Strong Rental Market in Bend, Oregon

Each year the Central Oregon Rental Owners Association (COROA) publishes the results of their annual member survey.  The survey is not scientific but does offer some insight into the Central Oregon rental market.  This year there were 175 responses to the survey compared with 199 in 2010.  Bend, Redmond, Madras, Prineville, La Pine, Sunriver and Sisters are all represented in the survey. 

More posts about the strong rental market in Bend.

Unfortunately the survey does not compare year over year statistics so I am left to do that myself.  The one number I was really interested in comparing to 2010 was vacancy rates but for some reason that number was left off the 2010 survey.  In 2011 the average vacancy rate for all of Central Oregon was 5.17 percent.  That is a great number especially when you consider that it includes single family homes in Sunriver that are likely vacation rentals.  The vacancy rate in Sunriver at the time of the survey was 30 percent.  Going back to the COROA 2009 survey, the vacancy rate for all of Central Oregon was 12.43 percent.  In Bend the apartment vacancy rate according to the survey is 1.67 percent while the vacancy rate on single family homes is 3.16 percent.  Remember this is a volunteer survey so while the numbers are a reflection of the market they are not aboslute indicators of what is happening.

Bend Oregon Property Management

In Bend, prices were up across the board in 2011 compared to 2010.  The biggest improvement was in apartments where rents were up more than 12 percent.  Single family homes saw rents increase 6 percent in 2011.  Update:  Read about the 2013 rental survey and current Bend, Oregon vacancy rates.

Since we started this blog in June of 2011 we have been saying that Bend (and Central Oregon) is a great place to invest in real estate.  Here is a sampling of the posts I have written on the subject.  We continue to see a lot of competition from investors when writing offers on homes for our clients.  Some of that has to do with the reductions in inventory we have been seeing over the last few months but it also is because investors (especially those with cash) are working their way back into the market in pursuit of good deals.  There are still great deals available in Bend and Central Oregon and now is a great time to get start getting ready for the Spring selling season.  If you are a buyer call us and we will help you get ready to pounce when that perfect house hits the market.  If you are an investor call us to find out how we can help you reduce the pressure and hassle of managing your properties.

More posts about the strong rental market in Bend.

 

 

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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.