Portland’s Rent Prices and Job Growth On The Rise

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    Rent Gains Driven More by Job Growth
    In December, rents rose 3.0% year-over-year nationally. Among the 25 largest rental markets, rents rose fastest in San Francisco,Portland, and San Diego. Unlike recent price gains, rent gains have a positive, statistically significant relationship with job growth. Of the five large rental markets with the biggest rent increases, four had job growth of 2% or more. But of the five large rental markets with rent declines or slowest increases, just one had job growth of 2% or more.

    Rent and Job Growth Trends in the 25 Largest Rental Markets

    # U.S. Metro

    Y-o-Y % change in rents, Dec 2013

    Y-o-Y % change in jobs, Nov 2013

    1 San Francisco, CA

    10.6%

    2.4%

    2 Portland, OR-WA

    10.5%

    2.0%

    3 San Diego, CA

    9.5%

    1.8%

    4 Seattle, WA

    8.9%

    2.3%

    5 Denver, CO

    7.6%

    2.5%

    6 Miami, FL

    6.9%

    1.5%

    7 Houston, TX

    6.3%

    3.1%

    8 Atlanta, GA

    5.9%

    2.5%

    9 Phoenix, AZ

    5.4%

    2.3%

    10 Dallas, TX

    5.2%

    2.6%

    11 Chicago, IL

    5.0%

    1.5%

    12 Orange County, CA

    3.2%

    2.1%

    13 RiversideSan Bernardino, CA

    3.1%

    0.9%

    14 MinneapolisSt. Paul, MN-WI

    3.0%

    1.8%

    15 Sacramento, CA

    2.5%

    1.5%

    16 TampaSt. Petersburg, FL

    2.4%

    3.3%

    17 New York, NY-NJ

    2.3%

    2.4%

    18 Oakland, CA

    2.2%

    0.3%

    19 Los Angeles, CA

    2.1%

    1.7%

    20 Las Vegas, NV

    1.9%

    2.4%

    21 St. Louis, MO-IL

    1.3%

    0.5%

    22 Boston, MA

    0.9%

    2.4%

    23 Baltimore, MD

    -0.1%

    1.9%

    24 Philadelphia, PA

    -0.1%

    1.0%

    25 Washington, DC-VA-MD-WV

    -1.6%

    0.5%

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