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Rents in Portland have fallen for consecutive months, suggesting new supply is making a dent in meeting the city’s housing needs.

In October, rents here were 0.4 percent lower than a year earlier, and 0.8 percent lower than September, according to Apartment List. The new data indicate rental housing costs have crested after strong increases in recent years.

The median rent was $1,140 for a one-bedroom apartment, and $1,350 for a two-bedroom apartment, according to the rental website. October was the second month in a row rents declined in Portland. The city’s decline was steeper than the nation’s, where rents slipped 0.1 percent.

鈥淒emand is weak, relative to the supply,鈥� said Sam Rodriguez, senior managing director of Mill Creek Residential Trust, a major multifamily developer in Portland. 鈥淭hat’s why you’re seeing this very anemic growth compared to the growth we had before.鈥�

Other data also indicates rents are retreating. At Hassalo on Eighth, a Lloyd District development with 657 apartments, rents were $1,671 as of Sept. 30, down 4 percent from $1,735 a year earlier. (Hassalo on Eighth is owned by American Assets Trust, a publicly traded company).

Managers of some rental properties are offering concessions, particularly in the luxury market. At Yard, for example, prospective renters are being offered a month free and a free gym membership. A month free is being offered for some units at Slate. Up to six weeks free is being offered at NV in the north Pearl District.

But the decrease in rents for luxury units has not trickled down for middle-income renters, said Jamey Duhamel, policy director for city Commissioner Chloe Eudaly.

鈥淚t’s softening at the high end,鈥� Duhamel said. 鈥淭hat has not in any way translated to lower rents for folks who are stretched thin, or even the average renter.

鈥淲e definitely don’t see any slowdown in the need,鈥� she added.

Nevertheless, supply in certain markets, including the Pearl District and Central Eastside, has surged as major apartment projects have opened.

鈥淎s developers, this is what we normally do 鈥� we overbuild,鈥� Rodriguez said. 鈥淭hat puts a lid on rents for a while.鈥�

Construction has continued apace. Portland’s crane count stood at 32 in July 鈥� more than New York, which had 18, according to Rider Levett Bucknall, a firm that tracks the data. Seattle had the most cranes, with 58.

The city of Portland has responded to a tight rental market with a slew of housing regulations. Inclusionary housing rules took effect Feb. 1, requiring developers of projects with 20 units or more to provide a portion of affordable units, or pay a hefty fee. Portland also instituted relocation assistance, requiring landlords to compensate tenants when issuing no-cause evictions or raising rent by 10 percent or more.

Developers responded to inclusionary housing by rushing to apply for projects before the rules took effect. Some of those projects are now under construction, while others are stalled.

鈥淲e’ve got a very, very large pipeline,鈥� Rodriguez said. 鈥淚’m not sure how much of that is going to get done. A lot of it is in design review.鈥�

Rodriguez is a member of the Portland Design Commission, which performs design review. Multifamily developers are grappling with inclusionary housing, which dents their revenue, he said.

鈥淓verybody’s trying to figure out inclusionary housing,鈥� he said. 鈥淲e’re struggling to make deals work.鈥�

Rodriguez predicted rents will again grow in about a year as the current supply is absorbed and few additional apartments get built.