How high are Coos Bay rental prices going to get?

Water in the Coos Bay area with various posts sticking out.Photo byFabio SassoonUnsplash

It's June 2023 and Coos Bay is dealing with high rental prices. Many are close to disaster, especially if rental prices go up more over the next few months. Are prices as high as they will be or can we expect them to keep stable for a while?

According to the data on a website called Zumper, in Coos Bay the average price of a 1 room apartment at this time is $1,200 a month. This price is actually down from the highest price of $1,250 which was in April and early May. It would seem that prices are going down but it's a bit too early to say that a one or two month decrease is a trend.

On ApartmentFinder, there are stats that say prices have been around $743 a month on average for a one bedroom. However, when you look at what's available today on June 8th, 2023 at around 10am, the only 1 room place on the website has its rent set at $1,264.

This indicates that they average out the prices over a longer period of time since their average price is similar to what rent looked like before prices started to skyrocket.

It would seem that there is a chance rent is as high as it will get. However, don't think we're out of the woods yet because according to Oregon officials, landlords can raise rent by 14.6% in 2023. They can do this once a year and that means your rent may be going up soon if it hasn't already.

When looking at this increase, it is the highest rent hikes can legally go in Oregon. There were laws enacted that limit rental increases, so landlords will be able to raise the rent each year and it will be totally legal.

It's getting tough out there for people living in Coos Bay and those that wish to find a home here. Luckily, if you are renting and need assistance, you can get help from an organization like ORCCA.

I shared what ORCCA can help low income residents with in this story: https://original.newsbreak.com/@jason-s-world-1599262/3048277508556-orcca-in-coos-bay-can-help-low-income-residents-with-their-bills