Average Rent in Portland (sales, homes, to buy)

[bler144]

Originally Posted by JonathanLB

Apartment rent prices are completely 100% dependent on supply and demand and NOTHING else.

That's only true in very general terms. Neither 'supply' nor 'demand' are pure concepts that exist in a vacuum.

As a very simple example, your premise ignores the possibility of a market intervention like rent control suppressing prices relative to what the supply/demand curve would otherwise suggest, or market consolidation allowing prices to grow faster (or supply to grow more slowly) than a "free" market would observe.

In short, there are lots of real world examples of a market not functioning the way a simple S/D curve would suggest it should.

[JonathanLB]

Rent control is completely anti-capitalist, yes, so that would mess with the market conditions but we don't have rent control in Portland to my knowledge. I've never heard of anything like that.

What we do have are useless "low income housing" places in the Pearl that waste valuable space that should be high-end condos and instead goes to low-class gutter rats for the most part, not hard-working middle-class Americans, who are pushed out to the suburbs so that some minimum wage junkie can live in the best area of town. That is the most egregious offense against common sense I've ever witnesses. I walk by these places a few times per week on various errands and they smell like weed constantly, even before it was legal, and the people hanging outside of them look like complete trash. They don't belong in the Pearl. They belong in Gresham with the other hood rats. Very bad use of taxpayer money to have that element in the nice neighborhoods! Yeah, that's just what I want out of my $750,000 condo, I want it to be a few blocks away from people making minimum wage working at McDonalds downtown. Seriously?! No. You should live where you can afford to live, not in the rich people neighborhood by some miraculous subsidy that certainly doesn't reward hard-working Americans but instead dumb, poor Americans who qualify for "low income" status.

[borntorun1180]

That is so true, low income housing is just a waste of money. If you can't afford to live here then you shouldn't be living here.

[freemkt]

Originally Posted by TygrrEyzz

Wow, you guys are all so helpful to me! Gives me a great feeling about the kind of people that live there in Portland!

My "variables":

1.) My range is approximately 800.00 $ per month.

2.) I would love this to afford me a 2BR but would be willing to sacrifice space for quality.

3.) I don't particularly need to live in the trendiest or nicest part of town, such as the Pearl as you mentioned.

4.) I DO want to live in a neighborhood where I will get the "Portland experience", for lack of a better description.

5.) I am moving there with my boyfriend. We have no children. We plan on becoming students after establishing residency. We would love to make some great new friends. I enjoy parks, hiking, books, and coffee shops.

6.) I am not going to be picky about where I live my first year in Portland. I just want to live somewhere where I feel apart of the action, but that is also safe. If I can get this for a reasonable price, then it'll be the place for me. I suppose if I can't, I will have to settle for the Burbs. But I hope that I don't have to.

My top two feasible neighborhood recommendations for the Portland experience are Hawthorne (west of 50th) and Belmont (west of 39th). Others have recommended Woodstock, Alberta Arts, and Hollywood.

For Portland-light - and trending - I'd suggest Arbor Lodge, Montavilla, and St Johns. Attendance at the recent annual NoFest suggests a major incursion of hipsters into St Johns, which will soon be exacerbated by the upcoming completion and opening of a New Seasons store.

[freemkt]

Originally Posted by JonathanLB

Rent control is completely anti-capitalist, yes, so that would mess with the market conditions but we don't have rent control in Portland to my knowledge. I've never heard of anything like that.

What we do have are useless "low income housing" places in the Pearl that waste valuable space that should be high-end condos and instead goes to low-class gutter rats for the most part, not hard-working middle-class Americans, who are pushed out to the suburbs so that some minimum wage junkie can live in the best area of town. That is the most egregious offense against common sense I've ever witnesses. I walk by these places a few times per week on various errands and they smell like weed constantly, even before it was legal, and the people hanging outside of them look like complete trash. They don't belong in the Pearl. They belong in Gresham with the other hood rats. Very bad use of taxpayer money to have that element in the nice neighborhoods! Yeah, that's just what I want out of my $750,000 condo, I want it to be a few blocks away from people making minimum wage working at McDonalds downtown. Seriously?! No. You should live where you can afford to live, not in the rich people neighborhood by some miraculous subsidy that certainly doesn't reward hard-working Americans but instead dumb, poor Americans who qualify for "low income" status.

Is zoning capitalist or anti-capitalist? Does not zoning mess with the market conditions?

[freemkt]

Originally Posted by bler144

That's only true in very general terms. Neither 'supply' nor 'demand' are pure concepts that exist in a vacuum.

As a very simple example, your premise ignores the possibility of a market intervention like rent control suppressing prices relative to what the supply/demand curve would otherwise suggest, or market consolidation allowing prices to grow faster (or supply to grow more slowly) than a "free" market would observe.

In short, there are lots of real world examples of a market not functioning the way a simple S/D curve would suggest it should.

Don't forget a market intervention like zoning. I once was a great 8BR house plummet in value when the zoning was changed citywide to allow a maximum occupancy of TWO unrelated individuals.

[freemkt]

Originally Posted by borntorun1180

That is so true, low income housing is just a waste of money. If you can't afford to live here then you shouldn't be living here.

If you already live here, you shouldn't be displaced by newcomers.

Alternatively, if a place is already full, outsiders shouldn't be living there.

[freemkt]

Originally Posted by bler144

That's only true in very general terms. Neither 'supply' nor 'demand' are pure concepts that exist in a vacuum.

As a very simple example, your premise ignores the possibility of a market intervention like rent control suppressing prices relative to what the supply/demand curve would otherwise suggest, or market consolidation allowing prices to grow faster (or supply to grow more slowly) than a "free" market would observe.

In short, there are lots of real world examples of a market not functioning the way a simple S/D curve would suggest it should.

A market intervention like zoning often inflates prices by distorting the supply/demand curve:

e.g. inflates rents where artificial supply controls (zoning) prevent supply from meeting demand

e.g. inflates rents where a 4BR house can be rented to only two unrelated. OTOH, zoning can deflate value when an 8BR house can be rented to only two unrelated (and therefore cannot be rented out profitably unless the price falls precipitously).

[borntorun1180]

Originally Posted by freemkt

If you already live here, you shouldn't be displaced by newcomers.

Alternatively, if a place is already full, outsiders shouldn't be living there.

This is America buddy, people can live wherever they like as long as they can afford it. If you can't afford to live here, then move someplace cheaper. Portland doesn't owe someone anything just because they are poor. Though I guess if you want you can always lay around on the sidewalks downtown doing drugs, the city seems to find that acceptable.

[freemkt]

Originally Posted by borntorun1180

This is America buddy, people can live wherever they like as long as they can afford it. If you can't afford to live here, then move someplace cheaper. Portland doesn't owe someone anything just because they are poor. Though I guess if you want you can always lay around on the sidewalks downtown doing drugs, the city seems to find that acceptable.

What you say is true in a free market devoid of government artificial market intervention.

If I can afford to live here in a free market, but Portland prices me out through zoning, then Portland does owe me something.

Ten years ago I rented a guest house and then the owners moved and were willing to sell it to me for $40K which was available to me from my employer.

But the city decided the lot could not be split and therefore I could not buy the guest house unless I could buy an additional house (total $120K, out of my reach).