Rent Tracker
Rent Inflation in Portland, OR
The average asking rent in Portland, OR is $1,797/month as of 2026-05. That is +0.6% compared to a year ago.
Source: Zillow Observed Rent Index (ZORI) | zillow.com/research
Current Avg Rent
$1,797/mo
as of 2026-05
Year-over-Year Change
+0.6%
24-Month Rent Trend
Monthly ZORI index values for Portland, OR.
| Month | Avg Asking Rent | Change from Prior Month |
|---|---|---|
| 2026-05 | $1,797 | +0.39% |
| 2026-04 | $1,790 | +0.51% |
| 2026-03 | $1,781 | +0.45% |
| 2026-02 | $1,773 | +0.23% |
| 2026-01 | $1,769 | -0.17% |
| 2025-12 | $1,772 | -0.62% |
| 2025-11 | $1,783 | -0.61% |
| 2025-10 | $1,794 | -0.50% |
| 2025-09 | $1,803 | -0.22% |
| 2025-08 | $1,807 | +0.11% |
| 2025-07 | $1,805 | +0.45% |
| 2025-06 | $1,797 | +0.62% |
| 2025-05 | $1,786 | +0.56% |
| 2025-04 | $1,776 | +0.57% |
| 2025-03 | $1,766 | +0.51% |
| 2025-02 | $1,757 | +0.29% |
| 2025-01 | $1,752 | -0.11% |
| 2024-12 | $1,754 | -0.68% |
| 2024-11 | $1,766 | -0.45% |
| 2024-10 | $1,774 | -0.39% |
| 2024-09 | $1,781 | -0.06% |
| 2024-08 | $1,782 | +0.11% |
| 2024-07 | $1,780 | +0.51% |
| 2024-06 | $1,771 | — |
Why Rent Inflation Matters
Shelter is the single largest component of the official CPI, accounting for roughly one-third of the index. But the BLS shelter index tends to lag real-market rent changes by 12–18 months because it measures rents paid by all tenants — including long-term renters locked into old leases. ZORI measures asking rents for new leases, making it a timelier signal of where CPI shelter inflation is headed.
When ZORI is rising sharply in your city, it is a leading indicator that official shelter inflation — and therefore overall CPI — will remain elevated in coming months.
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Data Source
Rent data uses the Zillow Observed Rent Index (ZORI), a smoothed measure of typical market-rate asking rents updated monthly by Zillow Research. ZORI covers single-family homes, condos, and co-ops and reflects asking rents for new leases — making it a more timely indicator than the lagged BLS shelter index. zillow.com/research | Money & Prices