Downtown Portland, Oregon is great! Restaurants and bars are almost endless, everything is within walking distance, public transportation is everywhere, and the Timbers and Blazers play there. If you live downtown you have access to all of this plus more, but it comes with a price, and its getting higher.

Apartment prices in Portland have risen dramatically over the past few years. According to reports by MSN, Portland is one of the top 10 cities expected to see a rent increase in 2013. People are seeing the convenience of living in a nice apartment complex rather than a home; No lawn to mow or leaves to rake, no painting or repairs.  An apartment building I am familiar with in downtown Portland has already raised the rent over 40% in one year. This was not only due to increased demand, but also due to the change in management.

Another factor to consider when living downtown is parking. If you own a car you will have to pay a premium for a parking space in your building, or even at a nearby garage. The average cost of a secured, underground parking space at a downtown apartment is   about $125 a month. Some income restricted property will offer parking below $100, but  finding available rentals in income restricted buildings is a whole other topic. The most expensive parking I have found downtown is $175 a month. I would expect the price of parking to increase along with rent in 2013.

Living downtown is not right for everyone, and is clearly not right for everyones budget. If you are looking to move into downtown this year be prepared to pay higher prices, see less available rentals, and pay a premium to park your vehicle.