Rent Surges By 29% In Portland, One Of The Highest In The Nation

Rent prices across the country are surging, and Portland is among the cities seeing the biggest jump, according to a new study. Redfin analyzed data from over 20,000 apartment buildings in the U.S. and other metrics to determine where the cost of housing is rising the most.

"Average monthly listed rents in the U.S. increased 14.1% year over year to $1,877 in December, the largest annual jump since at least February 2019—the earliest month in Redfin’s rental data," according to the website. "The 10 metro areas with the biggest increases in rent prices—up 29% year over year or more—were almost exclusively on the East Coast."

Portland is the only West Coast city to be featured in the Top 10. Researchers say rent prices have skyrocketed by 29%. Another report also detailed a sharp increase in Portland's cost of living, as well.

Here were the metro areas with the largest hikes in rent prices, according to Redfin:

1. Austin, Texas (40%)
2. Nassau County, New York (35%)
3. New York, New York (35%)
4. Newark, New Jersey (35%)
5. New Brunswick, New Jersey (35%)
6. Miami, Florida (34%)
7. West Palm Beach, Florida (34%)
8. Fort Lauderdale, Florida (34%)
9. Jacksonville, Florida (31%)
10. Portland, Oregon (29%)

Kansas City, Missouri was the only city to see a decrease in rent prices.

Click here to see Redfin's full report.