SMI APARTMENT UPDATE

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SMI Real Estate surveyed 13,666 units total during the month of December 2023. This rent and vacancy apartment survey covers Salem, Keizer, Albany and surrounding Willamette Valley communities.

SALEM-KEIZER RENTS

PRE 1990 ERASTUDIO1BD2BD3BD
Keizer105213061533
Central Salem982105912951475
North East Salem112212821600
Suburban SE Salem900112513231425
South East Salem920114014581730
South Salem899120414921830
West Salem875121113341606
Average964111013331679
POST 1990 ERASTUDIO1BD2BD3BD
Keizer1015139615141683
Central Salem1550157416092250
NorthEast Salem1040126913711635
Suburban SE Salem990120613071594
SouthEast Salem1245134814781750
South Salem120614331755
West Salem975157416281782
Average1146139314831733

OUTLYING MARKET RENTS

CitySTUDIO1BD2BD3BD
Albany839114613271499
Stayton117710671397
Aumsville13141595
Sublimity1375
Monmouth86411591272
Independence1220143216351743
Dallas108112061527

VACANCY

CityPercent
Keizer1.6%
Central Salem3.6%
NorthEast Salem1.4%
Suburban SE Salem2.1%
SouthEast Salem3.2%
South Salem3.2%
West Salem1.5%
Albany2.5%
Stayton, Aumsville, Sublimity1.6%
Dallas, Monmouth, Independence1.3%

MID-VALLEY VACANCY

Salem
Keizer
0
%

0%

Albany
0
%

1.1%

Dallas
Monmouth
Independence
0
%

0.8%

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:

February  10, 2023

By many measures, 2023 was the worst multifamily year in decades. Expenses outpaced rent appreciation and a record number of post-pandemic deliveries created strong competition for tenants. Rents experienced strong downward pressure and aggressive concessions were offered on most vacant units. Borrowing rates doubled, bringing values down with higher cap rates. The hunt for “neutral leverage” brought transaction volume to a near standstill. The good news? It is 2024! Interest rates are receding, and a brighter future is ahead. Contact us today for ideas on how SMI can help you grow your portfolio and maximize profits!

Thank you,

Additional resources: Rental Housing Journal | CREXI | LoopNet

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