Rents are 8% below what Happy Valley's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,871 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
January. Asking rents in Happy Valley usually run 1.2% below trend in January and 1.1% above it in September, about $43 a month apart at today's median. Based on 6 years of data.
Rent in Happy Valley is 0.3% below its high of $1,876 in May 2024, at $1,871 as of September 2026.
Rent in Happy Valley changed +0.5% over the year to September 2026. Across the 54 Oregon cities Zillow tracks, the typical change was +1.9%.
Rent in Happy Valley is 25.1% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 4 months in a row, and rose in 8 of the last 12 months.
30% of the median household income ($122,151) is $3,054 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($2,720); a 4-bedroom is $3,190.
Gresham, 7 miles away, rents for 14% less ($1,601/mo), about $3,200 a year in savings.
From Zillow's monthly rent index (ZORI) for Happy Valley. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Happy Valley, OR is majority owner-occupied, has a large share of families with children, has a median income above the national average, 46.4% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Happy Valley, OR has changed in 5 years
Since 2021, the typical rent in Happy Valley, OR has increased from $1,592 to $1,871, a 17.5% change over five years. Census figures show median household income at $122,151 today, compared with $131,980 five years earlier. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has grown by 14.1% since 2021, moving from about 23,442 residents to roughly 26,738. Renters now make up 21.1% of households, compared with 14.8% five years ago. College-educated residents now make up 46.4% of adults here, versus 50% in 2021. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.
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Can you afford rent in Happy Valley on your salary?
At $1,871/mo, how Happy Valley rent compares to typical pay (30% rule).
Happy Valley rent by bedroom count
Median rent for each apartment size in Happy Valley. Click any size for full breakdown.
Tips for renters in Happy Valley
Last updated: October 17, 2026
The median rent in Happy Valley is $1,871/mo as of October 2026. A studio apartment averages $1,610/mo while a 2-bedroom runs $1,980/mo. One-bedroom apartments average $1,730/mo and 3-bedroom units go for $2,720/mo.
At 18% of local median household income ($122,151/yr), Happy Valley ranks as affordable compared to the national benchmark of 30%. Rents have increased 0.5% over the past year.
Frequently asked questions
How much income do you need to rent in Happy Valley?
Is rent going up or down in Happy Valley?
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How does Happy Valley rent compare to other cities in Oregon?
At $1,871/mo, rent takes ~18% of Happy Valley's median household income ($122,151/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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