BEND, OR, June 3, 2016 – For the fourth year in a row, Central Oregon’s residential rental vacancy remained under 1.5%, coming in at 1.04%, according to the 2016 Rental Survey presented by the Central Oregon Rental Owners Association (COROA).
“That is a very low rate, and it is highly unusual for it to have stayed so low for that long,” said Ron Ross, CCIM of Compass Commercial Real Estate Services who last month presented the survey results at the COROA annual membership meeting.
Ross, who specializes in selling multifamily properties in Central Oregon, said vacancy rates are uniformly low across the board in all Central Oregon cities, citing influences such as high growth rate of the region, constrained land supply resulting in increased land costs, increasing entitlement fees and other building costs, as well as rents that simply have not kept up with costs over the years.
“It’s interesting to note that during the 26 years I’ve been tracking rental data, the annual rate of rent increases has been 2.51% compared to the annual rate of increased housing cost of 5.35%,” said Ross. “On a positive note, the rate of increase for two bedroom apartments in Bend (the tracking metric) increased just less than 4% after three years of triple digit increases.”
About Central Oregon Rental Owners Association
COROA is an organization of rental owners and managers who have joined together with a commitment to education and professionalism. Since 1979, COROA has been dedicated to helping rental owners and managers find and keep the best tenants, stay abreast of the latest rental laws, and protect their investments. Visit centraloregonrentalowners.org for more information.
About Compass Commercial Real Estate Services
Founded in 1996, Compass Commercial has helped buyers, sellers, landlords and tenants of commercial real estate property achieve their goals. The company offers services in brokerage sales, leasing, asset and property management, business sales and construction services. Today, the company celebrates 20 years of serving Central Oregon’s business community, continuing a tradition of excellent client service and superior market intelligence. The team’s collective industry expertise includes Central Oregon’s only two Society of Industrial and Office Realtors (SIOR®) designees, 11 Certified Commercial Investment Members (CCIM), 3 Certified Property Manager (CPM®) designees and the distinguished Accredited Management Organization (AMO®) designation from the Institute of Real Estate Management. Learn more at compasscommercial.com. Follow us on Twitter @CompassCom.