SMI APARTMENT UPDATE

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SMI Real Estate surveyed 11,438 units total during the month of December 2024. This rent and vacancy apartment survey covers Salem, Keizer, Albany and surrounding Willamette Valley communities.

SALEM-KEIZER RENTS

PRE 1990 ERASTUDIO1BD2BD3BD
Keizer111213051483
Central Salem1003105112891313
North East Salem110713001697
Suburban SE Salem1045122613981633
South East Salem975117515231681
South Salem910110814891795
West Salem875121613361500
Average1004115714011610
POST 1990 ERASTUDIO1BD2BD3BD
Keizer131114741716
Central Salem1570167516172486
North East Salem1040130113411562
Suburban SE Salem1000122913531564
South East Salem1245138114911777
South Salem121814381790
West Salem980153816791755
Average1157138814781699

OUTLYING MARKET RENTS

CitySTUDIO1BD2BD3BD
Albany850117814131606
Stayton119210921381
Aumsville13251750
Sublimity1400
Monmouth96611741361
Independence1220138816531721
Dallas112514391699

VACANCY

CityPercent
Keizer1.6%
Central Salem3.3%
North East Salem1.4%
Suburban SE Salem1.6%
South East Salem1.9%
South Salem3.4%
West Salem2.1%
Albany2.8%
Stayton, Aumsville, Sublimity1.1%
Dallas, Monmouth, Independence1.6%
SMI Real Estate President & CEO Gabe Johansen

Message from Gabe Johansen:

September 10, 2024

Multifamily has weathered a perfect storm with rising expenses, decreasing rents, and the lowest transaction volume in decades; however, partly sunny skies are in the forecast. While many Oregon markets were overbuilt in recent years, the pipeline for new product is emptying and the next few years will net below average deliveries. I expect demand fundamentals to be strong and for the market to become landlord friendly again in the near future. If you are interested in buying, selling, borrowing, or investing, please reach out to me. Our world class team looks forward to serving you as the market begins its comeback!.

Thank you,

Additional resources: Rental Housing Journal | CREXI | LoopNet

SMI Real Estate President & CEO Gabe Johansen