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SMI Commercial Real Estate surveyed 15,512 units total during the month of December 2020. This rent and vacancy apartment survey covers Salem, Keizer, Albany, Lincoln City, and surrounding Willamette Valley communities.
| PRE 1990 ERA | STUDIO | 1BD | 2BD | 3BD |
| Keizer | 835 | 1087 | 1235 | |
| Central Salem | 868 | 856 | 1019 | 1109 |
| North East Salem | 856 | 958 | 1428 | |
| Suburban SE Salem | 750 | 840 | 1095 | 1105 |
| South East Salem | 695 | 829 | 1120 | 1286 |
| South Salem | 700 | 938 | 1172 | 1579 |
| West Salem | 725 | 854 | 997 | 1373 |
| Average | 808 | 855 | 1046 | 1271 |
| POST 1990 ERA | STUDIO | 1BD | 2BD | 3BD |
| Keizer | 1068 | 1144 | 1429 | |
| Central Salem | 1141 | 1258 | 1506 | 1849 |
| NorthEast Salem | 975 | 1089 | 1103 | 1302 |
| Suburban SE Salem | 856 | 974 | 1083 | 1321 |
| SouthEast Salem | 1050 | 1079 | 1276 | 1443 |
| South Salem | 1047 | 1267 | 1548 | |
| West Salem | 799 | 1198 | 1308 | 1532 |
| Average | 1006 | 1107 | 1213 | 1439 |
| City | STUDIO | 1BD | 2BD | 3BD |
| Albany | 815 | 851 | 1108 | 1372 |
| Stayton | 912 | 900 | 1127 | |
| Aumsville | 1025 | 1300 | ||
| Sublimity | 1075 | |||
| Monmouth | 543 | 753 | 947 | 1082 |
| Independence | 936 | 1062 | 1212 | 1303 |
| Dallas | 867 | 952 | 1375 | |
| Lincoln City | 847 | 1079 | 1138 |
| City | Percent |
| Keizer | 1.2% |
| Central Salem | 3.5% |
| NorthEast Salem | 1.4% |
| Suburban SE Salem | 1.9% |
| SouthEast Salem | 2.9% |
| South Salem | 1.4% |
| West Salem | 2.1% |
| Albany | 2.5% |
| Stayton, Aumsville, Sublimity | 0.6% |
| Dallas, Monmouth, Independence | 1.6% |
| Lincoln City | 1.3% |
Message from Gabe Johansen:
The second half of 2020 presented new challenges as the lockdowns began to affect a higher percentage of renters’ ability to pay. While actual vacancy hit all-time lows, economic vacancy painted a much different picture. Apartment assets fared better than other asset classes, although rents began to retreat from historic highs and tenants slipped into arrears. HB4401 will provide some relief to tenants and landlords as nearly $500MM will be available to bring rents current for those impacted by COVID-19. Navigating the real estate world has become even more complex. Please use SMI as resource for your brokerage, management, and lending needs. Here’s to the “new normal” and a brighter summer update. Cheers!
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