I’m late with our quarterly rent rate newsletter because things got a little crazy at the end of March. 🙂
I hope that you are safe and healthy during this unusual time. Kudos to everyone working from home, homeschooling kids, helping others, and supporting local businesses. I love this community.
How is the pandemic affecting the local rental market? What I have noticed with my own business and in talking to other Property Managers is that some properties are taking a little longer to rent and we are understandably having to be more flexible on price, lease terms, pet policies, etc. However, properties are still renting. Here is a PDF of long-term rent rates for three-bedroom homes in Bend as of April 23, 2020.
Most of you receiving this newsletter are Real Estate Brokers. One thing I do want you to be aware of is that at this time, landlords can’t do any no cause terminations. If you have a client purchasing a tenant-occupied home with the intention to move in, the existing tenant does not have to move out. In other words, we can’t give a tenant a notice to vacate when a property sells to someone who intends to occupy with the current order in place by our Governor. If you or someone you know is self-managing a rental home that has a tenant who has suffered a loss of income due to COVID-19 and can’t pay rent, there is an agreement I recommend using to allow for the deferral of the rent payment during this time. Please contact me if you or someone you know needs this agreement or has any questions.
As always, feel free to reach out to me if you need a rent analysis for a specific property. Thank you for your referrals.
Wishing you health and happiness,