An apparent result of the COVID-19 pandemic, year-to-year rents were down by 5.7% in the City of Roses for September of 2020 compared to the same month in 2019. According to Apartment List, just nine other cities with a population larger than 250,000 saw year-over-year rent drop as sharply as Portland.
Apartment List research associate Rob Warnock explained:
“We are observing that for the majority of American cities, the rent drop in the core city is much greater than it is in the outlying suburban areas.”
A change in the real estate market usually results in an increase of custom signage orders for local Print shops.
Residents throughout Oregon might consider making the move to Portland since its rents are declining even faster here than through the rest of the state, as well as the nation. Nationally, rents are down 1.4% year-over-year, and the figure is 1.5% across the state.
Major cities around the U.S. are seeing rents go down, but rents in suburbs are remaining steady or even going up. Remote office workers, no longer needing to work close to their jobs, are moving to the suburbs for access to more outdoor space and increasing demand for suburban apartment space in the process.
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