Rents rising in Portland (apartment, renters, condos)

[2austin]

Here is an excerpt from news forwarded to me recently. Is this backed up by recent experience of folks on this forum?

The average apartment rent has climbed to $781, up 5.7 percent in the past year, but well short of the rents paid in the 10 most expensive cities for renters.

Here are the nation's 10-most-expensive cities for renters and the average rents. The data is provided by Marcus & Millichap:

1. New York , N.Y.: $2,922
2. San Francisco : $1,904
3. Boston : $1,658
4. San Jose , Calif.: $1,612
5. Los Angeles : $1,452
6. San Diego : $1,304
7. Washington , D.C.: $1,302
8. Miami : $1,080
9. Philadelphia : $1,014
10. Chicago : $1,010

[epk6434]

Originally Posted by 2austin

Here is an excerpt from news forwarded to me recently. Is this backed up by recent experience of folks on this forum?

The average apartment rent has climbed to $781, up 5.7 percent in the past year, but well short of the rents paid in the 10 most expensive cities for renters.

Here are the nation's 10-most-expensive cities for renters and the average rents. The data is provided by Marcus & Millichap:

1. New York , N.Y.: $2,922
2. San Francisco : $1,904
3. Boston : $1,658
4. San Jose , Calif.: $1,612
5. Los Angeles : $1,452
6. San Diego : $1,304
7. Washington , D.C.: $1,302
8. Miami : $1,080
9. Philadelphia : $1,014
10. Chicago : $1,010

I was braced for a big jump in my rent but was nicely surprised when they only asked for a 2% increase. I suspect some landlords in bigger buildings like mine may be getting nervous because of all the condos switching over to rentals.

[Dignan]

Our landlord raised the rent on the upstairs apartment by 4% when the unit vacated, but he hasn't raised our rent yet.

[Leisesturm]

I watched rents rise on average $25.00/mo each month since November 08 on Craigslist. Three bedroom houses were in the high $800's low $900's around Feb '08. I said to my GF "we'd better pack now and get out there", even though the plan was for me to get my Microsoft cert before setting out from NYC." We couldn't find anything under $1025 and are actually paying a bit more than that as of June 08 but it could have been $1300 or more. Still, we were paying $1500 back in NYC and that was a 450 sq/ft studio in a rough part of town. Now we have a house and yard and peace and quiet. In depressed economies like the one we are in house prices remain stagnant or fall while rents rise because there is more of a surplus of people looking to rent. Thats the story anyway. I don't think the supply and demand model has held up very well in the face of Craigslist and other sites on the Internet that communicate across time zones what people are willing to pay for housing. It is leading to a slow homogenization of costs for everything across the country. This will be a problem as wages in the Midwestern and Western states not to mention the southern ones do not match those paid in the Northeast but retailers and rental agencies alike are beginning to ask for, no, demand the kinds of prices that they see demanded by Northeast franchises.

H