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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.
| PRE 1990 ERA | STUDIO | 1BD | 2BD | 3BD |
| Keizer | 809 | 1044 | 1291 | |
| Central Salem | 849 | 828 | 923 | 1027 |
| NorthEast Salem | 815 | 937 | 1425 | |
| Suburban SE Salem | 694 | 817 | 1034 | 1103 |
| SouthEast Salem | 695 | 834 | 1037 | 1283 |
| South Salem | 713 | 870 | 1103 | 1479 |
| West Salem | 650 | 857 | 966 | 1128 |
| Average | 778 | 830 | 992 | 1215 |
| POST 1990 ERA | STUDIO | 1BD | 2BD | 3BD |
| Keizer | 1048 | 1116 | 1419 | |
| Central Salem | 1145 | 1281 | 1490 | 1786 |
| NorthEast Salem | 965 | 1005 | 1075 | 1341 |
| Suburban SE Salem | 831 | 930 | 1041 | 1326 |
| SouthEast Salem | 1050 | 1061 | 1224 | 1413 |
| South Salem | 973 | 1126 | 1485 | |
| West Salem | 800 | 1020 | 1187 | 1507 |
| Average | 1000 | 1044 | 1151 | 1432 |
| City | STUDIO | 1BD | 2BD | 3BD |
| Albany | 825 | 842 | 1054 | 1209 |
| Stayton | 877 | 897 | 1098 | |
| Aumsville | 1024 | 1300 | ||
| Sublimity | 1050 | |||
| Monmouth | 534 | 763 | 942 | 1080 |
| Independence | 933 | 1041 | 1209 | 1284 |
| Dallas | 863 | 988 | 1282 | |
| Lincoln City | 839 | 1063 | 1099 |
| City | Percent |
| Keizer | 1.3% |
| Central Salem | 2.2% |
| NorthEast Salem | 1.5% |
| Suburban SE Salem | 1.6% |
| SouthEast Salem | 2.0% |
| South Salem | 1.8% |
| West Salem | 2.1% |
| Albany | 1.9% |
| Stayton, Aumsville, Sublimity | 0.9% |
| Dallas, Monmouth, Independence | 2.1% |
| Lincoln City | 1.6% |
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.
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