SMI APARTMENT UPDATE

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SMI Real Estate surveyed 14,045 units total during the month of January 2022. This rent and vacancy apartment survey covers Salem, Keizer, Albany, Lincoln City, and surrounding Willamette Valley communities.

SALEM-KEIZER RENTS

PRE 1990 ERASTUDIO1BD2BD3BD
Keizer87611381411
Central Salem88692010741223
North East Salem89810341451
Suburban SE Salem84090811021129
South East Salem80090711741339
South Salem74095112421449
West Salem77587811191443
Average85190811151350
POST 1990 ERASTUDIO1BD2BD3BD
Keizer111512331469
Central Salem1470136213912005
NorthEast Salem975121412501468
Suburban SE Salem906100612041373
SouthEast Salem1110118314301509
South Salem105613111554
West Salem825121615041682
Average1079117713031542

OUTLYING MARKET RENTS

CitySTUDIO1BD2BD3BD
Albany825108112801393
Stayton9449781148
Aumsville11761495
Sublimity1250
Monmouth6557779891088
Independence1020114613381436
Dallas93710541417
Lincoln City87011261123

VACANCY

CityPercent
Keizer1.3%
Central Salem2.9%
NorthEast Salem1.2%
Suburban SE Salem1.2%
SouthEast Salem1.5%
South Salem1.4%
West Salem2.1%
Albany1.2%
Stayton, Aumsville, Sublimity1.2%
Dallas, Monmouth, Independence1.3%
Lincoln City0.9%

MID-VALLEY VACANCY

Salem
Keizer

0
%

0.1%

Albany
0
%

1.0%

Lincoln City
0
%

1.0%

Dallas
Monmouth
Independence
0
%

0.0%

Stayton
Aumsville
Sublimity
0
%

0.7%

VACANCY TREND

3 YEAR

RENT TREND

3 YEAR

SMI Real Estate President & CEO Gabe Johansen

Message from Gabe Johansen:

March 7, 2022

Oregon apartment values have realized dramatic growth over the last several months. Rents are once again on the rise and vacancy is almost non-existent. There is a high level of transaction volume yet not enough to satiate the appetites of 1031 buyers and out-of-state investors who are once again eyeing deals in Oregon. With the Fed expecting to raise rates to counter historic inflation, now is the time to consider selling, trading, or refinancing your projects. Call us today for a free property valuation or loan quote.

Thank you,

Additional resources: Rental Housing Journal | CREXI | LoopNet