The average price for a Portland apartment was $1,732 in the first quarter of 2018, according to a report from real estate data provider Real Capital Analytics.
The report showed the median rent for a studio apartment was just $922.
The average for a one bedroom apartment was about $1.7 million, according the report.
Real Capital also said Portland had the highest median rent of any city in the country, at $1.,037 per square foot.
In a statement to the Oregonian/OregonLive, a spokesman for the city said the median price of a Portland home was the lowest of any metro area in the United States.
The median price for an apartment was lower than the national average for the same time period, according a report by the U.S. Census Bureau.
Portland’s median rent was also about half of the national median, at just $1 per square feet.
The city had the second highest median price increase in the U., according to the report, with rents for studio apartments rising 10.4 percent from the previous quarter to $1 to $2,926 per square-foot.
The Census Bureau says rents in Portland are at their highest level in five years.
In June, the median house price in Portland was $917,500, up from $890,500 in June 2017.
That year, the city had more than 8,000 units in the market, more than any other metro area.
A study by the Portland Housing Authority showed rents were up 2.9 percent in June 2018, but they were still lower than in June 2016.
In the most recent quarter, rents were down 2.8 percent, the report said.
The most recent median price data from the Census Bureau shows rents for Portland apartments fell 2.2 percent from a year earlier.
The latest report from Real Capital said the average Portland apartment rent is $1 million, about $10,000 less than the average monthly rent in Portland in 2018.
The bureau said the number of units available in Portland had decreased from the year before, but that Portland had a higher number of apartment units in use.