According to a report, rental prices in Portland, Ore are falling faster than many other major cities after years of increase.
According to Regonian, the decline in many rental markets is largely due to the coronavirus epidemic, but Portland’s cities with a population of about 100,000,000 or more are better equipped than other cities – possibly due to years of rent increases, a report from the apartment list said.
The outlet said the downtown area has been particularly challenged in the face of months of racial injustice that has repeatedly turned destructive and homeless camps that have overwhelmed certain areas – although there are no data to see downtown rents fall faster than the rest of the city.
According to the Portland Rent Report of Land Partitions List for October-October 2020, rents in Portland fell by 7.7 per cent, while countrywide rents fell by only 1.4 per cent.
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The city has seen a steady decline every month since the increase in February.
The average rent for a one-bedroom apartment in the city is currently $ 1,155.
The Partition List reports that fares are falling in the city while rising in 7 of the 10 Portland metro cities, including University Town Beaverton.
Some cities, such as Phoenix and Las Vegas, have seen fare increases.
“Portland’s year-over-year rents are really low,” Rob Warnock, a research associate with the apartment listing, told Reagan Live. “Seattle, Washington, D.C., Minneapolis and Minneapolis are relatively the same size and relatively similar prices, but most cities I think have more stable fares, rental drops that are less significant than what we’re seeing in Portland 5. Is .7%. In some cases, there are cities where we are actually seeing more rents than last year. “
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Overall in the state, fares have declined by only 1.5% year-on-year.
Warnock said the lower prices in the city compared to the suburbs, the national trend of renters prefer more outdoor space, as many employees are now working from home amid the epidemic.
“We’re observing that for most American cities, the reduction in fares in the hometown is much higher than in its hinterland,” he told Oregon Live. “What we’re seeing in Portland is consistent with what we’re seeing in a lot of big cities today.”
Although rents in San Francisco and New York City have pushed Portland’s fares lower, according to Warnock, they weren’t surprised, “two of the most expensive markets … but are currently seeing two of the most dramatic reductions in fares.”
San Francisco saw the lowest drop in prices in September, with a one-bedroom unit cost down 24.2 percent, according to data from Realtor.com.
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The average rent for a one-bedroom apartment in Manhattan fell 15.4% year-on-year in September.
Brittany De Lee of Fox News contributed to this report.