So what makes the best rental property? This can depend on a number of factors, but here are some characteristics we’ve noticed of highly rentable properties and things to keep in mind while you’re searching for your next property investment in Central Oregon.
SINGLE FAMILY HOMES:
• 3 Bed / 2+ bath, 1,200 – 1,800 sq. ft. Sufficient space but be mindful of your overall maintenance/repair expenses as you get into larger properties.
• 2+ car garage.
• Bonus points for added storage. (It’s Bend, everyone has toys)
• Small fully fenced yard, low maintenance landscaping
• No washer and dryer, just hookups (most common for single family homes in this area)
• No hot tubs
-Generally speaking, we don’t see a substantial price difference going from 3 to 4-bedroom single family homes.
-Single family home vacancies listed below $1,800/month move the quickest in the current market while properties listed at or above $2,000/month tend to receive a noticeably lower volume of inquires.
• Approx. 900 – 1,200 sq. ft./unit
• 2-3 Bed / 2 bath combinations (1 bath may create livability issues if there is a plumbing problem)
• Garages/storage are a big plus
• Adequate overflow or additional parking
• Onsite or in-unit laundry
Consider utilities and how they’re metered at the property. When a given utility is metered independently between the sides/units, the tenant typically takes the responsibility and signs up directly with the service provider. When the utility is not metered separately (we most often see this with water & sewer) it’s more challenging to hold the tenant responsible and therefore these utilities are often included in the lease.
Properties with a firm “no pets” policy often exclude a substantial portion of perspective renters potentially causing longer vacancy periods and even nominally lower rents.
Traditionally our peak seasons tend to coincide with the school seasons being the busiest in the summer months and slowing down a little in the winter.