Location: Bend-Redmond, OR | Metro: Bend-Redmond, OR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,440 |
| 1 Bedroom | $1,440 |
| 2 Bedrooms | $1,890 |
| 3 Bedrooms | $2,620 |
| 4 Bedrooms | $3,160 |
| 5 Bedrooms | $3,666 |
| 6 Bedrooms | $4,106 |
| 7 Bedrooms | $4,434 |
| 8 Bedrooms | $4,656 |
The Section 8 thesis in ZIP 97709, which includes parts of Bend, OR, is based on the gap between the Fair Market Rent (FMR) and the market rent. According to the data from USHousingData.com, the FMR for a 2-bedroom unit in ZIP 97709 for fiscal year 2024 is $1,670. In contrast, the market rent for a similar unit is $1,492, as reported by RenewalReply.com. This indicates that the FMR is $178 higher than the market rent, representing a 11.9% premium.
The discrepancy between the FMR and the market rent makes this area a yield play for landlords and small-portfolio investors. Voucher tenants can provide a more stable and predictable income stream due to the government-backed vouchers. Despite the slightly lower market rents, the FMR ensures that landlords receive a rate closer to the higher end of the local rental market, thereby maximizing their return on investment.
In ZIP 97709, the percentage of renters is not specified, nor is there detailed information on the median home value or median income. However, the higher FMR compared to the market rent suggests that there is a significant portion of the population relying on housing assistance, which could impact the overall demand for rental properties. Landlords should consider the benefits of accepting Section 8 vouchers, such as guaranteed rent payments, when making investment decisions in this area.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.