The Portland rental market continued to move quickly in August — and our numbers tell the story. Here’s what we’re seeing across our portfolio of single-family homes, condos, ADUs, and small plexes.
📆 Days on Market
Homes that leased in August were on the market for an average of just 16 days — a huge improvement compared to 33 days during the same month last year.
The only outlier was a vintage apartment in a North Portland mini-plex that sat for 36 days. It’s a cute unit, but it hasn’t had many upgrades in a while, so we had to drop the rent to get it leased. This is a great reminder: tenants have choices, and they notice when a home is looking a little tired. Don’t skimp on the paint job or skip touch-ups at turnover — the extra effort pays off with faster leasing and stronger rent.
💰 Rents & Renewals
New leases were signed at an average of 1.5% higher rent than the previous tenant paid.
Renewal offers stayed conservative, with most increases between 1–2% and none exceeding 5%. The approach worked:
- 63% of tenants signed a new lease
- 30% chose month-to-month at a premium
- Only 7% chose to vacate
This is a win for owners: fewer vacancies, steadier cash flow, and less turnover expense.
🏙️ Challenging Segments
Not every property type is moving at the same pace.
- Downtown condos remain competitive, with many owners choosing to rent after being unable to sell. Combined with ongoing apartment vacancies, renters have plenty of choices, and you’ll need to price aggressively to compete.
- Higher-priced homes in the SW Hills are also slower to lease, especially those with stilted or less pet-friendly layouts. With 80%+ of renters owning pets, accessibility and design matter more than ever.
What This Means for Owners
The market is still healthy — and when homes are well-prepared and priced right, they’re leasing quickly. But this isn’t the market to cut corners. Strategic upgrades, fresh paint, and thoughtful rent positioning are key to staying competitive, especially in saturated markets like Downtown and the West Hills.
At Living Room Property Management, we help our owners stay ahead of these trends with smart pricing strategies, transparent communication, and a focus on keeping homes “tenant-ready.”
Coty Thurman – Living Room Property Management President & Broker (OR & WA)
