Breaking News
More () »

Portland rents among fastest-rising in nation

Zillow says the rent increase will continue in 2018, but the rise in home prices should slow down.
Portland apartment for rent

The Portland metro area had one of the largest median rent increases in the country in 2017, and it's going to continue in 2018. That's according to a new analysis by Zillow.

Portland's median rent increased 4.6 percent in 2017 to $1,879 per month.

By comparison, the median rent in Seattle went up 5.4 percent, to $2,203, which trails only Sacramento (7.5 percent) and Riverside, Calif., (6.2 percent) as the highest rent increases in the nation.

Rent in Portland is forecast to go up another 4.7 percent in 2018.

Nationwide, median rent went up 2.4 percent in the past year while incomes rose at 2.5 percent. The median rent in America is a record $1,435.

The median value of a home in the Portland metro area is $370,700, up 5.7 percent over the past year. But in 2018, home prices are only expected to rise by 3.7 percent..

Home values continue to rise nationwide, but not as quickly as they have over the past several months, according to the report. In the past year the median home value rose 6.7 percent, to $205,100, which is the slowest rate of appreciation since November 2016.

Before You Leave, Check This Out