Rent prices in Portland, Oregon, are falling faster than in many other major cities after years of increases, according to a report.
Declines in several rental markets are largely attributable to the coronavirus pandemic, according to the Oregonian, but Portland is steeper than every other city except 9 with a population of 250,000 or more – likely due to years of rising rents, an Apartment List report told me.
The outlet said the city center had been particularly challenged by months of protests against racial injustice that often turned into destructive and homeless camps that overwhelmed some areas – although it there is no data indicating whether downtown rents are declining faster than the rest of the city.
While rents in Portland are down 5.7%, rents nationwide are down just 1.4%, according to Apartment List’s October 2020 Portland Rent Report.
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The city has seen a steady decrease every month since an increase in February.
The average rent for a one-bedroom apartment in the city is currently $ 1,155.
As rents decline in the city, they are increasing in 7 of Portland’s 10 metropolitan cities, including the college town of Beaverton, which currently has the highest rents, Apartment List reported.
Some cities, like Phoenix and Las Vegas, have seen their rents increase.
“Portland’s year-over-year rent drop is actually pretty steep,” Rob Warnock, a research associate at Apartment List, told Oregon Live. “Seattle, Washington DC, Oakland and Minneapolis are relatively similar in size and have relatively similar price drops, but the majority of cities have, I think, more stable rents than in Portland, rent cuts that are smaller. than 5.7%. In some cases, there are towns where we see an increase in rents over the past year. ”
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Statewide, rents fell only 1.5% year over year.
Warnock said larger price drops in the city compared to the suburb reflected a national trend of renters preferring more outdoor space, as many employees are now working from home amid the pandemic.
“We observe that for the majority of American cities, the drop in rents in the downtown area is much more important than in the outlying suburbs,” he told Oregon Live. “What we see in Portland matches what we see today in many major cities.”
Rents in San Francisco and New York, however, exceeded the drop in Portland rents, according to Warnock, who said he was not surprised that “the two most expensive markets … are also experiencing the two declines in most spectacular rents at the moment. ”
San Francisco saw prices fall the most in September, according to data from Realtor.com, with costs for a one-bedroom unit dropping 24.2%.
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The median rent for a one-bedroom apartment in Manhattan fell 15.4% year-over-year in September.
Brittany De Lea of Fox News contributed to this report.