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
OUTLYING MARKET RENTS
| City | STUDIO | 1BD | 2BD | 3BD |
| Albany | 850 | 1178 | 1413 | 1606 |
| Stayton | 1192 | 1092 | 1381 | |
| Aumsville | 1325 | 1750 | ||
| Sublimity | 1400 | |||
| Monmouth | 966 | 1174 | 1361 | |
| Independence | 1220 | 1388 | 1653 | 1721 |
| Dallas | 1125 | 1439 | 1699 |
VACANCY
| City | Percent |
| Keizer | 1.6% |
| Central Salem | 3.3% |
| North East Salem | 1.4% |
| Suburban SE Salem | 1.6% |
| South East Salem | 1.9% |
| South Salem | 3.4% |
| West Salem | 2.1% |
| Albany | 2.8% |
| Stayton, Aumsville, Sublimity | 1.1% |
| Dallas, Monmouth, Independence | 1.6% |
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,
Additional resources: Rental Housing Journal | CREXI | LoopNet