RESEARCH STUDY: Corvallis Rents Climb as Much as 60% Since 2019
Average prices surge across all unit sizes...
Rents in Corvallis have risen sharply over the past five years, with average monthly prices climbing between 44% and 60% depending on unit size.
Using federal housing benchmarks for Benton County the data shows steady year-over-year increases from 2019 through 2024 — with particularly sharp jumps in 2020 and again in 2023. Why?
Here’s what the numbers show.
1-Bedroom Units: Up 44%
Average monthly rent
2019: $945
2024: $1,361
Increase: +$416
One-bedroom units followed a steady upward path, with noticeable acceleration beginning in 2022.
2-Bedroom Units: Up 52%
Average monthly rent
2019: $1,138
2024: $1,729
Increase: +$591
Two-bedroom rentals — often popular with roommates and families — saw one of the largest overall dollar increases.
3-Bedroom Units: Up 48%
Average monthly rent
2019: $1,645
2024: $2,436
Increase: +$791
Three-bedroom homes experienced the largest raw dollar jump, rising nearly $800 per month on average in five years.
What’s Driving the Increase?
Several local and statewide developments align with the timeline of rent growth:
Statewide rent regulation (SB 608) enacted in 2019
Pandemic-era eviction protections (2020–2021)
New student housing projects (Sierra in 2020; The Union in 2024)
Enrollment growth at Oregon State University in 2024
Corvallis Middle Housing zoning reforms in 2022. See the update link here
Rents also tend to peak in late summer and early fall, consistent with Corvallis’ university-driven leasing cycle.
The Bottom Line
In 2019, the average Corvallis renter paid about:
$820 for a studio
$1,138 for a two-bedroom
By 2024, those averages are:
About $1,300 for a studio
About $1,730 for a two-bedroom
That represents one of the most significant five-year rent increases in recent local history.
Sources:
¹ U.S. Department of Housing and Urban Development, Fair Market Rents (FY2019–FY2024), huduser.gov/portal/datasets/fmr.html
² U.S. Department of Housing and Urban Development, 50th Percentile Rent Estimates (FY2019–FY2024), huduser.gov/portal/datasets/50per.html
³ City of Corvallis, Fair Market Rent Trends, corvallisoregon.gov/cd/page/fair-market-rent-trends
⁴ Zillow Research, Zillow Observed Rent Index (ZORI), files.zillowstatic.com/research/public_csvs/zori/
⁵ Oregon Legislature, Senate Bill 608 (2019), olis.oregonlegislature.gov
⁶ Oregon Legislature, House Bill 4401 (2020 Special Session), olis.oregonlegislature.gov
⁷ Oregon State University Institutional Research, Fall 2024 Enrollment Summary
⁸ Gilbane Development Company, Sierra Student Housing Project Documentation
— Deep Research by: The Corvallis Inquirer, Feb. 27, 2026
Email: editor@corvallisnow.com
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