Growing Oregon Submarkets See Increased Activity
Digested from “Construction boom in Bend expected to ease housing crunch”
The Associated Press (8/9/15)
Only 1.4 to 1.6 percent of apartments in Bend, Oregon, were available for rent in April, according to a Central Oregon Rental Owners Association survey. As a result of the tight market, rents have risen 35 percent, from an average of $629 in 2012 to $847 in 2015.
But the market will soon see more activity, thanks to the construction of 1,000 new apartment homes in the area. Renewed job growth is fueling interest in Bend. The city had seen little to no development in the preceding decade.
Portland is seeing similar activity, with the sale of a 100-percent-occupied 240-unit apartment community in the submarket of Beaverton. Beaverton is one of the top growing submarkets in the United States, aided also by strong job and population growth to fuel apartment home demand.