Rental Rates in Portland Metro are on the Steep Climb Up
According to a recently posted Oregonlive.com article, rental rates in the Portland Metro have grown a monstrous 20.45% in the last five years. This makes Portland’s rental market the sixth fastest to increase in the nation. Despite the rising rates, vacancy has remained low causing builders to continue to build more apartment buildings. There have been 30,000+ rental units being purposed, under construction or completed last fall. Zillow reported a 7% rise in rental cost year over year, landing us at a $1,587 median currently.
Chief economist Lawrence Yun observes that the growing divide between rental rates and income growth has made it harder to renters to prepare to become homeowners eventually, “With rents taking up a larger chunk of household incomes,” said Yun, “it’s difficult for first-time buyers – especially in high-cost areas – to save for an adequate down payment”.