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 Portland, ME. Based on our analysis, Portland's year-over-year average rents have increased for 1BR and 3BR rentals by 3% and 8% but slightly decreased in rent for 2BR units by 1%.

Our standard City analysis uses a 12-month “LookBack” to establish an average baseline rent. The 12-month LookBack analyzes the rent data from the last 12-months, and for this analysis, the rent data included would be from May 1, 2020 – May 1, 2021.

The results from the 12-month LookBack analysis are presented in the table below:

As the table shows, 1BR units increased by 3% from last year. While the 3BR units increased their rents by 8%, the 2BR decreased slightly by 1%. As demonstrated by the table, year-over-year performance varied for the rental units in Portland, ME.

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Rentometer is the #1 tool for comparing residential rent rates anywhere in the U.S. To succeed as a real estate investor, you need solid, current market intelligence to help you set the right rent rates in Portland. Understanding local rents (and the factors that drive them) can help reduce investment risk, increase occupancy and improve your cash flow – and income. With Rentometer, you have local, current rents available right at your fingertips.

This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology.