Portland renters are renting for longer as home prices rise
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Nearly 14% of Portland area renters have lived in their homes for at least 10 years, up from 9% a decade ago, according to a Redfin analysis of census data.
Why it matters: Many are staying put in their rentals because of high homeownership costs, per the report.
- Others prefer the amenities or flexibility that apartments offer.
By the numbers: Most U.S. renters move homes within five years, Redfin researchers found.
- But in 2023, roughly 34% lived in the same rental for longer than that — up from around 28% in 2013.
The big picture: Renters moved less often than a decade ago in all of the 50 most populous U.S. metro areas, the analysis shows.
Zoom in: They may be spending all that time in less space, too, and paying more to do it.
- The average new apartment in Portland was 685 square feet in 2023, a decrease of 7.3% over the last decade, per RentCafe.
- Among the 47% of households that rent in the city, the average monthly rent was $1,711 — up from $1,538 in January 2020.
Between the lines: Homeowners are also hunkering down, with over a third saying they'll never sell their houses, according to a separate Redfin survey.