Typical asking rent in Portland is $1,672 a month as of July 2026, across the 26 ZIP codes we track. That single number hides a wide range. ZIP 97230 is the cheapest at $1,494 and ZIP 97221 is the most expensive at $2,340, a gap of $846 a month.
Across Multnomah County, typical rent is $1,694 as of August 2026. That is up 0.7% from a year earlier and up 13.0% over five years.
HUD's FY2026 Fair Market Rent for a two bedroom in Multnomah County is $1,922. In 21 of 26 Portland ZIP codes the two bedroom voucher figure is higher than typical market rent.
This report puts three numbers side by side for Portland, OR: what units actually rent for in each ZIP code, what HUD says a fair rent is, and what a Section 8 voucher will support. The tables read our data feeds directly, so they change when Zillow and HUD publish new figures.
Market rent and voucher rent by ZIP code in Portland
Each row is one ZIP code. The last column shows how the two bedroom voucher figure compares with typical market rent. A positive number means a voucher tenant can support more rent than the open market in that ZIP.
| ZIP code | Typical market rent | Voucher 2 bedroom | Voucher 3 bedroom | Voucher vs market |
|---|---|---|---|---|
| 97201 | $1,583 | $1,922 | $2,619 | +21.4% |
| 97202 | $1,615 | $1,922 | $2,619 | +19.0% |
| 97203 | $1,766 | $1,922 | $2,619 | +8.8% |
| 97205 | $1,609 | $1,922 | $2,619 | +19.5% |
| 97206 | $1,960 | $1,922 | $2,619 | -1.9% |
| 97209 | $1,764 | $1,922 | $2,619 | +9.0% |
| 97210 | $1,583 | $1,922 | $2,619 | +21.4% |
| 97211 | $2,038 | $1,922 | $2,619 | -5.7% |
| 97212 | $2,215 | $1,922 | $2,619 | -13.2% |
| 97213 | $1,679 | $1,922 | $2,619 | +14.5% |
| 97214 | $1,662 | $1,922 | $2,619 | +15.6% |
| 97215 | $1,709 | $1,922 | $2,619 | +12.5% |
| 97216 | $1,605 | $1,922 | $2,619 | +19.8% |
| 97217 | $1,664 | $1,922 | $2,619 | +15.5% |
| 97218 | $1,824 | $1,922 | $2,619 | +5.4% |
| 97219 | $1,863 | $1,922 | $2,619 | +3.2% |
| 97220 | $1,630 | $1,922 | $2,619 | +17.9% |
| 97221 | $2,340 | $1,922 | $2,619 | -17.9% |
| 97227 | $1,579 | $1,922 | $2,619 | +21.7% |
| 97229 | $2,243 | $1,922 | $2,619 | -14.3% |
| 97230 | $1,494 | $1,922 | $2,619 | +28.6% |
| 97232 | $1,554 | $1,922 | $2,619 | +23.7% |
| 97233 | $1,536 | $1,922 | $2,619 | +25.1% |
| 97236 | $1,655 | $1,922 | $2,619 | +16.1% |
| 97239 | $1,891 | $1,922 | $2,619 | +1.6% |
| 97266 | $1,772 | $1,922 | $2,619 | +8.5% |
Market rent is the Zillow Observed Rent Index for July 2026, which covers all unit sizes. Voucher figures are HUD FY2026 rents for the ZIP where Small Area FMRs apply and for the county otherwise. The last column compares the two bedroom voucher figure with typical market rent.
For the plain average and the full ZIP list, see average rent in Portland by ZIP code.
HUD Fair Market Rents for Multnomah County
Fair Market Rent is HUD's estimate of the 40th percentile rent for a standard unit, including utilities. Housing authorities set their Section 8 payment standards between 90% and 110% of it, so this table is the starting point for what a voucher will pay.
| Unit size | FY2026 Fair Market Rent |
|---|---|
| Studio | $1,570 |
| 1 bedroom | $1,677 |
| 2 bedroom | $1,922 |
| 3 bedroom | $2,619 |
| 4 bedroom | $3,109 |
Multnomah County, HUD fiscal year 2026. Source: HUD Fair Market Rents. This table reads HUD's current figures and updates when HUD publishes a new year.
If you have not worked with these numbers before, how Section 8 rent is calculated walks through payment standards, utility allowances and the tenant's share.
How rents in Multnomah County have moved
| Year | Typical rent | Change |
|---|---|---|
| 2015 | $1,245 | |
| 2016 | $1,284 | +3.2% |
| 2017 | $1,322 | +3.0% |
| 2018 | $1,366 | +3.4% |
| 2019 | $1,413 | +3.4% |
| 2020 | $1,405 | -0.6% |
| 2021 | $1,554 | +10.6% |
| 2022 | $1,625 | +4.6% |
| 2023 | $1,613 | -0.7% |
| 2024 | $1,662 | +3.1% |
| 2025 | $1,687 | +1.5% |
| 2026 (latest) | $1,694 | +0.4% |
Multnomah County typical rent, last published month of each year. Source: Zillow Observed Rent Index (all home types, smoothed and seasonally adjusted), refreshed monthly.
What this means if you own a rental in Portland
- Price by ZIP, not by city. The most expensive ZIP rents for 56.6% more than the cheapest. A citywide average will overprice a unit in 97230 and leave money on the table in 97221.
- Section 8 can pay more than the market here. The two bedroom voucher figure beats typical market rent in ZIP 97230 (+28.6%), 97233 (+25.1%) and 97232 (+23.7%). The housing authority still has to approve the rent as reasonable for the unit, so treat this as a ceiling to test, not a guarantee.
- Rents have stalled. County rents are up 0.7% from a year ago, which is flat in practice. Do not count on rent growth to fix a thin deal in the first couple of years.
To test a specific property, run it through the Section 8 rent analyzer, which compares voucher rent and market rent for your ZIP and unit size. The Oregon Section 8 premium map shows where in the state vouchers beat the market by the widest margin.
Where these numbers come from
- Market rent: the Zillow Observed Rent Index by ZIP code, refreshed monthly. It blends all unit sizes, so compare it with voucher figures as a guide and not as a like for like two bedroom rent.
- Fair Market Rents and Small Area FMRs: HUD User, published each fiscal year.
- County rent history: Zillow rent data, last reading of each calendar year.
A housing authority can set its payment standard anywhere from 90% to 110% of FMR and must find the rent reasonable for the specific unit. Confirm the current payment standard with the local housing authority before you underwrite a deal on it.
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