Volume 29, Number 2, 2007 of the Journal of Real Estate Research

Abstract: This research examines changes in the apartment-rent gradient of Portland, Oregon from 1992 to 2002. The findings indicate that increased population growth has caused real increases in
apartment rents across the metropolitan area. The largest increases have occurred closer to the city center and at the beltway. The fixed supply of land coupled with increasing population has resulted in a wealth transfer from renters to landlords. Major freeway intersections, which ten years before
were just evolving into new urban sub-centers, now have a statistically significant impact on land values within a six-mile radius of the intersection.