SMI APARTMENT UPDATE

Receive SMI Apartment Updates in your email as soon as they are released!

Visit our Multifamily page for current listings.

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
Keizer 111213051483
Central Salem1003105112891313
North East Salem 110713001697
Suburban SE Salem1045122613981633
South East Salem975117515231681
South Salem910110814891795
West Salem875121613361500
Average1004115714011610

 

POST 1990 ERASTUDIO1BD2BD3BD
Keizer 131114741716
Central Salem1570167516172486
North East Salem1040130113411562
Suburban SE Salem1000122913531564
South East Salem1245138114911777
South Salem 121814381790
West Salem980153816791755
Average1157138814781699

OUTLYING MARKET RENTS

CitySTUDIO1BD2BD3BD
Albany850117814131606
Stayton 119210921381
Aumsville  13251750
Sublimity  1400 
Monmouth 96611741361
Independence1220138816531721
Dallas 112514391699

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:

March 20, 2025

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,

signature-gabe-johansen

Additional resources: Rental Housing Journal | CREXI | LoopNet