The following content is taken directly from the Central Oregon Multifamily News, Winter 2019 issue.

Topping the headlines in Central Oregon multifamily news is statewide rent control, and it does appear this measure will be passed. As usual, small businesses, like most Central Oregon rental property owners, must find a way to operate in the face of government headwinds. It seems like a better legislative approach would be to find ways to increase the supply of rental housing by encouraging and incentivizing housing providers, not targeting and obstructing them.

The good news is that the market continues to do well, driven by strong in-migration. A significant amount of new supply coming online in recent years has caused vacancy rates to inch up and rent increases to slow dramatically. Both are healthy developments as the free market continues to be most effective for regulating supply and demand and ultimately rental rates.

THINKING OF SELLING?
We strongly recommend proactively preparing your property in advance of going on the market. Surprises kill deals! They also reduce net sales proceeds and cause unnecessary pressure and stress.

Prior to putting your property on the market:

1. Tour all units. You could be very surprised at what some of your tenants may be up to. There is an old adage that applies here “you get what you inspect, not what you expect.”
2. Have your trusted contractor go through the units with you including the attic and crawlspace. Take care of deferred maintenance. Doing this proactively on your own timeline is cost effective, as opposed to operating under the pressure of deal timelines, appraisers, inspectors, and lenders.

This should not only apply when getting a property ready to sell but should also be considered on at least an annual basis. If you want to really get a gold star when putting your property on the market, consider having a complete building inspection done prior to hitting the market.

The Central Oregon Multifamily News is published quarterly by brokers Ron Ross, CCIM and Terry O’Neil, CCIM.

To receive the email or mailer, contact Ron at 541-322-1230 | rross@compasscommercial.com or Terry 541-848-4060 | toneil@compasscommercial.com.

To find out about new multifamily listings, sign up for new listing alerts by going to: compasscommercial.com/mfnews.

The following content is taken directly from the Central Oregon Multifamily News, Fall 2018 issue.

New apartment construction is making headway in the region-wide housing shortage and affordability problems.

The market is healthy and working.

There is more housing availability, and rent growth has slowed dramatically from the recent years of double digit increases.
New apartment construction in Bend has been modest but steady. Some West Coast markets, have seen an oversupply of new construction, driving up vacancies with long periods of lease up times for new buildings. Rent growth has declined in a few markets. So far, Bend has not experienced that, as new construction has been somewhat restrained by high costs, shortage of land, and regulatory burdens and costs.

Sales activity is modest. Buyer demand remains strong but is tempered by higher
interest rates and price resistance. Many owners are still reluctant to sell, largely due to tax considerations.

It is still a great seller’s market. We are always happy to provide free Broker Opinion of Values for your multifamily properties. We are well-versed in 1031 exchanging and can answer many of your questions regarding the 1031 exchange. We also provide consulting on preparing properties for sale. Ideally, this process should begin well before actually putting a property on the market.
Contact us early if you are thinking of selling!

The Central Oregon Multifamily News is published quarterly by brokers Ron Ross, CCIM and Terry O’Neil, CCIM.

To receive the email or mailer, contact Ron at 541-322-1230 | rross@compasscommercial.com or Terry 541-848-4060 | toneil@compasscommercial.com.

To find out about new multifamily listings, sign up for new listing alerts by going to: compasscommercial.com/mfnews.