New Redfin survey finds Portland rents increased by 40% from last year

PORTLAND, Ore. (KPTV) – The cost of renting an apartment or home in the Portland has increased like just about everything else. According to a new survey on Redfin, Portlanders are now paying about 40 percent more for rent than they were in March of 2021.

“You’re seeing it because obviously there’s a housing crisis we have a shortage of homes based on the fact that there hasn’t been enough development,” Jordan Matin, a broker and the owner of Matin Real Estate, said. He explained that demand is so high right now, it’s driving up costs.

“You’re talking about maybe a 2 bedroom. A 2 bedroom 1 bath, 800 square feet I mean but if you’re looking at something in southwest, I was looking recently and to get anything over 3,000 square feet you’re talking almost $4k in rent,” he said. The Redfin survey also found that the increase in Portland is the highest in the nation.

“Even a studio apartment is still $16-$1700 not including parking right, not including pet rent, not including utilities and all these things making it more expensive to rent here,” Matin said. Unfortunately, Matin said the increases are likely here to stay.

“We simply do not have enough housing period whether it’s rentals, whether it’s homes for sale the demand is so high that it might cool down the market. So instead of going 15 percent year over year it goes up to only eight percent or nine percent but it will not slow that down because we simply can’t build enough homes fast enough,” he said. If you are looking for a new place to rent, Matin said the further you venture out from the city, the better.

“The further out you go the more reasonable it’s going to be,” he said.

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