There is a strong need for housing in our community as evidenced by low vacancy rates. We see new buildings going up in town, but for the most part these are replacing, but not adding to the number of units available to rent. OSU is expanding and that brings a need for house for students and the staff that supports them. The University is not the only reason for the need for housing in Corvallis, there is need as a result of growth of other businesses in the area and Corvallis is a retirement destination as well.
Vacant ready to occupy right now .9%
Properties not ready to occupy right now, but available in the near future 1.6%
These are unusually low numbers, it would be more typical to see an uptick in vacancies prior to Thanksgiving, increasing through December and then dropping again in Mid-January.
What types of properties are vacant/or soon available. Primarily 3-5 bedroom houses in all price ranges, though a few 2 bedroom apartments have recently popped up. What is interesting to note is the number of 3-5 bedroom units that have remained vacant, no matter how close to campus they may be. Price does not seem to be a factor in filling these properties. What seems to be happening is that the newer and/or upgraded properties are the properties that are being filled.
Some of the housing trends listed about may be food for thought if you are considering a 1-4 family investment property in Corvallis, Oregon.
If you would like more information about this or have other real estate questions, please feel free to contact me.