SMI APARTMENT UPDATE

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SMI Real Estate surveyed 13,714 units total during the month of June 2023. This rent and vacancy apartment survey covers Salem, Keizer, Albany and surrounding Willamette Valley communities.

SALEM-KEIZER RENTS

PRE 1990 ERASTUDIO1BD2BD3BD
Keizer103811831527
Central Salem999102412311501
North East Salem115012651451
Suburban SE Salem1029114113161353
South East Salem900114113381493
South Salem909103914291631
West Salem87594513091625
Average987106913111527
POST 1990 ERASTUDIO1BD2BD3BD
Keizer138514951642
Central Salem1550180319712254
NorthEast Salem1036127713791675
Suburban SE Salem975120112971559
SouthEast Salem1245134014961731
South Salem128914111704
West Salem975154115921677
Average1149142514891694

OUTLYING MARKET RENTS

CitySTUDIO1BD2BD3BD
Albany820103612811507
Stayton109710671393
Aumsville12791595
Sublimity1375
Monmouth86111111252
Independence1220134916161663
Dallas110611991511

VACANCY

CityPercent
Keizer1.6%
Central Salem3.8%
NorthEast Salem1.6%
Suburban SE Salem2.2%
SouthEast Salem1.6%
South Salem2.1%
West Salem2.0%
Albany1.4%
Stayton, Aumsville, Sublimity1.5%
Dallas, Monmouth, Independence2.1%

MID-VALLEY VACANCY

Salem
Keizer
0
%

0.1%

Albany
0
%

0.1%

Dallas
Monmouth
Independence
0
%

1.0%

Stayton
Aumsville
Sublimity
0
%

1.5%

VACANCY TREND

3 YEAR

RENT TREND

3 YEAR

SMI Real Estate President & CEO Gabe Johansen

Message from Gabe Johansen:

February  10, 2023

2023 is pacing to be the worst year for apartment transaction volume. Many buyers are waiting to see if there will be blood in the water while sellers are dreaming of days past when rising interest rates were not top of every news cycle. In the meantime, unless you have a loan that is maturing within the next year or two, you should be enjoying high occupancy and marginal rent increases. While there are few sales to support this hypothesis, we expect cap rates to expand at a faster rate than rents which will drive prices lower but not significantly.

Thank you,

Additional resources: Rental Housing Journal | CREXI | LoopNet

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