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SMI Real Estate surveyed 14,774 units total during the month of June 2024. This rent and vacancy apartment survey covers Salem, Keizer, Albany and surrounding Willamette Valley communities.
September 10, 2024
The apartment market is breathing a sigh of relief as the Fed now indicates it will begin cutting interest rates soon. It has been a tough 24 months for investors as buyers have dealt with high interest rates and a lack of liquidity in the debt markets, and sellers have had to contend with rising cap rates and expenses that outpaced rent growth. I am optimistic that we have turned the corner on what has been the most difficult real estate market in nearly 40 years. We expect rents to outpace expenses in 2025 and for cap rates to begin to recede from their current level around 6%.
Thank you,
Additional resources: Rental Housing Journal | CREXI | LoopNet
