2024 Q4 Market Update: This Too Shall Pass for Eugene, Roseburg, Bend, and Surrounding Areas
One day, we’ll all look back and barely remember these challenging leasing market conditions in Eugene, Roseburg, Bend, and the surrounding areas. But right now, we’re still in the thick of it.
The rental market in our region continues to soften, and the data in this Q4 market update tell the story—it’s been another tough quarter for landlords and property managers across Pioneer Property Management’s service areas.
In this update, we’ll break down the local numbers, highlight important trends from the past several years, and explore some best practices to help you navigate the market with confidence.
A Historically Tough August for Our Region
When it comes to market times, August 2024 was the most challenging we’ve seen since we started tracking in 2017. Properties across Eugene, Roseburg, and Bend stayed on the market significantly longer than in the previous two years—10% longer than in August 2023, and 29% longer than in August 2022.
Unfortunately, this adds to the streak of longer market times that began in June 2023, as properties take longer to rent across the board.
Fewer Leads Per On-Market Period
The trend in slower leasing has been consistent in our area. In August 2024, the number of leads generated per on-market listing continued to decline. This downturn is particularly stark when we compare it to previous years—11% fewer leads than last August, and a significant 24% drop compared to August 2022.
While this slowdown is frustrating, understanding these numbers can help you fine-tune your approach and stay competitive in this slower market.
Struggling to Find the Right Rent Levels
Another challenging factor this year has been the frequency of rent reductions. In August 2024, rent discounts across our region were 9% more frequent than in August 2023, and a striking 37% more frequent than in August 2022. Property owners and managers in Eugene, Roseburg, and Bend are working hard to find the right rent levels to attract tenants, but the sharp rise in discounts since May is unsettling.
We can only hope that these reductions will level off as the market finds some stability.
Pet-Friendly Listings Are More Important Than Ever
One trend that continues to gain momentum is the increasing demand for pet-friendly rentals. In the past year alone, the number of listings allowing dogs in Eugene, Roseburg, and Bend rose by 8%, while cat-friendly listings increased by 7%.
This surge in pet ownership shows no signs of slowing down, and it’s something property managers need to be mindful of. By adjusting policies to accommodate pets, you can stay in tune with the needs of today’s renters and increase the appeal of your properties.
How Pioneer Property Management Stays Ahead in a Challenging Market
At Pioneer Property Management, we take a proactive approach to stay competitive in this tough market. Here’s how we keep things moving for property owners across Eugene, Roseburg, Bend, and surrounding areas:
Optimize Our Listings: We make sure all our listings are easy to navigate and allow prospective tenants to self-schedule showings. By showcasing each property’s unique features, we attract the right renters faster.
Maximize Showings with Flexible Scheduling: Whether it's self-showings, in-person tours, or a hybrid model, we ensure our schedule is flexible and convenient for potential tenants. This helps us maximize the number of showings and boost leasing efficiency.
3D Tours: Zillow’s 3D tours allow prospective tenants to virtually walk through a property from the comfort of their own home. This immersive experience helps generate more interest and gives renters a clear sense of the space, increasing engagement and shortening market times.
Detailed Floor Plans: Floor plans are essential for helping tenants visualize the layout of a property. With Zillow’s detailed and accurate floor plans, we provide renters with a better understanding of the property’s flow, making it easier for them to imagine living there.
Utilizing Social Media for Maximum Exposure: In today’s market, social media is a powerful tool for reaching prospective tenants. We actively promote your listings on platforms like Facebook, Instagram, and X(Twitter) to reach a broader audience. By using engaging content, ensuring your properties stay top of mind.
Respond Quickly: Our team is ready to engage with prospects on their terms—whether it’s via text, email, or phone. Quick and effective communication ensures we keep potential tenants interested.
Streamline the Leasing Experience: We reduce the paperwork burden, automate follow-ups, and create a seamless leasing process. This ensures a smooth experience for renters from start to finish.
Track and Analyze Performance: We consistently monitor how our listings are performing, using data to make informed decisions and strategic adjustments when needed.
By implementing these strategies, we ensure your properties stay competitive and well-positioned, even in the face of market challenges.
Ready to Navigate the Challenges of the Current Market?
At Pioneer Property Management, we’re here to help you face these challenges head-on. By staying proactive, fine-tuning our strategies, and keeping up with the latest trends, we can ensure that your properties in Eugene, Roseburg, Bend, and surrounding areas stay competitive—even in a tough market.
Let’s work together to navigate these challenges and come out stronger on the other side.
