As rentals in Central Oregon become increasingly in demand (and in an already-tight market), choosing an investment property in Bend or nearby locations has rarely looked more attractive. While we can expect the market to open up a little in 2021 due to backed-up new construction put on hold in 2020, investment properties are still going to be a hot commodity: Here are 4 reasons why now is a great time to take a look at available options.
- A Tight Market is Excellent for Investors
Rental property ROI is based on a number of factors, but a tight market like we are currently experiencing in Bend, Oregon is great for future profitability. Average rental prices are high for both apartments and free-standing houses. There is especially high demand for rentals that young families and professionals can quickly move into (as well as Gen Z college graduates looking for new opportunities). Rentals that accept pets, rentals with easy access to downtown, and rentals near important commute points for both work and the mountain slopes are all particularly in demand, and revenue streams have been very reliable to date.
- Renters Continue to Expand Their Searches
With a tight property market, it can also be difficult for investors to find viable property and act in time. The good news is that those moving to Bend are reacting to market conditions by expanding their search for rentals to include other areas in Central Oregon, from Redmond to Prineville. That means these locations are also viable options for investment properties, providing more choices for those who have a certain price range or other investment goal in mind.
- There are Versatile Rental Options for Owners
We already mentioned that Bend is a hot market for both multi-family and free-standing housing (and everything in between, including townhomes and condos). The variety of property available in Bend and surrounding areas like Redmond also spans diversity in location and amenity types. That makes it ideal for investors of all sizes, including those looking to make a sizable investment in apartment buildings, those interested in a series of investments at specific properties across the area, and those who prefer to start small with a single property. Real estate forecasts also indicate that market should be very strong for flipping houses.
- New Developments Offer Additional Opportunities
Developments in Bend continue to increase in an effort to meet high demand. That means the future market is also filled with potential – excellent news for investors who may want to bide their time, or who cannot find any current properties that suit their plans. However, it’s important to monitor these developments closely, as lots are already going for far above asking price. Which brings us to another important point…
Experienced Property Management Services Offer Local Support
If you are looking for a property management company in Central Oregon that can bring the greatest return on your investment, Mt. Bachelor Property Management will be happy to work with you to meet your investment goals. Our property management services in Central Oregon include on-the-ground advice about rentals to potential tenants, payment collection, 24/7 maintenance, tenant screening and aggressive marketing for low vacancy rates. Our team has more than a decade of managing rental investments in Central Oregon and are investment property owners themselves. Contact us to learn more if you are interested in expanding your rental investment strategy.
