By Jason Boone
The tight rental market in Bend has hardly been a secret. With vacancy rates that have hovered around 1 percent, it would be impossible for anyone searching for a home to rent to ignore.
Thankfully, the market in Bend appears to be reacting with a slew of new apartment projects, including two in NorthWest Crossing. And better yet, it appears the projects cater to vast swath of income levels.
Take the proposed NorthWest Crossing developments, which are aimed at two significantly different markets. The first, NWX Apartments, is a 132-unit high-end complex set for the area around Discovery Park Lodge. The complex will include six three-story buildings, but will attract renters with high incomes. It is set to break ground this summer.
The second, which has yet to be named, includes between 48 and 54 units. Proposed by Pacific Crest Affordable Housing, the development would be built farther east in Northwest Crossing. If approved, it is aimed at providing affordable housing with rents that could be as low as $575 per month, according to the developers.
Both should be interesting additions to a neighborhood that is already among the most prized areas in all of Bend.
What else is on the horizon in Bend? Here is a look at some of the major apartment developments that are on the way, all of which are on the city’s east side:
- A 208-unit development called Linnea Apartments is going up in the shadow of Pilot Butte. The Seattle developer building the $21 million project promises it will be the “nicest product in Bend.” Tenants are slated to move in by as early as May.
- A 153-unit development named Bellevue Crossing is nearing completion on the east side of Bend, near Worthy Brewing off U.S. Highway 20. Delayed by winter weather, the complex is hoping to accept new tenants by this summer.
- Ninety-six apartments are going up with the Boulder Pointe Apartments in northeast Bend.
In all, there are some 1,500 apartment units proposed for Bend. This is good news, which in many ways has exemplified the record growth in rental demand seen throughout the U.S.
Why care about the rental market if you plan on buying a home?
Well, an expensive rental market means that residents have less buying power, and generally speaking, a tight market drives up the cost of living throughout the area.
While not enough to solve the relative shortage of rental housing in Bend, relieving some of the pressure with new apartments should be welcomed.
The movement in rental housing is just one of the exciting developments happening in this thriving city.
To learn more about the Bend market, get started with listing your Bend home, or to view area homes contact me call (541) 383-1426, or visit Bend Property Search to connect with me through my website.