Portland rents and rental comps

Name: Portland, OR rental market data
Creator: PropMetrics

The median asking rent across 20 Portland zip codes is $1,583/month, down 7.3% from a year ago.

Oregon has statewide rent control with a hard cap on annual increases. Understanding the cap is non-negotiable if you own here. Your tenants know the number.

Median Asking Rent

$1,583

Rent Change (YoY)

-7.3%

Avg Days on Market

Active Rental Listings

4,231

Median List Price

$462,450

Median Asking Rent Over Time

Average across 20 zip codes

12 months-0.6%

Median Asking Rent by ZIP Code

Rental Listings by ZIP Code

ZIP	Median Rent	YoY Growth	$/Sqft	Avg DOM	Listings
97211	$2,195/mo	-15.4%	$2.27	40	120
97209	$1,795/mo	+12.5%	$2.72	22	570
97203	$1,602/mo	-19.7%	$2.28	29	193
97218	$1,595/mo	+6.4%	$1.90	47	54
97217	$1,572/mo	-13.1%	$2.41	31	445
97212	$1,550/mo	-11.4%	$2.07	52	90
97215	$1,550/mo	-6.1%	$2.24	41	72
97230	$1,550/mo	+3.7%	$1.71	43	156
97236	$1,550/mo	-10.7%	$1.70	32	168
97214	$1,549/mo	-1.7%	$2.67	20	351
97232	$1,545/mo	-0.3%	$2.45	15	338
97206	$1,525/mo	-27.2%	$2.37	31	216
97213	$1,525/mo	-15.0%	$2.16	40	121
97202	$1,500/mo	-14.3%	$2.32	27	357
97219	$1,499/mo	-20.9%	$2.04	34	191
97201	$1,495/mo	-16.7%	$2.37	19	264
97216	$1,495/mo	+3.1%	$2.06	13	96
97220	$1,495/mo	-6.6%	$1.89	46	107
97205	$1,449/mo	+5.4%	$2.52	28	113
97210	$1,425/mo	+2.2%	$2.57	39	209

Comps for any address in Portland

Type the address, get the comps. No setup.

Median Asking Rent by Bedroom

Unit Size	Median Rent	$/Sqft
Studio	$1,199/mo	$2.82/sqft
1 Bedroom	$1,413/mo	$2.39/sqft
2 Bedroom	$1,798/mo	$2.11/sqft
3 Bedroom	$2,898/mo	$1.89/sqft
4 Bedroom	$3,317/mo	$1.69/sqft

Aggregated median across all Portland zip codes with available data.

For-Sale Listings by ZIP Code

ZIP	Median List Price	YoY Change	$/Sqft
97212	$850,000	+6.3%	$324.51
97214	$699,900	-3.5%	$329.25
97210	$699,000	-10.3%	$394.97
97202	$650,000	0.0%	$346.73
97215	$650,000	+3.3%	$328.40
97219	$625,000	-2.7%	$324.33
97232	$600,000	-11.1%	$334.15
97211	$575,000	-1.7%	$326.63
97213	$499,950	-5.7%	$322.19
97217	$465,000	-5.0%	$316.53
97230	$459,900	-0.0%	$251.77
97220	$449,900	-3.2%	$262.82
97201	$449,500	+7.0%	$321.16
97206	$449,000	-4.3%	$339.40
97218	$437,500	-4.3%	$354.13
97203	$434,000	-4.6%	$318.70
97205	$420,000	+6.3%	$411.06
97236	$419,000	+1.0%	$249.66
97216	$399,900	0.0%	$320.69
97209	$389,000	-5.1%	$384.23

HUD Fair Market Rents

Unit Size	Fair Market Rent	Median Asking Rent	Difference
Studio	$1,860/mo	$1,199/mo	-36%
1 Bedroom	$1,990/mo	$1,413/mo	-29%
2 Bedroom	$2,280/mo	$1,798/mo	-21%
3 Bedroom	$3,110/mo	$2,898/mo	-7%
4 Bedroom	$3,690/mo	$3,317/mo	-10%

HUD publishes Fair Market Rents once a year for the Portland metro area. Local housing authorities use them to set Section 8 voucher payment standards, usually 90% to 110% of the FMR.

About the Portland rental market

The median asking rent across Portland, OR sits at $1,583/month, pulled from active rental listings in 20 zip codes. That's down 7.3% from a year ago.

Rents aren't uniform across the city. ZIP 97211 tops the list at $2,195/month. ZIP 97210 comes in lowest at $1,425/month. About a 54% gap between the two ends of the city.

A 2-bedroom rents for $1,798/month at the median. 1-bedrooms run about $1,413. 3-bedrooms come in around $2,898.

Average days on market sits at 32 days. Pace is steady.

Rent-to-price math is tight in Portland. The gross figure sits at about 4.1% ($1,583/month against $462,450 median price). Most investors here are betting on appreciation, not monthly cash flow.

HUD's Fair Market Rent for a 2-bedroom in the Portland metro is $2,280/month. Asking rents come in about 31% below the federal benchmark, which can make Section 8 properties competitive here.

Portland is a solid rental market with demand from tech, healthcare, and the creative industry. The defining variable for landlords is that Oregon passed statewide rent control in 2019. Annual rent increases are capped. Know what the cap is and how it applies to your specific property before you set rent. The Pearl District, Alberta, and Hawthorne are premium. East Portland and Gresham are cheaper. Portland went through a rough patch with downtown vacancy and livability issues that got national press. The market has been recovering, but neighborhood dynamics here matter. The numbers can work in Portland. The regulatory care required is just higher than most markets.

These numbers are city-wide averages. If you're pricing a specific property in Portland, pull comps from the same zip code. The spread is usually bigger than people expect.