New apartment units bring relief to Bend rental market
BEND, Ore. (AP) — New apartments have eased the tight rental market in Bend, pushing local rental properties to offer discounts to entice prospective renters to sign leases.
The discounts come after six months of low vacancies in the Bend rental market, the Bulletin reported .
Some 695 new apartments have been completed in Bend from Jan. 1, 2016 and Oct. 4, according to the city’s Community Development Department.
With more units in the market, Andee Jesse, owner of A Superior Property Management Company LLC, said prices have dropped for her single-family houses and multifamily properties and the company is changing lease terms.
They have also begun to encourage property owners to allow pets.
“We’re starting to get really competitive,” she said.
Rent prices will remain high at most properties with brand-new apartments setting the price standards, said Dana Bratton, owner of the Bratton Appraisal Group.
Season at Farmington Reserve, one of two largest new apartment complexes, is listing a one-bedroom, 450 square foot (42-sq. meter) apartment for $765 a month on its website. Its largest two-bedroom, two-bathroom apartment, at 1,288 square feet (120 sq. meters) is listed between $1,545 and $1,685 a month.
Prices are similar at the other large, new complex, Outlook at Pilot Butte.
Renovations have also driven rent prices up.
Trevor Riley had his rent recently jump from $1,000 to $1,085 a month after his property upgraded to hardwood floors. When he first moved in to the two-bedroom, two-bathroom unit with his sister five years ago, he said rent was $670 a month.
He’s decided to stick with it because he has plenty of business to continue affording the unit.
“Within five years, to go from $670 to $1,085 is pretty crazy for the same spot,” he said. “You kind of hope it crashes, not too much, but a little bit.”
Bend can expect more apartment units to enter the market in the near future. As of Oct. 4, 404 apartments are under construction in the city and another 1,263 units are in the proposal process.
Information from: The Bulletin, http://www.bendbulletin.com