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.

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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.

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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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