Rents are 9% below what Lake Oswego'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 $2,218 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 Lake Oswego usually run 1.9% below trend in January and 1.9% above it in July, about $84 a month apart at today's median. Based on 10 years of data.
Rent in Lake Oswego is 0.1% below its high of $2,221 in April 2025, at $2,218 as of September 2026.
Rent in Lake Oswego changed +0.9% over the year to September 2026. Across the 54 Oregon cities Zillow tracks, the typical change was +1.9%.
From 2019 to 2024, rent in Lake Oswego rose 31.2% while median household income rose 29.9% ($108,927 to $141,549). Rent outpaced income.
Rent in Lake Oswego is 34% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent rose in 7 of the last 12 months.
30% of the median household income ($141,549) is $3,539 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($3,370); a 4-bedroom is $3,955.
Metzger, 4 miles away, rents for 23% less ($1,698/mo), about $6,200 a year in savings.
From Zillow's monthly rent index (ZORI) for Lake Oswego. 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
Lake Oswego, OR is majority owner-occupied, has a large retiree population, has a median income above the national average, 74.8% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Lake Oswego, OR has changed in 5 years
Five years ago, renters in Lake Oswego, OR paid around $1,811 a month. That figure now sits near $2,218, up 22.5% from the 2021 baseline. On the earnings side, the typical household in Lake Oswego, OR now reports about $141,549, up from $120,585 in 2021. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Bachelor's-degree-or-higher attainment moved from 72.8% to 74.8% across the same window. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and Lake Oswego, OR reflects that arc in its own way.
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Can you afford rent in Lake Oswego on your salary?
At $2,218/mo, how Lake Oswego rent compares to typical pay (30% rule).
Lake Oswego rent by bedroom count
Median rent for each apartment size in Lake Oswego. Click any size for full breakdown.
Tips for renters in Lake Oswego
Last updated: October 17, 2026
The median rent in Lake Oswego is $2,218/mo as of October 2026. A studio apartment averages $2,000/mo while a 2-bedroom runs $2,455/mo. One-bedroom apartments average $2,150/mo and 3-bedroom units go for $3,370/mo.
At 19% of local median household income ($141,549/yr), Lake Oswego ranks as affordable compared to the national benchmark of 30%. Rents have increased 0.9% over the past year.
Frequently asked questions
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How does Lake Oswego rent compare to other cities in Oregon?
At $2,218/mo, rent takes ~19% of Lake Oswego's median household income ($141,549/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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