Feb 10, 2025 - Real Estate
How much apartment space you get for $2K in Portland
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A monthly rent of $2,000 can get you a 957-square-foot apartment in the Portland metro area, per a recent Redfin report.
The big picture: That's 146 whole square feet smaller than the national estimate of 1,103 square feet.
- Nationwide, renters with a $2,000 budget can afford 70 more square feet than they could in 2022, when rents peaked — enough for a small office, according to Redfin.
Yes, but: In Portland, newer apartments have only gotten smaller in recent years.
Between the lines: The median asking rent, or the cost of a new lease, in Portland was roughly $1,790.
- Researchers analyzed apartments in buildings with five or more units that were listed on Redfin.com or Rent.com between last August and October.
Reality check: Many Portlanders are pouring more than half their income into rent.
- Nearly a quarter of Rose City renters spend more than half their income on housing, census data shows.
What we're watching: As people postpone home purchases, increased apartment demand and less apartment construction will continue to push up rent prices in the region.