If you’ve spent much time in Bend, you know there is a lot of discussion around Short Term Rentals (STR), and unless you are familiar with city ordinances, it can be confusing to understand what they are and whether or not you are allowed to turn your property into one.
According to the City of Bend, a STR is defined as a property or unit rented to a tenant for 29 or fewer days. That means if you decide to rent your property out for less than 29 days at one time (for example a vacation rental), you are operating a STR.
What does that mean for your property?
It means two things:
You need a STR Land Use Permit from the City of Bend
You need a STR Rental Operating License from the City of Bend
The City of Bend regulates the number of STR permits issued in a certain area, so it’s important to know that not all properties are eligible to be an STR. To help you identify whether a given property is eligible, reference this Short Term Rental Eligibility Map and locate your property. A red color overlay means the property is not eligible and a yellow color overlay means the property is eligible.
So, what about monthly rentals?
Should you decide to rent your property out for 30 days or more, you do not need to apply for the STR permits or licenses through the city--these are viewed as “long-term rentals.” However, Bend has a high demand for both month-to-month (MTM) and long-term rentals as well. Prospective buyers frequently need a furnished place to live after putting an offer on a home and before closing and move-in. Also, others such as temporary hospital employees, seasonal vacationers, or people waiting to find the right long-term rental need a furnished MTM rental as well. Monthly rentals are almost always a better option and more affordable than hotels or other short-term housing solutions, so sometimes this can be a great choice for your rental property. Another advantage of a MTM rental is that, as the owner, you can save the property for personal use at certain times throughout the year while still benefitting from income generation.
At Elevation Property Management, we are experts at managing monthly rentals. We can help you decide if it makes sense for your property to be a monthly rental and how much you could expect to get in rent should you go that route. And of course, we can help with everything else from the marketing the property to ongoing monthly management with your renters.
Contact us today if you would like to find out more about monthly rentals and options with your property!
For more information on STR’s, visit the City of Bend’s Short Term Rental Program site.