Union (OR) Investor Pulse Report (2026-Q1)

Investors hold a significant footprint in Union County's housing market, owning 1,972 Single-Family Residential (SFR) properties, which constitutes 33.1% of the total 5,960 SFRs. This high penetration rate underscores the importance of rental properties in the local market.

The investor landscape is overwhelmingly dominated by individuals rather than corporations. Individual landlords own 1,769 properties, making up 89.7% of the investor-owned portfolio, while companies own the remaining 243 properties (12.3%).

This individual dominance is also reflected in the entity counts, with 2,347 individual landlords compared to just 184 company landlords. This highlights that the market is driven by small-scale real estate investing, not large-scale corporate operations.

A strong preference for all-cash ownership is evident, with 1,325 properties owned outright versus 647 that are financed. This 2-to-1 cash-to-finance ratio suggests that many local investors have high liquidity and are less leveraged against market fluctuations.

The portfolio is almost entirely focused on generating rental income. A total of 1,953 properties are classified as rented, accounting for 99.0% of all investor-owned homes and confirming their role as primary housing providers in the rental sector.

Landlords in Union County demonstrated a remarkable ability to acquire properties below market rates in the first quarter of 2026. They paid an average of $245,087, which is a full 22.8% less than the $317,337 paid by traditional homeowners, resulting in a substantial $72,250 average discount per property.

This pricing advantage has been inconsistent over the past year, indicating shifting market dynamics or investor strategies. For instance, in Q1 2025 landlords paid a 2.0% premium, but by Q2 2025 they secured a 10.7% discount, highlighting the volatility in deal-making.

The average acquisition price for landlords in Q1 2026 ($245,087) marks a significant reset from 2025 highs, which averaged $321,595. This new price point is more aligned with the pandemic-era average of $240,379 (2020-2023), suggesting either a market-wide price correction or a strategic shift toward lower-cost assets.

The quarter-over-quarter trend shows a dramatically widening gap in favor of investors. The 2.4% discount seen in Q3 2025 pales in comparison to the 22.8% discount achieved in the most recent quarter, signaling investors' increasing bargaining power or success in finding off-market deals.

Investor activity surged in the last quarter, with landlords purchasing 19 of the 42 total SFRs sold, capturing a commanding 45.2% share of the market. This high level of activity indicates strong demand from investors for local housing stock.

The acquisition activity was almost exclusively driven by small-scale investors. Mom-and-pop landlords (owning 1-10 properties) accounted for 18 of the 19 investor purchases, representing 94.7% of the total investor buy-side activity.

New entrants are the primary driver of market growth. First-time or single-property landlords (Tier 01) were the most active group, purchasing 15 properties. This represents 78.9% of all investor acquisitions for the quarter, signaling a healthy influx of new capital from small players.

In stark contrast, institutional investors (1,000+ properties) made zero purchases in the quarter. Their absence reinforces the narrative that Union County's real estate investment landscape is defined by local, small-scale operators, not large national firms.

Even mid-size landlords were relatively quiet, with only one purchase made by an entity in the 101-1,000 property tier. The data clearly shows that the market's momentum is concentrated at the smallest end of the investor spectrum.

The ownership structure in Union County is overwhelmingly dominated by small landlords. Investors with portfolios of 1-10 properties (Tiers 01-04) collectively own 97.8% of all investor-held SFRs, debunking any notion of large-scale corporate control.

The concentration at the smallest tier is particularly pronounced. Single-property landlords (Tier 01) are the backbone of the market, holding 1,601 properties, which accounts for 78.6% of the entire investor-owned portfolio.

Mid-size landlords (11-1000 properties) have a very limited footprint, collectively owning just 41 properties or 2.1% of the total. This thin middle-market further emphasizes the market's reliance on small operators.

Institutional investors (Tier 09, 1,000+ properties) have virtually no presence in Union County, owning a mere 3 properties. This 0.1% share confirms that the local rental market is shaped by individuals and small businesses, not Wall Street firms.

The distribution clearly shows a market built from the ground up, with the vast majority of rental housing provided by landlords who own just one or two properties.

While individual investors dominate the overall market, a clear crossover point emerges as portfolios grow. Companies become the majority owners in the 6-10 property tier, holding 23 properties (54.8%) compared to 19 held by individuals (45.2%).

In smaller tiers, individual ownership is supreme. For single-property portfolios, individuals own 1,492 homes (91.5%), and for two-property portfolios, they own 182 homes (87.5%), highlighting their role in the entry-level investment space.

The pattern of ownership becomes stratified in larger tiers. After individuals retake the majority in the 11-20 property tier (92.9%), companies assert near-total dominance in the 21-50 property tier, owning 25 of 26 properties (96.2%). This suggests that scaling beyond 20 properties is primarily pursued through a corporate structure.

This bifurcation indicates different growth strategies. Individuals tend to accumulate a small number of properties, while entities aiming for larger-scale operations are structured as companies from an earlier stage to facilitate growth.

Investor activity in Union County is highly concentrated geographically, though volume and saturation rates tell different stories. The 97850 zip code is the epicenter of investor ownership by sheer count, with 1,089 properties held by investors.

However, the highest market penetration occurs in smaller, more rural zip codes. Both 97859 and 97886 show a 100.0% investor ownership rate, indicating these areas may consist entirely of rental communities or vacation properties.

A clear distinction exists between areas with the most investor properties and those with the highest investor share. For example, 97850 holds the most properties but has a 26.4% ownership rate, whereas 97867 has only 100 investor-owned homes but an extremely high 79.4% ownership rate.

The top five zip codes by investor-owned property count are 97850 (1,089), 97883 (318), 97827 (272), 97824 (119), and 97867 (100). These areas represent the core of Union County's rental market.

This geographic data reveals pockets of intense investor saturation, particularly in smaller communities, alongside broader concentration in the county's more populated areas.

Landlords in Union County are aggressively expanding their portfolios, operating as decisive net buyers. The transaction data from 2025 shows an overwhelming buy-to-sell ratio of 20-to-1, with 141 properties purchased and only 7 sold.

This accumulation strategy has been consistent over time. In 2024, landlords also acted as strong net buyers, acquiring 117 properties while divesting only 17. This sustained activity signals strong confidence in the local rental market.

The net portfolio growth is substantial, with a gain of 134 properties in 2025 and 100 properties in 2024. This trend indicates that investors are in a long-term hold-and-expand phase rather than a speculative flipping cycle.

Quarterly data from 2025 reinforces this pattern. In Q3, investors bought 39 properties and sold just 4, and in Q2 they bought 40 while selling only 1. This consistent, high-velocity acquisition demonstrates a sustained appetite for local SFR assets.

Institutional transaction data is absent, which aligns with their minimal ownership, confirming that this net buying pressure comes entirely from small and mid-sized local investors.

In the first quarter, investors were a driving force in the market, participating in 23 of the 56 total SFR transactions. This activity gives landlords a significant 41.1% share of all transactions, highlighting their role in market liquidity.

A critical finding from the quarter's activity is that 100% of investor acquisitions came from non-investor sellers. The fact that zero properties were bought from other landlords indicates that investors are expanding the total rental pool, not just trading assets among themselves.

The bulk of transactions were executed by the smallest investors. Single-property (Tier 01) landlords were responsible for 19 of the 23 investor transactions, reinforcing that market entry and growth are happening at the grassroots level.

Pricing strategies appear to differ by scale. The single large investor active this quarter acquired a property for $180,000, significantly less than the average $247,316 paid by single-property investors. This could reflect a focus on distressed assets or an ability to secure better deals at scale.

Institutional investors logged zero transactions, once again confirming their absence from the active Union County market.