Nearly 1,200 apartments to come online in Bend in coming months; broker expects ‘renters’ market’ to develop

(Update: Adding video, comments from Ron Ross)

BEND, Ore. (KTVZ) — According to Compass Commercial Real Estate, about 1,200 new housing apartments are set to come online in Bend over the next six to eight months.

Principal Broker Ron Ross told us about new developments that will available for people to start leasing in the next few months. He pointed out 48 new units at 365 Reed Market Road, 83 units at the former Bend Bulletin building, and 260 units at 63158 Deschutes Market Road.

Ross told NewsChannel 21: “Coming online really means starting the lease-up process, and then completing that with the completion of construction.”

Most apartments are in areas zoned for multi-family use, while some are in areas zoned for single-family housing.

“We actually think that there’s probably 700 or 800 units that could actually come online in the next six to eight months,” Ross said.

Most apartments are leased before construction is finished, a sign of the shortages of new housing.

According to Compass, in recent years, Bend’s annual growth rate has hovered around 2.5%.

Ross believes that figure has already showed signs of slowing. “So that’s in round numbers, and that’s 2,500 to 3,000 new residents per year.”

Ross projects that 1,500 to 2,000 people in total will be able to move into the 1,200 new units. Even with more multi-family housing on the way, Ross did acknowledged that Compass is a couple years behind from where they would like to be, development-wise.

The people they expect to occupy the units are two-person households.

With more units opening, and more construction around Bend than ever, Ross believes the housing market can flip in two years.

“I think in the next two years, we’re going to see an influx of housing. So it’s going to be a renters’ market in the next couple of years.”

The Solis at Petrosa units on Deschutes Market Road are now available to lease, and will be some of the first new units to open, at the beginning of next year.