Redmond Rental Market: July 2026

Central Oregon Rental Market Report · July 2026

Monthly market report from Legacy Property Management

Rent Went Flat, And That Is Actually The News

Let us start with the number every landlord wants first. The average asking rent for a house in Redmond is $2,500 per month. Month over month, that is a move of five dollars. In a market this size, five dollars is noise. Rent did not go up in July and it did not go down. It held.

Holding is more interesting than it sounds, because Redmond spent most of the last year giving ground. A year ago the same measure sat at roughly $2,640. That puts the current figure $140, or 5.3%, below where it was in August 2025. Still negative, but meaningfully less negative than it was: when we pulled this series in late June, the year-over-year gap was running near 7.7%. The hole is closing at roughly two and a half percentage points a quarter. If that pace holds, Redmond crosses back into positive year-over-year territory sometime in the first half of 2027.

Now the part that deserves your attention more than the headline does. Look at what last year's line did after August.

In 2025, Redmond house rents peaked in August around $2,640 and then slid steadily through the fall, bottoming near $2,400 by November and December. That is a drop of roughly $240 a month, about 9%, in four months. It was not a market crash. It was seasonality. Central Oregon's rental demand is driven heavily by families moving before the school year, and once that window closes in late August, the pool of active renters thins out fast.

You are reading this in early August. That means you are standing at the top of the seasonal curve right now.

Homes Are Leasing Slower, Not Faster

Average days on market for Redmond houses climbed to 83 days, up from 73 when we last pulled the series in late June. At the same time, the count of available houses fell from 37 to 26, a drop of about 30%.

Those two numbers moving in opposite directions is not a contradiction. It is a specific and fairly common signal, and it is worth understanding because it is easy to misread.

When inventory drops and days on market drops with it, you have a genuinely tightening market. That is not what happened. Here, inventory dropped while days on market went up. What that describes is a market where the well-priced, well-presented homes leased through the summer and cleared out, leaving behind a residual set of listings that have been sitting a while and keep aging. The average is being dragged up by the leftovers.

There is a second way to read this that puts a useful number on it. Multiply the listing count by the days-on-market figure and you get total marketing time, which is the honest measure of how much unleased inventory the market is actually carrying. Redmond went from 2,701 inventory-days in late June to 2,158 in early August, a drop of 20%. Bend over the same stretch was essentially flat. So while the average listing is aging, the total burden of unleased homes in Redmond got meaningfully lighter.

The practical translation for an owner with a vacancy coming: 83 days is the average of a small and slow-moving residual pool, not a forecast for a competitive home. If your house is priced to the market and shows well, you should beat it, and the shrinking inventory-day count says the competition for a good tenant is thinner than it was in June. If the home needs work or you are pricing it optimistically, 83 days is the floor rather than the ceiling.

Half The Market Is Cheaper Than The Average

Here is where a single average number can quietly mislead you. The $2,500 figure is real, but it is not the typical Redmond rental house.

Of the 26 houses currently available, exactly half are asking under $2,300. The active range runs from $900 all the way to $4,200, and that high tail is what pulls the average up to $2,500. Redmond's real volume sits in two clusters: a workforce tier between $1,500 and $2,000, and a family-home tier between $2,300 and $2,600.

If you own a standard three-bedroom in a standard Redmond neighborhood, you are competing in the $2,300 to $2,600 band, not at $2,500 as a floor. Pricing a $2,350 home at $2,500 because "the average is $2,500" is exactly how a listing ends up on the wrong side of that 83-day number.

For reference on what is actually being collected rather than asked, our internal market estimates put in-place rent across leased Redmond single-family homes at roughly $2,418, breaking out to about $1,954 for two-bedroom homes, $2,431 for three-bedroom, and $2,815 for four-bedroom. The gap between in-place and asking rent is narrow in Redmond right now, which tells you landlords are not sitting on large below-market positions the way they were in 2022 and 2023. Most of the easy turnover upside has already been captured.

Vacancy and how long tenants stay

Roughly 1.2% of Redmond's detached rental houses are currently listed and available. That figure comes from setting the 26 active listings against an estimated stock of about 2,100 detached single-family rentals in Redmond, built from Census American Community Survey data on renter-occupied single-unit detached homes plus vacant-for-rent units, grossed up for household growth since the survey window.

Two things about that number deserve your attention. First, this is a listed availability rate, not a vacancy rate, and the distinction matters. A home sitting empty between tenants without ever hitting a listing site is invisible to this measure. Legacy Property Management does not publish a true Redmond single-family vacancy percentage, because off-market vacancy simply cannot be observed from the outside, and we would rather give you a number we can defend than one that sounds authoritative and is not.

Second, this reads much lower than the estimated range we have carried in earlier reports. That is a correction on our side, not a change in the market. Our prior figure rested on a stock estimate that was too small, which inflated the resulting percentage. The revised denominator is built from primary Census data and is the number we will carry forward. Treat the level as an estimate, since the underlying survey margins for a city Redmond's size are wide. Treat the month-over-month change as the reliable signal, because the denominator barely moves from one month to the next. On that basis, listed availability fell from about 1.8% in late June to about 1.2% in early August.

On tenancy length, Redmond's apartment retention rate currently runs about 67.9%, which implies an average tenancy of roughly 3.1 years. That is up from the low-60s reading we had at the end of the second quarter, so apartment tenants in Redmond are staying put longer than they were three months ago. Single-family tenancy is not separately surveyed, but nationally detached-home renters skew older and stay longer than apartment renters, and Redmond's tenant profile in this segment is heavily family-oriented. Treat 3.1 years as a floor for your single-family holdings and plan turnover reserves against something closer to four years.

This Month's Driver: Hearthstone Delivers Its First Homes

On July 30, Hayden Homes cut the ribbon on the first completed homes at Hearthstone at Redmond Ranch, the first community to open inside the roughly 400-acre Redmond Ranch development area in northwest Redmond. Starting prices are $374,990, against a Redmond median sale price of $519,818 as of July.

You are going to hear this framed as a wave of new supply that threatens rental demand. Look closer at the product before you accept that.

These are attached townhomes, two and three bedrooms, ranging from 800 to 1,268 square feet. Phase one is 38 units, with roughly 400 planned across the full buildout over what the builder describes as a multi-year neighborhood. Hayden Homes states the price point is attainable for households earning at or below 74% of area median income without subsidy, in a city where the median household of four earns about $120,200.

That footprint does not compete with a detached three or four-bedroom rental at $2,431 or $2,815. An 800 to 1,268 square foot attached townhome competes with the townhome tier around $1,954 and with Redmond apartments around $1,787. If you own a detached family home in Redmond, Hearthstone is not your competition. If you own a small townhome or a duplex side, it is.

Where Hearthstone does matter to detached-home owners is on a longer clock, and in two directions at once. It is a real path to ownership for entry-level renters, which chips at the bottom of the demand pool over several years. It is also precisely the product small investors buy one at a time and convert to rentals. The date to have circled is 2027 into 2028, when the first Hearthstone buyers hit the point where they might sell or rent out. That is the leading indicator worth tracking, and it will show up in listing counts long before it shows up in any permit report.

What The Apartment Market Is Telling You

Apartments are not the focus of this report, but Redmond's multifamily segment has a longer and more stable data history than the single-family series, which makes it the better read on where pricing is genuinely heading.

Redmond apartment in-place rent sits at about $1,787, up 3.7% year over year. Asking rent is roughly $1,977, up 1.7%. Occupancy has recovered to about 96.4%, a gain of 3.5 points over the last three months, though still down about 1.2 points from a year ago.

Read those two segments side by side and something useful appears. Apartments are up 3.7% year over year while single-family houses are down 5.3%. That is a nine-point spread, and it means the softness in Redmond is concentrated in the single-family tier specifically, not in the rental market broadly. Renters at the margin have been trading down from houses into apartments, and apartment occupancy recovering by three and a half points in a quarter is consistent with exactly that. When you price a house rental in Redmond right now, your real competition is partly a $1,977 apartment, not just the house down the street.

Jobs, People, And The Building Pipeline

Rental demand is ultimately a jobs and population story, so here is the wider picture. These series are reported on a trailing or quarterly basis because they are too noisy or too lagged to read month to month honestly.

Deschutes County unemployment ticked up to 4.7% in June, from 4.4% in April and May. On its own that looks like bad news. It is not, and the reason matters: employed persons in the county also rose in June, to 106,704 from 106,210 in May. Both numbers going up at once means the labor force grew faster than jobs were added, which is what in-migration looks like in the data. People are still moving to Central Oregon and they need somewhere to live before they land work. Oregon statewide unemployment rose further over the same month, from 4.8% to 5.3%, so Deschutes County is holding up better than the state.

On supply, the Bend-Redmond metro permitted 1,553 single-unit homes in the twelve months through June, up 9.6% from 1,417 in the prior twelve-month window. Total private permits ran 3,197, implying roughly 1,644 multifamily units. Nearly all of that apartment construction is concentrated in Bend proper rather than Redmond. Redmond's own single-family permitting has been running the other direction, with reported activity down roughly a quarter from the prior year.

The takeaway for a Redmond landlord: your competing supply over the next two years is not coming from ground-up apartment construction in town. It is coming from resale inventory and from investor-converted homes, including eventually Hearthstone. That is a slower, quieter form of competition, and it is harder to see coming.

One more figure to plan against. Oregon's 2026 rent increase cap is 9.5%, applying once per twelve-month period to units at least fifteen years old, with ninety days written notice. That is your legal ceiling on an existing tenancy. It is not a target, and this year in Redmond it is nowhere near what the market will bear.

Why This Matters For Your Rental

Put the pieces together and Redmond in July 2026 is a market that has stopped falling but has not started rising. Rent is flat month over month, the year-over-year decline is narrowing, inventory is genuinely thin at 26 available houses, and the homes that remain unleased are taking longer to move. Underneath that, the local job market is adding workers, population is still flowing in, and no meaningful wave of new apartment supply is aimed at Redmond specifically. Those are the ingredients of a floor forming, not a market in trouble.

But a floor is not a launchpad, and the single biggest mistake available to a Redmond landlord this quarter is reading "inventory is tight" as permission to push rent. Days on market at 83 says the market will not absorb an aggressive ask. Rents down 5.3% year over year says your tenant almost certainly has cheaper options than they did last year. And the calendar says you are two to three months from the point where, last year, asking rents fell nearly nine percent.

The winning move this quarter is not maximizing rent. It is maximizing occupancy through the winter at a fair number, and positioning to capture rent growth in the spring of 2027 when the year-over-year math turns positive and the seasonal demand window reopens. A tenant retained at $2,400 through March is worth substantially more than a vacancy chasing $2,600 through February.

More Central Oregon Market Reports

Redmond does not move in isolation. Compare this month against our Bend rental market reports and our Sisters rental market reports, or browse the full archive of Central Oregon rental market reports. Prior Redmond editions, including the Redmond Q1 2026 quarterly report and the Redmond April 2026 monthly report, are available on our Redmond rental market reports hub.