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HOUSING New Medford apartments fill up as fast as they can be built Comment By Damian Mann Mail Tribune Follow @@reporterdm MailTribune.com By Damian Mann Mail Tribune Follow @@reporterdm Posted Apr. 18, 2016 at 11:01 PM By Damian Mann Mail Tribune Follow @@reporterdm Posted Apr. 18, 2016 at 11:01 PM » Social News As fast as a 204-unit apartment complex is built on West Main Street, eager tenants are clamoring to move in. “The first two buildings are full,” said Philip Smith, one of the owners of Orchard Glen Estates LLC. About 35 workers are busy building the apartments at 2638 W. Main St., which will be one of the biggest apartment complexes erected in Medford in the past 10 years. The popularity of the apartments with prospective tenants is a testament to the low vacancy rates in the valley right now. The first of the 18-unit, three-story buildings in the first phase will be ready for tenants on May 13 while another similar building will be ready at a later date. Both buildings will be full as soon as they're completed, Smith said. Six more buildings on the 10-acre parcel are in various stages of completion for the first phase, and then an additional five buildings of various sizes will be built in the second phase, along with a clubhouse and swimming pool. All the apartments are two-bedroom, ranging in size from 1,100 to 1,300 square feet, and renting at $850-$950 a month. The apartments come equipped with appliances, including a washer and dryer. As Smith and other developers are well aware, the demand for apartments in the valley exceeds supply, with the vacancy rate countywide hovering just over 1 percent. Smith said the Charles Point Apartments complex his company built in south Medford with 600 units has a waiting list of would-be renters. “We have a zero percent vacancy rate,” he said. At Charles Point, as soon as tenants give their 60-day notice, a new tenant is lined up, waiting to get into one of the apartments. While the national rental vacancy rate is 7 percent, Oregon has a 3.5 percent vacancy rate. According to the Southern Oregon Rental Owners Association, the vacancy rate is 1.09 percent locally. Of the 6,221 units available, only 68 are vacant. Smith, who said he is not a member of the association, said 144 units will be built at Orchard Glen Estates during the first phase and 60 in the second phase. He said his company has owned the West Main property for three years and had been working to get all the planning approvals during that time. Once the project is completed, its estimated value will be $23 million, Smith said. He said his company owns other land in the city, but it takes three to five years from initial design to planning approval. He said he expects to build 400 to 500 more apartments over the next five to six years. Reach reporter Damian Mann at 541-776-4476 or [email protected]. Follow him on Twitter @reporterdm. By Damian Mann Mail Tribune Follow @@reporterdm MailTribune.com By Damian Mann Mail Tribune Follow @@reporterdm Posted Apr. 18, 2016 at 11:01 PM » Comment or view comments Reader Reaction » STAY INFORMED Email NewsLetter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Southern Oregon Directory Featured Businesses Loading... 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