands at $1,398 for a 1-bedroom apartment and $1,657 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,539. That ranks #40 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,220 for a 1-bedroom, $1,374 for a 2-bedroom, and $1,388 overall. The median rent in Portland is 10.8% higher than the national, and is similar to the prices you would find in Madison, WI ($1,541) and Atlanta, GA ($1,535).

Portland rents are 6.5% lower than the metro-wide median

If we expand our view to the wider Portland metro area, the median rent is $1,646 meaning that the median price in Portland proper ($1,539) is 6.5% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -3.2%, above 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 $1,971. Gresham is the metro’s most affordable city, with a median rent of $1,497. The metro's fastest annual rent growth is occurring in Wilsonville (0.1%) while the slowest is in Tualatin (-6.2%).

Median 1BR Rent
Median 2BR Rent
M/M Rent Growth
Y/Y Rent Growth
Lake Oswego
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You can also use the map below to explore the latest rent trends in the Portland metropolitan area.


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.

Data Access

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.

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