Current Market Overview
Over the past few months, the rental market in Central Oregon has shown a mix of typical seasonal patterns alongside some notable shifts. Inquiry volume from prospective renters between September and November 2025 increased slightly compared to the same period in 2023 and 2024. Likewise, the number of properties we successfully leased during this period was nearly identical to 2024 and only slightly lower than 2023. By these metrics, activity appears relatively stable.
However, the most significant—and unusual—change is the substantial increase in available rental inventory in Bend.
A Rapid Increase in Supply
We closely track active rental listings in Bend, with particular attention to three-bedroom homes, which make up the majority of our portfolio.
June–August 2023 & 2024:
Total active rentals averaged 650–750, with 150–200 of those being three-bedroom homes.June–August 2025:
Inventory rose modestly to 750–800 total listings and 200–250 three-bedroom homes.Late November 2025:
Inventory surged to 1,000+ active rentals, including nearly 300 three-bedroom homes.
In just three years, the market has shifted from a strong owner’s market to a distinctly renter-favored environment. Demand remains solid—people continue to relocate to Bend, and homes are still renting—but renters now have considerably more options.
What This Means for Owners
This elevated supply has three primary impacts:
Downward pressure on rental rates
Longer days on market
More conservative rent-increase recommendations at renewal
Higher-end rentals, particularly on Bend’s west side, have felt the greatest impact, but increased competition is influencing pricing across all property types.
When a tenant vacates, we are frequently recommending listing at the same rent—or, in some cases, slightly lower—to remain competitive in the current landscape.
Renewals: Strategy and Expectations
Many tenants are well aware of current market conditions and understand that rents have stabilized or softened. Our experience shows that even modest rent increases at renewal can feel personal to tenants, particularly those who have cared for the home and paid rent reliably. This can unintentionally prompt them to explore other options—which, in the current market, are plentiful.
Our objective is to retain high-quality tenants whenever possible. Turnover brings unavoidable costs: lost rent during vacancy, turnover repairs, and potential updates. In many cases this year, keeping a reliable tenant in place at the current rent is the most financially sound decision.
Our Commitment
At Elevation, our priority is proactive, data-informed management. We are continually analyzing market trends and will provide individualized recommendations for your property based on real-time conditions. Our goal is to protect your investment while minimizing unnecessary turnover and vacancy costs.
Please feel free to reach out with any questions about this update or your property’s specific rental strategy. We are looking forward to a positive 2026 and will send another update with the outlook of the market next year.