Residential Rentals in Hot Demand

Last week I wrote about how strong the rental market is in Bend right now.  I imagine that there were a few people who read that post and thought, “That’s all well and good but what about some real examples of how strong the market is?”  Well, I have some for you now.

Late Tuesday we advertised a home for rent in SW Bend.  That night we had three calls and by noon Wednesday we were up to 10 people who wanted to tour the home.  In talking to these people, most of them are frustrated and some of them are even desperate.  Caller after caller told me how they had been looking for a place to live for weeks and every time they have called on a house there were already 5 people in line in front of them.

Things are so crazy that we already have people lining up for homes that aren’t even available yet.  One caller was almost willing to sign a lease, sight unseen, for a house that won’t be available until mid-August.  What makes all this competition for rental homes even more interesting is the fact that most property management companies (Preferred Residential is included in this) make an effort to have their leases expire during the summer because people are more willing to move when the weather is good and their kids aren’t in school.  Theoretically, that should mean that there are more homes available for rent right now than any other time of the year.  Assuming that is the case, what we are seeing right now indicates a strong imbalance in the number of renters to homes available.

As mentioned in the post linked above, those numbers don’t look to be changing any time soon.  One reason is that we still aren’t done with foreclosures and short sales.  It is easy to overlook them because we have kind of become numb to hearing about them but they have a direct effect on the rental market.  All those people have to live somewhere and they aren’t going to be able to buy a home again for up to 7 years.

Now is the time to take advantage of all of this market and Preferred Residential is uniquely qualified to help you.  We can help you evaluate and make a purchase that will make sense as a rental.  Then we can manage your rental until all these people who can’t buy now are able to again.  At that point I think we are going to see upward pressure on home prices and perhaps even some easing of lending requirements.  Call Preferred Residential now to discuss how buying an investment home could be a nice addition to your investment portfolio.  (541) 508-2930.  Read more about our Bend property management services.

About Dan Seim

Dan Seim is the primary contributor to Preferred Residential's blog. He has been writing about real estate issues that affect home owners in Bend and Central Oregon since 2011.