Bend, Oregon Short-Term Rental Market
Bend, OR STRs averaged $235/night at 41.5% occupancy in April 2026, generating $2,866/month across a market with a strict 500-foot separation rule for non-owner-occupied rentals.
Quick Answer: Bend, Oregon is an active short-term rental market. average occupancy is 42%. average monthly revenue is $2,866. average daily rate is $235. the top operator is Vacasa with 536 listings. market score is 66/100 (grade C).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Bend, Oregon is a four-season outdoor recreation city of approximately 107,000 residents, and its short-term rental market is one of the more active mid-size Western US markets. In April 2026, the market posted an average daily rate of $235 and 41.5% occupancy, generating average monthly revenue of $2,866 per active listing. RevPAR stood at $98 for that month.
Year-over-year, April 2026 showed a 2.3 percentage point occupancy decline relative to the prior year period, while ADR rose 9.0% and revenue remained essentially flat (up 0.3%). The rate-occupancy divergence indicates pricing power held but demand softened modestly.
The longer view shows Bend’s market has repriced substantially upward. From 2017 through 2025, average annual ADR grew from $239 to $286 and annual revenue per listing rose from $2,826 to $4,216. The 2021-2022 peak (occupancy reaching 65.2% in 2021) was followed by a normalization, with 2025 showing partial recovery at 52.0% average annual occupancy.
The listing base is overwhelmingly entire-place inventory, which accounts for approximately 97% of listings in the dimensional snapshot. Private room listings represent the remaining 3%; no shared room listings appear. Three-bedroom properties (32%) are the most common size, followed by two-bedroom (21%) and one-bedroom (21%). Four-bedroom (16%) and five-bedroom (10%) units make up the larger end.
Market scores show strong revenue growth momentum (83.75), solid rental demand (75.28), and a favorable regulation score (73.80). However, the seasonality score is 47.57, reflecting significant summer peak concentration. Overall investability sits at 66.80 and the composite total score is 65.67. The seasonality score is the primary drag on the composite.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 37% | $226 | $2,392 |
| Feb | 46% | $225 | $2,546 |
| Mar | 49% | $218 | $2,855 |
| Apr | 44% | $204 | $2,565 |
| May | 54% | $227 | $2,876 |
| Jun | 69% | $283 | $4,855 |
| Jul | 79% | $308 | $6,285 |
| Aug | 74% | $300 | $5,882 |
| Sep | 53% | $242 | $3,470 |
| Oct | 44% | $206 | $2,631 |
| Nov | 38% | $214 | $2,072 |
| Dec | 47% | $254 | $2,813 |
Top Short-Term Rental Operators in Bend
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Vacasa | 536 | 27,927 | ★ 4.55 |
| 2 | Sunriver Resort | 419 | 1,443 | ★ 4.64 |
| 3 | Bennington Properties | 251 | 9,343 | ★ 4.83 |
| 4 | Meredith Lodging | 216 | 6,603 | ★ 4.50 |
| 5 | Arrived Vacation Rentals | 198 | 13,426 | ★ 4.77 |
What Kind of STR Should I Buy in Bend?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 1,253 |
| 2 bed | 1,280 |
| 3 bed | 1,916 |
| 4 bed | 946 |
| 5 bed | 580 |
ADR by Property Tier
| Entire Home | $240 |
| Luxury | $378 |
| Professionally Managed | $276 |
Revenue by Dwelling Type
| Apartment | $2,331 |
| Entire Place | $2,911 |
| House | $3,073 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 26.7% |
| vrbo | 11.4% |
| both | 62% |
Investment Analysis
At a typical home value of $735,193 and average monthly STR revenue of $2,866, the gross STR yield on a market-rate purchase in Bend runs approximately 4.7% annually before expenses (computed as $34,388 annualized revenue divided by $735,193 typical value). That is a below-average yield for a market at this price point, though the 2025 annual average revenue of $4,216/month would put the annual run at $50,592 for an established, full-year operator.
ADR by tier shows meaningful upside from the all-listing base. The average of $235 compares to $240 for entire-home properties, $276 for professionally managed listings, and $378 for luxury-tier properties. The professionally managed premium over market average is $41/night (17%). The luxury tier commands a $143/night premium (61%) over the market average.
On the revenue side, house properties averaged $3,073/month in April 2026, entire-place listings averaged $2,911, and apartment/condo units averaged $2,331. The house premium over apartments is $742/month (32%).
Housing market conditions in April 2026: typical home value $735,193, median sale price $761,000, and median list price $818,000. The sale-to-list ratio of 0.930 indicates homes sold at an average of 93% of asking, a buyer’s market signal. Inventory stood at 758 active for-sale listings with a median days-to-pending of 17. These conditions suggest negotiating room on acquisition price exists, though at these price levels the gross yield math is constrained without strong seasonal revenue.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
In April 2026, Bend STR guests booked an average of 46 days in advance, with an average length of stay of 3.98 nights.
A 46-day lead time is slightly longer than many comparable Western markets, consistent with Bend’s reputation as a planned-destination market where visitors often coordinate around specific outdoor events, ski season, or travel groups. The practical implication: the 30-60 day window is the primary booking zone, but the 60-90 day window also captures meaningful bookings. Operators can hold pricing firm longer before discounting.
The 3.98-night average stay is essentially a four-night visit, suggesting a strong pattern of Thursday-Monday or Friday-Tuesday stays. This is more favorable than strictly weekend-only demand because it spans shoulder days (Sunday-Monday) that pure weekend markets miss. Lower turnover per booking compared to 2- or 3-night minimum markets also reduces per-stay cleaning and supply costs, improving per-booking margin.
Short-Term Rental Regulations
Bend operates a two-tier STR permit system with one of the more complex regulatory frameworks among major Oregon markets.
Type I permits cover three scenarios: (1) infrequent whole-house rentals capped at 30 days or 4 rental periods per year; (2) owner-occupied rentals of up to 2 rooms while the owner is present on-site; and (3) whole-house rentals in commercial or mixed-use zones. Type I infrequent-use permits are exempt from room tax.
Type II permits cover all other whole-house rentals and accessory dwelling units (ADUs) in residential zones. The defining constraint on Type II properties is a 500-foot minimum separation requirement from any existing Type II STR. City analysis showed that when this rule took effect, eligible parcels dropped from 66% to 46% of residential lots, creating a meaningful supply ceiling in dense neighborhoods.
Every STR requires both a one-time Land Use Permit (ranging from approximately $764 for Type I infrequent to $3,657 and higher for Type II) and an annual Operating License ($350 initial, $255 at renewal). A transportation supplement of $108 to $200/year took effect July 1, 2025. Operators must notify neighbors within 250 feet of a 24/7 emergency contact before applying. Occupancy is capped at 2 guests per bedroom plus 2 additional guests.
The room tax rate is 10.4% of gross rental revenue for the City of Bend, plus Oregon’s state lodging tax of 1.5% through December 31, 2025, increasing to 2.5% effective January 1, 2026 under HB 2977. The combined rate was approximately 11.9% in 2025 and will be approximately 12.9% in 2026.
Enforcement severity is rated strict. Code officers actively cross-check online listings against the licensed rental database.
Market Comparison
The US short-term rental median occupancy is approximately 55% and median ADR approximately $220. Bend’s April 2026 occupancy of 41.5% is below the national median, though April is a soft month here. The 2025 annual average of 52.0% is below the national median but closer. At $235 ADR in April and $286 for full-year 2025, Bend prices above the national median by approximately 30%.
Bend’s revenue growth score of 83.75 is a standout metric, placing it in the upper tier of US markets for rate appreciation trajectory. The rental demand score of 75.28 is also above average, and the regulation score of 73.80 is favorable for a city with an active permit program.
The operator landscape is professionally managed. Vacasa leads with 536 listings and 27,927 reviews at a 4.55 average rating. Sunriver Resort holds 419 listings (a notable resort-management presence) at a 4.64 rating. Bennington Properties manages 251 listings at a 4.83 rating. The top three operators account for substantial market share, and their aggregate review counts signal a well-established professional management ecosystem.
The 500-foot Type II separation rule is a structural supply constraint that has no direct equivalent in most major US STR markets, and it creates a more durable barrier to new competitive supply than permitting costs alone.
Frequently Asked Questions About Bend, Oregon
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What is the 500-foot rule for Airbnb in Bend, OR?
What are the STR permit requirements in Bend, OR?
What is the STR tax rate in Bend, OR?
What is the best month for STR revenue in Bend, OR?
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