SMI APARTMENT UPDATE

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SMI Real Estate surveyed 16,239 units total during the month of June 2021. 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
Keizer87910781283
Central Salem86387910661150
North East Salem8829731600
Suburban SE Salem85090211001218
South East Salem75090010921282
South Salem74091812041531
West Salem72588810381428
Average83789210751288
POST 1990 ERASTUDIO1BD2BD3BD
Keizer109211991445
Central Salem1185139018142335
NorthEast Salem975110511611458
Suburban SE Salem900100211351377
SouthEast Salem1110113212551451
South Salem99812971545
West Salem825121414061535
Average1021113412511486

OUTLYING MARKET RENTS

CitySTUDIO1BD2BD3BD
Albany82090711561382
Stayton9129221125
Aumsville10501395
Sublimity1075
Monmouth5337599731081
Independence955108612771358
Dallas8849951368
Lincoln City87211011128

VACANCY

CityPercent
Keizer1.2%
Central Salem4.2%
NorthEast Salem1.7%
Suburban SE Salem1.3%
SouthEast Salem1.7%
South Salem1.3%
West Salem2.2%
Albany2.2%
Stayton, Aumsville, Sublimity0.5%
Dallas, Monmouth, Independence1.3%
Lincoln City1.2%

MID-VALLEY VACANCY

0
%

Salem
Keizer

0
%
Albany
0
%
Lincoln City
0
%
Dallas
Monmouth
Independence
0
%
Stayton
Aumsville
Sublimity

VACANCY TREND

3 YEAR

RENT TREND

3 YEAR

SMI Real Estate President & CEO Gabe Johansen

Message from Gabe Johansen:

COVID continues to change the landscape of the Oregon apartment market. Vacancy remains low but economic vacancy paints a darker picture with a high rate of delinquency in 2021. Landlords are grappling with new laws and the eviction moratorium lingers in various forms. Rents on turnover have increased at an incredible rate in Q2 as a result of almost no vacancy. While there is $300MM in government rental assistance in the pipeline, those funds may not arrive for some time. Take this opportunity to invest in your turnovers. Contact SMI as your resource in real estate brokerage, lending, and property management.

Thank you,

signature-gabe-johansen

Additional resources: Rental Housing Journal | CREXI | LoopNet