Portland Rent Change Inches Ahead
Apartment rent change in Portland has recovered to a slightly positive position, after operators turned to price cuts in May. Annual effective asking rent growth started to falter in April, in reaction to the COVID-19 pandemic. Rent cuts started in May and price positioning has hovered in negative territory since. After sitting at the breakeven point since November, January marked the first sign of annual growth since April, with rents up a mild 0.2%. This was a vast recovery from the cuts of 1.3% seen just a few months earlier in July – the low point for this market. Portland rent change has recovered faster than the national norm, as cuts remain the trend in the U.S. overall.