Dalila Molina set her sights on living near Northwest Portland’s high-end Pearl District. The 25-year-old human resources specialist knew she’d have to pay higher rent than in other corners of the city or the suburbs, but she could walk to work and avoid commuting time and costs.
In October, she found a two-bedroom apartment in a 1908 building that doesn’t have everything she wanted, but it’s in the right location and she appreciates the old-fashioned crown molding in the living room, bay windows and a bathroom with a clawfoot tub and hexagon tiles.
“I took my time finding the right place,” said Molina, who would get alerts on her phone when there was a vacancy in her price range in her desired area. “Everything’s so available online but I had to act fast."
Two new studies on Portland rentals show that prices are holding steady, but available units are advertised for only 23 days, while a typical U.S. renter spends about three times that searching for an apartment.
In October, but after a decline last December and a seasonal spike in September, year-over-year rents are flat with a 0.4% growth, according to , a rental platform with more than 5 million listings across the country.
The average year-over-year rent growth in Oregon and in the U.S. is 1.4%, said Olyvia Ruhlmann of Apartment List.
The highest: Rents have risen in nine of the metro’s largest 10 cities in which Apartment List collects data.
An analysis by real estate database Zillow found three-bedroom units in Portland are in high demand and last just 16 days before they’re rented, while four-bedroom apartments linger for 25 days.
Studio and two-bedroom units are typically listed for rent on Zillow for 22 days while a one bedroom lasts for 24 days.
Since a typical U.S. renter spends about 2.5 months searching for an apartment, “in the time it takes renters to actually find an apartment, it’s possible that the inventory of available units in their area has completely turned over twice,” according to .
Zillow, which offers online , leases and rent tools, found that in a fast-moving market with stable rents like Portland, a typical renter contacts nearly five landlords or property managers, tours about three units and submits more than three applications.