Average Rent in Portland, OR↓ Rents falling 2.3% YoY🔺 3rd priciest in OR

Portland, OR has rental prices ranging from $1,527/month to $3,069/month in 2027, depending on unit size. The typical 1-bedroom apartment rents for $1,633/month — 17% above the national average of $1,400/month. With a median household income of $94,573/year, spending $1,633/month on a 1-bedroom represents 21% of gross income — within the recommended 30% threshold.

How Portland Compares

With an average 2-bedroom rent of $1,878/month, Portland ranks #3 most expensive of the 33 cities tracked in Oregon — pricier than 96% of all US cities in our data.

The Portland Rental Market

The Portland, OR area has a population of about 2,510,529 and 38% of households renting rather than owning. That is close to the US average renter share of ~34%.

Rent Trends

2-bedroom rents in Portland, OR have fallen by $44/month (2.3%) over the past year, from $1,922 to $1,878. This slight decline is consistent with broader market corrections seen across US rental markets.

Affordability

To afford a 1-bedroom apartment in Portland, OR without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $65,320. The local median household income of $94,573 exceeds that threshold by $29,253, making Portland relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Portland, OR is $524,318, giving a price-to-rent ratio of 23.3. With a break-even horizon of approximately 23 years, renting is likely the more financially prudent option for most residents unless they plan to stay long-term.

Safety

Crime statistics for Portland, OR show a violent crime rate of 385.54 per 100,000 residents (moderate) and a property crime rate of 1950.19 per 100,000 residents (moderate). As with any metro area, crime rates vary widely by neighborhood — prospective renters are encouraged to research specific areas within Portland before signing a lease.

Neighborhoods

Home values — and by extension rent levels — vary significantly across Portland's neighborhoods. Among the highest-value areas are Old Town-Chinatown ($216,015 median home value), Goose Hollow ($295,100 median home value), Downtown ($296,828 median home value). Rental prices typically follow home value patterns, with premium neighborhoods commanding higher rents than outer areas. Renters on a tighter budget may find better value in less central neighborhoods or in adjacent metros with lower overall rent levels.

Is Portland, OR Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Portland?

Break-even analysis and mortgage estimates based on local market data.

Living in Portland

Cost of living, job market, crime rates, and moving cost estimates.