This, according to a Wall Street Journal article dated 9/26/2026.
How can this be in a city historically known as notoriously unaffordable? Because the market is so “depressed” that “six figure earners are paying some of the same rents as lower income residents who qualify for subsidized housing.” (WSJ 9/26/2026)
The word “gift” means “poison” in German. I’d say this qualifies as a ‘poisoned gift’ where landlords are concerned.
So, what is behind Portland’s new “affordable rents”; an insidious mix of oversupply and depressed demand.
When money was cheap, new units went up despite some of the nation’s most restrictive zoning. With both Nike and Intel expanding, Portland considered itself the “it” city from a lifestyle standpoint.
This begot hubris on the part of local government which viewed the private sector as an un-ending source of rents. No tax was too much, fee too petty, or regulation too harsh.
Alas, nemesis always comes in the wake of hubris. As government stuffed its pockets, businesses felt theirs being emptied.
This friction became a full-blown wildfire with the pandemic and government’s hard left turn. For nearly a year, city government stood by as people robbed, pillaged and plundered at will with windows being broken out and merchandise seized.
At the same time, Oregon was experimenting with decriminalization of hard drugs. As legitimate business enterprise ground to a halt, street corner drug deals exploded.
Is it any wonder that Portland rents stagnated as people and business fled this chaos?
What you are left with is the hollowed out husk of a once vibrant city, “hoisted on its own petard” of “radical chic” (Tom Wolfe).
So, what’s in store for Portland landlords? Informed sources tell us the current apartment malaise is temporary. “Portland’s market rents are expected to rebound as apartment supply tightens again.” (WSJ 9/26/2026) Industry data points the same way: new apartment deliveries in Portland are falling toward decade lows.
Perhaps.
I firmly believe it was cultural hubris on the part of left leaning government that created this mess in the first place.
Unfortunately, in the interim that same government apparat has moved even further left.
Mayors come and go in Portland with little impact or change in direction of the city. This is because the Portland mayoralty has very little power.
The 12-member city council runs things. This time around, it is one of the youngest in the city’s history with an average age of 38.8 years and most radical.
Four of the members of the City Council are Democratic Socialists of America (DSA). Another 3 are fellow travelers.
Therefore, a majority of Portland City Council members are committed to an ideology opposed to private property specifically and private ownership generally.
Being young and committed ideologues, they aren’t leaving any time soon. There is an old Russian saying, “Power is like red meat, when you have acquired a taste for it, you can’t give it up.”
This is not an environment that businesses will return to soon.
Without business, there are no jobs. Without jobs, there are no people. Without people rents may remain depressed.
Move it or (potentially) lose it.
