Why it costs $54 a month more to rent an apartment
PORTLAND, Ore. -- Job gains in the tech sector helped drive up apartment rates in the first quarter in key markets, including Portland.
Real Facts, a San Francisco-based real estate research firm, said rent hikes were particularly pronounced in the first quarter as markets such as Boulder, Denver, Austin, Seattle and Raleigh saw dividends from a decade's worth of investment in high tech industry.
Tech hiring helped drive annualized rent growth as well.
Portland ranked seventh of the markets tracked with local rents rising an average of 5.9 percent or $54 a month, to $966.
The top six tech markets were:
- Boulder rents climbed 10.9 percent to $1,228.
- San Francisco rents rose 7.6 percent to $1,888,
- Denver rents rose 7.2 percent to $1,203
- San Jose rents rose 7.2 percent to $1,994.
- Seattle rents rose 6.3 percent to $1,192.
- Austin rents climbed 6.1 percent to $960.
In a separate survey of the local apartment market, Multifamily NW, formerly Metro Multifamily Housing Association, said Portland area rents ranged from an average of $740 for a studio to $1,062 for a three bedroom, two bath in its spring survey of 722 local properties covering more than 45,500 units.
The Portland Business Journal is a KATU News partner.
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