For the fourth year in a row, Central Oregon’s residential rental vacancy remained under 1.5 percent, coming in at 1.04 percent, according to the latest survey presented by the Central Oregon Rental Owners Association (COROA).
“That is a very low rate, and it is highly unusual for it to have stayed so low for that long,” said Ron Ross, CCIM of Compass Commercial Real Estate Services who last month presented the survey results at the COROA annual membership meeting.
Ross, who specializes in selling multifamily properties in Central Oregon, said vacancy rates are uniformly low across the board in all Central Oregon cities, citing influences such as high growth rate of the region, constrained land supply resulting in increased land costs, increasing entitlement fees and other building costs, as well as rents that simply have not kept up with costs over the years.
“It’s interesting to note that during the 26 years I’ve been tracking rental data, the annual rate of rent increases has been 2.51 percent compared to the annual rate of increased housing cost of 5.35 percent,” said Ross. “On a positive note, the rate of increase for two bedroom apartments in Bend (the tracking metric) increased just less than 4 percent after three years of triple digit increases.”
Download the complete 2016 COROA rental survey here. Contact Ron Ross 541.322.1230 or by email rross@compasscommercial.com for more information on the survey results.
COROA is an organization of rental owners and managers who have joined together with a commitment to education and professionalism. Since 1979, COROA has been dedicated to helping rental owners and managers find and keep the best tenants, stay abreast of the latest rental laws, and protect their investments. Visit centraloregonrentalowners.org for more information.
