In a recent article on OPB.org “City of Redmond Looks at Housing Challenge” states that the rental vacancy rate in Redmond is just as bad as Bend. With a regional vacancy rate of less than 1%. Finding a home for rent is beginning to spread past Bend’s city boundaries and seems to be affecting outlying areas, as seen in this recent article.
Unlike Bend, Redmond does have land within the UGB boundary which will allow for the potential building of more affordable housing to ease the crisis.
The current Redmond housing market up to April 2015 has some interesting data, as seen above. For example, listed homes in April 2015 in Redmond were unseasonably low at 271 in comparison to 329 listed homes in April 2014. In addition, listed homes remained the exactly the same in March and April 2015. Despite large jumps in April 2015 pending sales which totaled 124.
Furthermore, home prices in Redmond are slowly moving upwards with an average sq ft price of $134 in comparison to last April which was $117 price per sq ft.
The Redmond market seems to be booming. This may be due to the increased prices in Bend, the more available housing in Redmond and/or because of the increasingly tight rental market.
Overall, rent rates throughout Central Oregon seem to be tight. Why continue paying someone else’s mortgage, when you can pay your own? Consider looking into purchasing a home in Bend, Redmond or any of the outlying areas to beat out the rental market crunch.
Information about Redmond rental market provided by: “City of Redmond Looks at Housing Challenge“