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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.
3 YEAR
3 YEAR
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
