The vacancy rate for rental housing across Central Oregon has fallen to 1.04 percent, and it remains below 1.5 percent for the fourth year in a row, according to survey results announced Friday.
Of the 4,996 rentals in the survey across the region — apartments, duplexes, triplexes, houses and manufactured homes — 52 were vacant, according to the Central Oregon Rental Owners Association 2016 Rental Survey. The results were announced in a news release by Compass Commercial Real Estate Services. Ron Ross, a principal broker at Compass, presented the results last month at the association’s annual meeting, according to the news release.
“That is a very low rate, and it is highly unusual for it to have stayed so low for that long,” Ross said in the news release.
The region’s high growth rate, limited land supply and increasing fees and building costs have helped keep the vacancy rate low, according to Ross. Rents have also not kept up with the costs over the years.
For apartments of all sizes in Bend, the vacancy rate was 0.62 percent, according to the survey. Redmond came in at 4.5 percent. La Pine, Sunriver and Sisters — which all have fewer apartments than Bend — had no apartment vacancies, according to the survey.
Average rents for two-bedroom apartments in Bend varied, from $876-$995 per month, depending on the size of the apartment complex and when it was built.