Bend, OR
Oregon outdoor capital - ski, river, and craft beer market
Bend has emerged as one of the fastest-growing STR markets in the Pacific Northwest, combining Mt. Bachelor skiing, the Deschutes River, world-class mountain biking, and a nationally recognized craft beer scene. Year-round outdoor recreation creates multi-season demand. Deschutes County requires STR permits and limits licenses in certain residential zones.
Across 101 active STR-viable listings analyzed this month, Bend shows a 5.7% median cap rate at a $513K median list price, 54% occupancy, and $270/night. That ranks #6 of 57 markets in STRROI's live ranking. At typical prices the income covers expenses with a moderate margin; deals work best with a solid down payment or a below-market purchase.
Bend real estate market right now
As of October 16, 2026, STRROI is tracking 101 homes for sale in Bend that could run as short-term rentals, at a median list price of $512,588. The middle half are priced between $369K and $639K. That works out to a median of $298 per square foot for a typical 1,586 square foot home. Homes here have been on the market 84 days on average, shorter than the 101 days typical across the 56 markets in STRROI's ranking, so well-priced homes here tend to go quickly. 37 of them were listed in the last 30 days.
These numbers cover the homes for sale STRROI analyzes as potential short-term rentals in Bend, mainly ZIP 97701. They are not every home sale in the area, so they can differ from MLS-wide figures. Month-by-month price history starts Oct 2026 and fills in as the market is re-checked each month.
What's for sale in Bend right now
Of the 101 homes for sale we analyzed in Bend, 23 (23%) project positive monthly cash flow with 20% down at a 7.5% rate, and 6 rate Buy or better on STRROI's 1-10 scale. 3-bedroom homes are the most common (57 for sale, median $499K). Returns are strongest in 4-bedroom homes at a 6.9% median cap rate, and weakest in 2-bedroom homes at 4.5%. By property type, multi-family lead at a 6.7% median cap rate across 13 listings.
- Strong Buy: 2
- Buy: 4
- Moderate Buy: 8
- Watch: 14
- Weak: 60
- Avoid: 13
| Beds | For sale | Median price | Cap rate |
|---|---|---|---|
| 2 | 21 | $325K | 4.5% |
| 3 | 57 | $499K | 5.9% |
| 4 | 13 | $625K | 6.9% |
| 5+ | 9 | $799K | 5.8% |
| Type | For sale | Median price | Cap rate |
|---|---|---|---|
| Single-family homes | 41 | $625K | 5.0% |
| Manufactured homes | 25 | $279K | 5.7% |
| Townhouses | 15 | $449K | 6.6% |
| Multi-family | 13 | $660K | 6.7% |
| Condos | 7 | $315K | 3.6% |
Top-ranked homes for sale in Bend this month
Scored 1-10 against real Airbnb comps. Addresses, photos and the full underwriting are in the app.
- #1Strong Buy · 9/104 bd · 3 ba townhouseZIP 97701 · listed at $455K
- Cap rate
- 9.7%
- Cash flow
- +$1,119/mo
- Nightly
- $395 at 54%
- #2Strong Buy · 9/103 bd · 2 ba manufactured homeZIP 97701 · listed at $340K
- Cap rate
- 9.1%
- Cash flow
- +$669/mo
- Nightly
- $291 at 54%
- #3Buy · 8/104 bd · 3 ba single-family homeZIP 97701 · listed at $519K
- Cap rate
- 8.4%
- Cash flow
- +$737/mo
- Nightly
- $395 at 54%
How Bend compares
Bend ranks #6 of 57 markets nationally by median cap rate. Its 5.7% cap rate is 2.8 points above the 2.9% median across all 57 ranked markets, and its $513K typical list price is cheaper than the national median of $600K.
| Rank | Market | Cap rate | Typical price |
|---|---|---|---|
| #4 | Door County, WI | 5.7% | $400K |
| #5 | St. Augustine, FL | 5.7% | $300K |
| #6 | Bend, OR | 5.7% | $513K |
| #7 | New Orleans, LA | 5.7% | $450K |
| #8 | Napa Valley, CA | 5.5% | $675K |
Rank is national, by median cap rate across active STR-viable listings. Cash flow uses STRROI's default financing assumptions. See the full ranking
Estimated Annual Performance
* Estimates based on market averages. Individual property performance varies. Always run a full underwriting analysis.
Why Investors Choose Bend
Bend STR investing, answered
Is Bend, OR a good short-term rental market?
Bend is a Pacific Northwest STR market with a 5.7% median cap rate, 54% annual occupancy, and $270/night across STR-viable listings, based on 101 active listings. It ranks #6 of 57 markets by median cap rate in STRROI's live ranking. This month 6 of its 101 homes for sale rate Buy or better.
What is the average Airbnb occupancy rate in Bend?
STR-viable properties in Bend average about 54% occupancy across the year. Peak season is Dec - Mar (ski), June - Sept (outdoor). Occupancy here reflects availability-adjusted booking performance, not raw calendar occupancy, so it represents what a full-time operated rental can realistically achieve.
How much do short-term rentals earn in Bend?
At $270/night and 54% occupancy, a typical Bend STR grosses roughly $53,513 per year before expenses, leaving an estimated $32,108 in net operating income. Across analyzed listings the median cap rate is 5.7%. Individual results depend on property, amenities, and management.
What types of properties work best for STR in Bend?
Among homes for sale right now, 4-bedroom homes post the strongest median cap rate by size (6.9%), and multi-family lead by property type (6.7%). With guests, the best-performing STR types here are Single Family, Cabin, Townhouse, Condo. Matching the local guest profile and the amenities that drive bookings matters more than raw square footage.
How many homes for sale in Bend cash flow as an Airbnb?
23 of 101 STR-viable listings (23%) project positive monthly cash flow after the mortgage, assuming 20% down at a 7.5% rate on a 30-year loan. The top-ranked listing this month is a 4-bedroom townhouse in ZIP 97701 listed at $455K, projecting a 9.7% cap rate and +$1,119 a month.
What is the median home price in Bend, OR right now?
The median list price of the 101 homes for sale STRROI tracks in Bend is $512,588, and the middle half are priced between $369K and $639K. The median price per square foot is $298. These are homes that could run as short-term rentals, mainly ZIP 97701, not every sale in the area. Against a 5.7% median cap rate, that price level sets the return baseline you'd underwrite against.
How long do homes stay on the market in Bend?
Homes for sale in Bend have been listed 84 days on average, shorter than the 101 days typical across the 56 markets in STRROI's ranking, so well-priced homes here tend to go quickly. 37 of them were listed in the last 30 days.
Market averages, not guarantees. Cap rates, occupancy, and nightly rates are market-wide averages based on active STR listings and historical data. Individual property performance depends on location, amenities, management, and listing quality. Always run a full underwriting analysis before purchasing.Stats sourced from 101 active listings · last updated Oct 16, 2026
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