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Portland among worst cities for renters and home buyers: Report

Those who sought new living spaces in Portland paid an average of 40% more than they did in March 2021, the highest such increase in the nation.
Credit: Portland Business Journal

PORTLAND, Ore. — A new Redfin survey suggests that the U.S.'s median monthly asking rent in the U.S. increased by 17% last year.

If only Portland renters were so lucky. Those who sought new living spaces in the Rose City paid an average of 40% more than they did in March 2021, according to Redfin. That's the highest such increase in the nation.

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The median asking rent in Portland for apartments available to new renters was $2,472, according to Redfin.

Portland ranked just ahead of Austin in terms of the highest monthly increase, with the Texas city coming in at 38%. Austin renters paid a median of $2,349. New York was third, with rent increasing by 37% over the past year. Renters there pay a median of $3,870.

RELATED: US inflation jumped 8.5% in past year, highest since 1981

The report does offer a caveat to such numbers.

"It is also important to note that the prices in this report reflect the current costs of new leases and new mortgages during each time period," wrote Redfin's Tim Ellis.

"In other words, the amount shown as the average rent is not the average of what all renters are paying, but the average cost of apartments that were available for new renters during the report month."

RELATED: Portland home prices rose 200% since 2000, among highest hikes in U.S.

The Redfin report also noted that homebuyers' national median monthly mortgage payment also jumped by 34%, to $1,910. In Portland, the mortgage numbers soared by 31.8% since March 2021, to $2,548. also the biggest increase in Redfin’s records.

Both national figures are the highest since Redfin began tracking both the mortgage and the apartment rental numbers in February 2018.

Here’s more on the Redfin report, along with some analysis from the firm’s housing expert, from our news partners at the Portland Business Journal.

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