PORTLAND, Ore. (KOIN) — It may not seem like it, but rent prices in the Pacific Northwest have gone down at one of the highest rates in the country over the last year, a new report says.
According to Rent.com, Oregon has had the third-largest decrease in median rent per month in the county since Sept. 2022.
The report says that from Sept. 2022 to Sept. 2023, the median rent in the state is at $1,702, a 10.09% decrease over the last year. Only Oklahoma (10.62%) and Montana (15.49%) had higher rent drop percentages.
Washington also had a drastic rent percentage drop over the last year. Despite median prices sitting at $2,312 per month in the Evergreen State, it’s still a 7.96% decrease from last year.
Additionally, the Portland metro area, which was considered as Portland, Vancouver and Hillsboro in the report, had the second highest rent price decrease for metropolitan areas in the U.S. Current average rent prices in Portland are listed at $2,267, a 12.86% decline from last year, according to the report. Only the Austin, Texas region had a steeper drop (14.29%).
Read the full report here.