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$997.
That's the average monthly rent for a Portland apartment in a building constructed during the 1970s.
Buildings from that decade provide the city's cheapest rents because of a trickle-down effect: As they age and as new units are built, these vintage units become less desirable.
But these same apartments saw a 15 percent rent increase in the past year, says a new report from real estate investing firm Marcus & Millichap. That's a bigger hike than apartments built in any other decade.
With Portland's vacancy rate at 3 percent, the rental crunch is trickling down, too.
Related: What's the real reason Portland rents keep going up?
Willamette Week