SMI Apartment Update

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SMI Commercial Real Estate surveyed 15,341 units total during the month of June 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
Keizer80910441291
Central Salem8498289231027
NorthEast Salem8159371425
Suburban SE Salem69481710341103
SouthEast Salem69583410371283
South Salem71387011031479
West Salem6508579661128
Average7788309921215
POST 1990 ERASTUDIO1BD2BD3BD
Keizer104811161419
Central Salem1145128114901786
NorthEast Salem965100510751341
Suburban SE Salem83193010411326
SouthEast Salem1050106112241413
South Salem97311261485
West Salem800102011871507
Average1000104411511432

OUTLYING MARKET RENTS

CitySTUDIO1BD2BD3BD
Albany82584210541209
Stayton8778971098
Aumsville10241300
Sublimity1050
Monmouth5347639421080
Independence933104112091284
Dallas8639881282
Lincoln City83910631099

VACANCY

CityPercent
Keizer1.3%
Central Salem2.2%
NorthEast Salem1.5%
Suburban SE Salem1.6%
SouthEast Salem2.0%
South Salem1.8%
West Salem2.1%
Albany1.9%
Stayton, Aumsville, Sublimity0.9%
Dallas, Monmouth, Independence2.1%
Lincoln City1.6%

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 Covid-19 lockdown, at this point in time, has reinforced multifamily assets as the darling of the investment world. At the outset of Q2, owners feared their tenants would become delinquent: however, collections have reached all-time highs across many portfolios as renters hunker down and, for the most part, have paid rent without deferments. Student housing markets are slightly softer as the virus shutdown talk looms, yet most mid-valley rents are on the rise while vacancy is approaching zero. Please allow SMICRE to be a resource as you maneuver through the second half of 2020.

For more resources:

Rental Housing Journal

CREXI

LoopNet