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Relief for the High-End Renter in Portland
"A flood of gleaming new apartments is coming online at once. That's prompted the managers of those buildings to float move-in specials to entice prospective tenants, leaving competitors in more established neighborhoods to follow suit." Elliot Njus reports in the Oregonian.
This marks a big change for a city that has seen rents rise consistently for years. "That increased competition is finally -- albeit gently -- putting the brakes on the explosive rent growth that has pushed up costs nearly 60 percent since 2010, according to the real estate data firm Axiometrics," Njus writes. Still, this is not a citywide trend. Rents in lower end and suburban markets in the region have yet to come down.