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Report: Seattle renters flock to Portland as growing tech hub

Portland has quickly become the hottest destination for Seattle renters. (AP)

According to a new report, Seattle renters are flocking to Portland, Oregon, as an alternative to the Emerald City’s ever-increasing cost of housing.

Seattle leads nation with more wealthy renters than homeowners

A “migration report” from Apartment List details 7.9 percent of Seattle’s renters headed south to live in Portland, the most of any city.

“West Coast tech workers look to Portland as a more affordable alternative to San Francisco and Seattle,” the report reads. It goes on to note that “Seattle is the 2nd most common source of inbound searches to Portland,” behind only San Francisco.

Twenty-seven percent of Seattle renters are also categorized as “looking to leave.”

Interestingly enough, Seattle is the third most popular destination for renters leaving San Francisco, only trailing behind Portland and Salt Lake City.

As for why Seattle renters are headed to Portland, the report cites “some of the nation’s most robust tech sectors” as one of the driving factors.

“The fact that Portland is attracting so much interest from these areas portends continued expansion of the metro’s already growing tech scene, as a subset of workers in San Francisco and Seattle seek out opportunities in places with more affordable housing costs.”

Seattle rents rising at pace behind national average, as units flood market

That, paired with Portland boasting the country’s fourth highest slice of work-from-home employees, makes it an attractive option for tech workers fleeing Seattle’s high cost of living.

Renting in Seattle, by the numbers

Median rent in Seattle has increased in each of the last five months, up 0.3 percent month-over-month in May, and 1.3 percent year-over-year. That’s left median rent for a one-bedroom apartment at a robust $1,340 a month, and $1,670 for a two-bedroom.

Comparatively, median one-bedroom rent in Portland only increased by just 0.2 percent year-over-year in May. Median one-bedroom rates in the Rose City currently sit at $1,125. Two-bedrooms will run you just $1,328.

California continues to be the most expensive state to rent in, with 23 cities out of 25 with the highest median one-bedroom rental prices.

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