Bend Oregon Rental Market: What Can We Expect for 2021?

Despite the pandemic, demand for homes in Bend rose dramatically in 2020. Throughout 2021, this demand is thought to continue increasing. But what does this mean for the rental market? 

Why have properties in Bend become so sought after?

People have been flocking to Bend for some time now. In 2019 it was reported to be the third fastest growing city in the US. Its attraction factors include its relatively low cost of living, its surrounding natural beauty, its thriving arts scene, and its preserved small-town vibe.

Covid-19 has helped to boost this influx of people moving to bend. A lot of residents of densely populated cities have been moving out and escaping to cities such as Bend in order to take advantage of the greater range of outdoor recreation opportunities as well as the property prices (which, although have risen dramatically, are still relatively affordable compared to property prices in cities like San Francisco and Seattle). 

Will people keep moving to Bend in 2021?

The demand for properties doesn’t seem to be calming down. In January, pending sales went up by 104.4%. Meanwhile, property prices are going up as a result of buyer competition.

More people are likely to keep moving to Bend in 2021. Not all of these people are likely to be buyers - many of those escaping from the larger cities will have been previously renting and might be looking for cheaper rent. Rental prices increased in 2020 as a result of property prices increasing, but rent is still cheaper than in many bigger cities. 

Will rental prices keep going up?

If property prices go up, then it is likely that rent will also go up. This is good news for landlords - but not so much for tenants. 

Of course, there are still going to be good deals out there for those willing to look. Compared to other cities, rental rates are also still good - long-term residents of Bend may not like it, but many people moving to Bend may feel they’re getting a much better deal. The Bend Oregon rental market is likely to continue thriving. 

What relief is out there for renters?

Covid-19 has made it harder to secure a stable income - many people have lost their jobs, been furloughed, or have had to take time off to self-isolate and recover from the virus. Fortunately, Oregon has been one of the more generous states when it comes to offering rental assistance to tenants. Last year, the state allocated the entirety of $63.5 million in rental assistance to tenants. Support for tenants is likely to continue to be given out throughout 2021.

Oregon also passed a $150 million landlord compensation fund in December 2020. Landlords will be able to be compensated 80% of their rent due. This ensures that landlords who may still be paying mortgages have some money to cover these debts for the duration of the pandemic.

If you are looking for a Bend home property management company that always goes above and beyond for tenants and homeowners alike, give us a call today. We aren’t the biggest, just the best.