It costs WHAT to rent an apartment in Portland?

If you thought Portland's rental market was hot before, wait until you see the latest data from Zillow.

The online real estate company reports that the median rental price for a Portland property in July was $1,427. That number is based on prices for single-family residences, condominiums, co-ops and apartments in Zillow's database, regardless of whether the property is for rent.

The median price is up 0.3 percent from June and 3.9 percent from July 2012.

As NAI Norris, Beggs & Simpson reported last month, those prices are being buoyed by a tight rental market in which it's becoming more and more difficult to find an apartment. The Portland-area vacancy rate in July was 2.04 percent.

As for the value of a Portland home (including single-family homes, condos and co-ops), Zillow reports that the average medium value in July was $253,700, up 2.9 percent from June and 14.9 percent from a year ago.

Homes are selling at even higher prices. According to the latest data from the Regional Multiple Listings Service, the average sales price in July was $326,500.

The Portland Business Journal is a KATU News partner.

More from our partner: Where are Portland's hottest real estate neighborhoods?