Corvallis ranks ninth among small U.S. metros for apartment construction. The city has taken steps to add new rental housing, but affordability is still a challenge for many residents.
Recent results:
- More than 350 affordable rental units completed in recent years
- Over 250 more units under construction now
- Zoning changes, development incentives, and a housing task force have supported this growth
These new apartments will expand options, but rent levels remain high compared to local incomes.
Current affordability data:
- Income needed for a 2-bedroom: $57,200 per year
- Income needed for a 3-bedroom: $81,280 per year
- 24% of families cannot afford a 2-bedroom at market rates
- 37% of families cannot afford a 3-bedroom
For renters, the best opportunities will be in new buildings as they open. Competition for affordable units will be high, so applying early is important.
If you are renting:
- Follow announcements of new developments
- Prepare application documents ahead of time
- Respond quickly when units become available
For investors, demand for well-located, fairly priced units will remain strong. Offering competitive rent levels and maintaining property quality will help keep vacancy rates low.
Rental growth is important, but affordability will stay a major issue in Corvallis. Both renters and property owners should plan with that in mind.