SMI Apartment Update

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SMI 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.

EASY SIGNUP

SALEM-KEIZER RENTS

PRE 1990 ERASTUDIO1BD2BD3BD
Keizer83510871235
Central Salem86885610191109
North East Salem8569581428
Suburban SE Salem75084010951105
South East Salem69582911201286
South Salem70093811721579
West Salem7258549971373
Average80885510461271
POST 1990 ERASTUDIO1BD2BD3BD
Keizer106811441429
Central Salem1141125815061849
NorthEast Salem975108911031302
Suburban SE Salem85697410831321
SouthEast Salem1050107912761443
South Salem104712671548
West Salem799119813081532
Average1006110712131439

OUTLYING MARKET RENTS

CitySTUDIO1BD2BD3BD
Albany81585111081372
Stayton9129001127
Aumsville10251300
Sublimity1075
Monmouth5437539471082
Independence936106212121303
Dallas8679521375
Lincoln City84710791138

VACANCY

CityPercent
Keizer1.2%
Central Salem3.5%
NorthEast Salem1.4%
Suburban SE Salem1.9%
SouthEast Salem2.9%
South Salem1.4%
West Salem2.1%
Albany2.5%
Stayton, Aumsville, Sublimity0.6%
Dallas, Monmouth, Independence1.6%
Lincoln City1.3%

3 YEAR VACANCY TREND

3 YEAR RENT TREND

MID-VALLEY VACANCY

0
%
SALEM
KEIZER
0
%
DALLAS
MONMOUTH
INDEPENDENCE
0
%
ALBANY
0
%
STAYTON
AUMSVILLE
SUBLIMITY
0
%
LINCOLN CITY

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!

For more resources:

Rental Housing Journal

CREXI

LoopNet