If you ever considered owning a residential rental and you live in Bend, now is the time.
During the boom of 2002 to 2006 Bend had a vacancy rate of 5%. This means that 5% of the properties for rent were vacant at any given time. In 2007 the crash hit and hit hard, many people lost homes and became renters. By 2010 the vacancy rate was 1% which meant 99% occupied. Furthermore, many people who lost their homes also took a large hit to their credit. Many of these home owners turned renters are still waiting for their credit to recover before they will be able to buy again through conventional means. These folks can only afford to rent a home even though the economy has continued to improve. In addition, we are seeing an influx of new comers to Bend, Oregon. Many of these Bend transplants are coming in and renting homes. Due to these reason as of today, April of 2014, the vacancy rate has decreased to a low of .7!
Remember in school when we learned the laws of commerce… Supply and Demand! Here we go with the perfect example. The rent rates have increased up to 40% in some cases. It has been long overdue as the rents in Bend all the way up to 2012 had been very stagnant. For example, a 3 bedroom, 2 bath house even up to 2 years ago could be rented for $850.00. Today a 3 bedroom 2 bath house in Bend rents for $1200 plus per month and even at that they are hard to find.
If you ever considered owning rental homes, now is a great time! Give me a call and let me show you what is available.