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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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