Rents in Deschutes County Continue to ClimbJuly 8, 2019 Zillow’s website is more than just a platform for home buyers and sellers to search local inventory. Their Research Division also publishes estimates for home and rental values. By gathering data on listings, prior sales, tax assessments, and geographic locations of millions of homes and rentals, Zillow Research produces an index of rental prices to observe trends over time. The Zillow Rent Index (ZRI) aggregates an area’s rental estimates from collected data and tracks how rental prices have behaved in a selected area for condos, single-family residences, and multi-family units.
According to the ZRI’s latest data from May 2019, median rents for single-family residences in Deschutes County were estimated to be $1,804 with a 6.5 percent year-over-year increase. Median rents for multi-family residences were $1,379 with a 6.3 percent year-over-year increase.
Comparing May 2019 to 2011 price levels yields a pretty substantial growth in rents for both single-family and multi-family homes – about 71 and 58 percent, respectively. Both rents have been following a nearly identical pattern over the last three years, and will more than likely continue to rise if new housing permits and construction activity doesn’t meet the needs of Deschutes County’s population growth.