A severe housing shortage along Oregon’s northern coast is forcing employers to take extraordinary measures to maintain operations, according to industry expert Rashelle Newmyer, who points to growing opportunities for strategic investment in the region.
“Rogue Breweries in Newport, Oregon, sometimes they’ll shuttle in people from Portland to come work at the distillery and the shipping distribution area, because they just can’t find locals to do it,” says Newmyer, former president of Women’s Council of Realtors in Oregon. “There’s not a lot of places for the locals to live.”
This workforce housing crisis, Newmyer argues, represents a significant market opportunity for investors willing to focus on long-term rentals rather than vacation properties.
According to Newmyer, many coastal counties have implemented caps on short-term rentals or halted them entirely in recent years. “If you already had one, you get to keep it, but no new ones are allowed to come in depending on the area you’re in,” she explains.
The policy shift aimed to preserve housing for local residents. However, Newmyer notes an unintended consequence: “Now that some of the counties have had it in place for while, they’re seeing those houses are now just sitting empty… not all the locals could actually afford those houses because of what’s going on in the market.”
“A great investment opportunity right now is if you were going to have long-term rentals,” Newmyer says. “Especially if you did like even a small 10-unit complex, it would fill up quickly, because there just isn’t a lot of rental options on the coast.”
The demand extends beyond residential to commercial properties. “There are quite a few commercial spaces available too,” Newmyer notes. “If you wanted to be a landlord of multiple commercial spaces, to have different shops come in, or restaurants and things like that.”
Newmyer points to specific opportunities for investors looking to enter the market: “I actually just sent yesterday a client two different motels that are closed that could be turned into condos or even short-term rentals if they wanted to reopen them as a hotel.”
These properties, including one 10-unit property, offer what Newmyer describes as manageable entry points into the market. “It’s not like a huge hotel or a huge undertaking, but it’d be a great way to get your foot in the door if you were thinking about dabbling in that kind of market.”
Despite seasonal fluctuations, Newmyer emphasizes the coast’s year-round appeal. “The nice thing about the Oregon coast is that it’s pretty much open year round. Even when it’s like storm season, people like to come in for storm season. They come in for whale watching, they come in for summer.”
This consistent tourism activity, combined with the severe housing shortage, suggests sustained demand for new residential and commercial development along Oregon’s northern coast, according to Newmyer.
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