Photo of the Week: Prices drop amid glut of new construction

Jason E. Kaplan
Apartments for lease in North Portland (Click photo to enlarge.)

The Portland apartment rental market may be tapping out.

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Portland rents declined by 2.2% in the past year, according to a new report from rental site Apartment List. The site attributed record numbers of new units for the price decrease.

Ubiquitous “Now Leasing” signs blare from dozens of new and under construction buildings, and many landlords are offering move-in specials.

Not that it’s suddenly cheap to rent in PDX: A 1-bedroom in Portland goes for $1,128, according to Apartment List.

Jason E. Kaplan (Photo Store)housing