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Portland's rental market sends mixed signals in Q2

Rental Beast

‍The quarter at a glance:

Rents were mixed, with 2-bedrooms leading gains at +2.5% quarter-over-quarter while single-family units slipped 2.3%
Concessions rose to 48.0% of listings from 39.2% in Q1, one of the few markets in this report moving in that direction
Days on market held flat at 27, though single-family homes leased notably faster, down 25.0%
The rent-vs-buy gap widened to $1,678/month from $1,452, one of the largest ownership premiums this quarter

Median Rent by Unit Type

Rental prices increased modestly across most property types in Q2, while single-family rentals were the lone segment to post a quarterly decline.

Portland, OR · Q2 2026

Median rent by property type

Bars show QoQ % change

1BD

+1.5%

$1,395

2BD

+2.5%

$1,563

3BD

+1.4%

$1,826

-2.3%

$1,808

+2.1%

$1,450

Concession and DOM changes are quarter over quarter; YoY rent comparisons were not available for this market this quarter Rental Beast

Concessions & Days on Market

Portland was one of the few markets where concessions increased this quarter, bucking the broader national trend even as single-family homes leased more quickly.

Portland, OR · Q2 2026

Concessions and days on market

48.0%

of listings offer a concession
up from 39.2% last quarter (YoY comparison not available)
National median: 39.9%

Median days on market

All

All +0.0% (SF -25.0%, MF +0.0%) quarter over quarter

National median: All 22 / SF 20 / MF 24

Rental Beast

Property Managers Market Sentiment

Property managers became less optimistic about future rent growth, but applicant demand improved significantly, suggesting market conditions may be stronger than concession levels alone indicate.

Portland, OR · Q2 2026

Market sentiment

Do you expect rent prices to increase, decrease, or remain the same over the next 6 months?

34%

Remain the same, 66%

Increase Decrease Remain the same

vs. Q1 2026: 51% increase, 0% decrease, 49% remain the same

Are you currently getting more, fewer, or about the same applicants for your available rentals?

13%

About the same, 88%

Fewer More About the same

vs. Q1 2026: 56% fewer, 0% more, 44% about the same

Rent vs. buy: the gap widens

Buying now costs $1,678 more per month than renting, reinforcing Portland as one of the nation's least affordable markets for homeownership.

Portland, OR · Q2 2026

Rent vs. buy

Rent

$1,826

Buy

$3,504

$1,678/mo

more expensive to buy than rent. The gap widened from $1,452 last quarter (up $226 quarter over quarter).

Rent vs. buy gap by quarter

1Q262Q26

Median list price $595,000 (May 2026). 20% down, 6.5% rate, taxes and insurance Rental Beast

Check out the Q2 2026 nationwide report

Download the full national analysis including rent-vs-buy and sentiment data across every tracked metro: Q2 2026 National Rental Market Report

Additional reports are available for the following markets:

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Methodology

Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Rental Beast listing data covers a range of rental property types and owner types operating within the long-term rental market (generally considered to be leases with a minimum of three months). Data provided courtesy of Arizona Regional Multiple Listing Service, Inc. Single-family rentals are considered to be properties with 4 or fewer units. Multifamily is more than 4 doors. Unless otherwise noted, our analysis uses the Portland, OR, metropolitan statistical area (MSA) as the geographical unit.

Rents are calculated based on these listings. Days on market (DOM) and concession analysis are based on these listings, with some data sources excluded due to DOM and concession info being unavailable or deemed to be unreliable. Concessions are incentives that entice renters to sign a lease (e.g., one month free, a gift card, etc.).

Our sentiment survey is based on phone conversations during Q2 2026 with rental building and community managers and property managers. Questions and answer choices:

Q1. Do you expect rent prices to increase, remain the same or decrease over the next 6 months? [Possible answers: Remain the same, increase, decrease]
Q2. Do you believe you are currently getting more, about the same or fewer applicants for your available rentals? [Possible answers: About the same, more, fewer]

DISCLAIMER. This report attempts to provide reliable and useful information; however, there is no guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Our analysis uses MSA as the geographical unit and is not reflective of all-U.S. measures. Information from this document may be used with proper attribution.

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