Oregon sits at ninth in the country with an average rental price of $1,284.
PORTLAND, Ore. — In the market for a new apartment or a rental home? Be prepared to pay a little more in Oregon.
A new study is out showing that Oregon ranks ninth highest in the country when it comes to rental prices.
The report comes from Forbes Home, which took data from the U.S. Bureau of Economic Analysis and the U.S. Department of Housing & Urban Development.
The average rental price in Oregon is $1,284, according to the report.
Taking into account the average yearly income for Oregon residents, which was just over 60,000 dollars in 2021, renters are putting 25% of their paychecks toward rent for their apartment or house.
Darla Andrew owns and operates Rent Portland Homes. She said despite the report, she has noticed some changes over the last couple of months with the rental market.
“We noticed the softening of the market back in October and November and we talk to the owners every day trying to sell their homes, and those who haven’t, want to rent them out,” said Andrew.
Even though it might be a better time right now to get into a rental, property managers don’t expect the market to stay like it is for very long. She added once the inventory that couldn’t sell goes away, she believes rents will start to climb.
She expects by this spring or summer, renters could be paying up to $200 more a month for a rental.
So which state ranks the highest in the report?
- Hawaii. Average rent: $2,136
- California. Average rent: $1,818
- New Jersey. Average rent: $1,765