SMI APARTMENT UPDATE

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SMI Real Estate surveyed 12,747 units total during the month of June 2022. This rent and vacancy apartment survey covers Salem, Keizer, Albany and surrounding Willamette Valley communities.

SALEM-KEIZER RENTS

PRE 1990 ERASTUDIO1BD2BD3BD
Keizer87411501379
Central Salem90398711761418
North East Salem97410421600
Suburban SE Salem995106112671312
South East Salem804108914301850
South Salem86598013611720
West Salem77593911671446
Average91497211851520
POST 1990 ERASTUDIO1BD2BD3BD
Keizer131913281566
Central Salem1512154417102365
NorthEast Salem1169123612121375
Suburban SE Salem920107812151478
SouthEast Salem1245131714351691
South Salem117014001550
West Salem850148615951644
Average1228135413801585

OUTLYING MARKET RENTS

CitySTUDIO1BD2BD3BD
Albany835100812611492
Stayton106610091340
Aumsville12541595
Sublimity1250
Monmouth73080210471160
Independence1082119214021456
Dallas100611371488

VACANCY

CityPercent
Keizer1.5%
Central Salem2.5%
NorthEast Salem1.1%
Suburban SE Salem2.2%
SouthEast Salem1.4%
South Salem3.6%
West Salem1.3%
Albany1.3%
Stayton, Aumsville, Sublimity1.1%
Dallas, Monmouth, Independence2.0%

MID-VALLEY VACANCY

Salem
Keizer

0
%

0.0%

Albany
0
%

0.1%

Dallas
Monmouth
Independence
0
%

0.7%

Stayton
Aumsville
Sublimity
0
%

0.1%

VACANCY TREND

3 YEAR

RENT TREND

3 YEAR

SMI Real Estate President & CEO Gabe Johansen

Message from Gabe Johansen:

July  26, 2022

Record home values and rapidly increasing interest rates have redirected aspiring homebuyers back into the rental market creating enormous demand. Rents are increasing at a dramatic rate and we expect multifamily property values to appreciate despite cap rate expansion as debt becomes more expensive. Give us a call today if you would like a free property valuation or market rent estimation.

Thank you,

Additional resources: Rental Housing Journal | CREXI | LoopNet