The pandemic had an impact on rent prices in major cities and neighborhoods across the U.S. To quantify the impact, we’re focusing attention on some of the major cities and neighborhoods in the U.S. We will be presenting our findings in a series of year-over-year neighborhood snapshots.
The subject of today’s snapshot is Downtown, Portland, Oregon. Based on our analysis, Downtown Portland’s year-over-year average rents have varied among bedroom types.
Our standard neighborhood analysis uses a 12-month “LookBack” to establish an average baseline rent. The results from the 12-month LookBack analysis are presented in the tables below for Portland 1-3 bedroom rents from July 1, 2020 – July 1, 2021:
As the table shows, 1BR units decreased by 7% from last year or $113 more. The 2BR units increased by 3% or $72 more, while the 3BR units decreased their rents by 11% or $424 less. As demonstrated by the table, year-over-year performance for 1BR and 3BR units decreased, while there was an increase for 2BR units.
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This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology.