Hallelujah, Rents Have Gone Down in Portland

A new report by Zumper shows the median rent for one- and two-bedroom apartments has decreased since last month.

Good news, Portland apartment-dwellers: the city's skyrocketing rents appear to be going down.

In a sign that the crowded Portland apartment market may finally be seeing a smidgen of daylight, median rents for two-bedroom apartments fell significantly in September.

The median rent for a two-bedroom apartment in Portland is now $1,600, down 4.1 percent from last month's median rent, according to Zumper's National Rent Report for October 2016. That sharp drop means the median rent for a two-bedroom unit in Portland is down slightly over 2016, Zumper says.

Meanwhile, one-bedroom units now have a median rent of $1,390, an 0.71 percent drop from last month.

For months, Portland was the 15th most expensive city for renters. But now, it's only the 16th most expensive, bumped down the list by Philadelphia.

According to Zumper's data, the decrease reflects a broader trend, with rent also falling in San Francisco, New York and Atlanta, among other cities. Nationwide, rent for a one-bedroom apartment fell 0.9 percent last month, while two-bedroom units had a 0.6 percent decrease.

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