Portland's Cheapest Apartments Are Seeing the Fastest Rent Spikes

The Big Number: $997

By Rachel Monahan

$997.

That's the average monthly rent for a Portland apartment in a building constructed during the 1970s.

Buildings from that decade provide the city's cheapest rents because of a trickle-down effect: As they age and as new units are built, these vintage units become less desirable.

Related: Tenants in an East Portland apartment complex have until Oct. 21 to decide whether to pay a rent hike or get out.

But these same apartments saw a 15 percent rent increase in the past year, says a new report from real estate investing firm Marcus & Millichap. That's a bigger hike than apartments built in any other decade.

With Portland's vacancy rate at 3 percent, the rental crunch is trickling down, too.

Related: What's the real reason Portland rents keep going up?

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