With 2023 in our rearview mirror, we thought it might be a good time to provide an assessment of the Bend rental market as it stands today and some thoughts on where it might go in the coming year.
Despite higher home prices and rising interest rates, overall the Bend rental market has proven to be resilient and we continue to see investment buyers purchasing rental homes as well as steady interest from prospective renters for the majority of rental homes on the market. In the past year, we saw an average of nearly 40 inquiries per property for each listing we posted.
The overall takeaway is that Bend continues to be a desirable place for people to live, despite the high cost of housing.
If you are considering investing in Bend real estate, here is some information to consider about the market:
Bend is split almost perfectly in half east and west by Highway 97. Within that, there tends to be a noticeable price difference between properties depending on whether they are located on the east or west side of town.
Generally speaking, a 3 BR/ 2 BA home on the west side of Bend rents between $2,900-$3,500, while a similar home on the east side might rent for somewhere between $2,200 - $2,800. Of course those are average ranges and can vary tremendously depending on certain factors, but those are typical rental rates. For properties under our management, average vacancy time tends to be around 10-15 days in the peak season (spring/summer/early fall) and about 20-25 days in the late fall and winter.
Strong factors that contribute to a higher rent price are:
Having a fenced yard
Allowing a dog(s)
Having air-conditioning
Homes with an office
Including professional landscaping
Updated interior
Homes without carpet or little carpet
Proximity to amenities
If you are considering buying an investment property in Bend in the coming year, we would love to hear from you. We can help by providing a rental analysis for a specific property or a particular neighborhood or part of town you are considering. Contact us with any questions!