Market Report
SMI Apartment Update
SMI Real Estate surveyed 11,438 units during March 2025. This rent and vacancy survey covers Salem, Keizer, Albany and surrounding Willamette Valley communities.
Salem–Keizer Rents
Average asking rents by submarket
Pre 1990 Era
| Area | Studio | 1 BD | 2 BD | 3 BD |
|---|---|---|---|---|
| Keizer | — | 1,112 | 1,305 | 1,483 |
| Central Salem | 1,003 | 1,051 | 1,289 | 1,313 |
| North East Salem | — | 1,107 | 1,300 | 1,697 |
| Suburban SE Salem | 1,045 | 1,226 | 1,398 | 1,633 |
| South East Salem | 975 | 1,175 | 1,523 | 1,681 |
| South Salem | 910 | 1,108 | 1,489 | 1,795 |
| West Salem | 875 | 1,216 | 1,336 | 1,500 |
| Average | $1,004 | $1,157 | $1,401 | $1,610 |
Post 1990 Era
| Area | Studio | 1 BD | 2 BD | 3 BD |
|---|---|---|---|---|
| Keizer | — | 1,311 | 1,474 | 1,716 |
| Central Salem | 1,570 | 1,675 | 1,617 | 2,486 |
| North East Salem | 1,040 | 1,301 | 1,341 | 1,562 |
| Suburban SE Salem | 1,000 | 1,229 | 1,353 | 1,564 |
| South East Salem | 1,245 | 1,381 | 1,491 | 1,777 |
| South Salem | — | 1,218 | 1,438 | 1,790 |
| West Salem | 980 | 1,538 | 1,679 | 1,755 |
| Average | $1,157 | $1,388 | $1,478 | $1,699 |
Outlying Markets
Willamette Valley outlying rents
Outlying Market Rents
| Area | Studio | 1 BD | 2 BD | 3 BD |
|---|---|---|---|---|
| Albany | 850 | 1,178 | 1,413 | 1,606 |
| Stayton | — | 1,192 | 1,092 | 1,381 |
| Aumsville | — | — | 1,325 | 1,750 |
| Sublimity | — | — | 1,400 | — |
| Monmouth | — | 966 | 1,174 | 1,361 |
| Independence | 1,220 | 1,388 | 1,653 | 1,721 |
| Dallas | — | 1,125 | 1,439 | 1,699 |
Vacancy
Vacancy by submarket
| Area | Vacancy |
|---|---|
| Keizer | 1.6% |
| Central Salem | 3.3% |
| North East Salem | 1.4% |
| Suburban SE Salem | 1.6% |
| South East Salem | 1.9% |
| South Salem | 3.4% |
| West Salem | 2.1% |
| Albany | 2.8% |
| Stayton, Aumsville, Sublimity | 1.1% |
| Dallas, Monmouth, Independence | 1.6% |
Message from Gabe Johansen
March 20, 2025
Multifamily has weathered a perfect storm with rising expenses, decreasing rents, and the lowest transaction volume in decades; however, partly sunny skies are in the forecast. While many Oregon markets were overbuilt in recent years, the pipeline for new product is emptying and the next few years will net below-average deliveries.
I expect demand fundamentals to be strong and for the market to become landlord friendly again in the near future. If you are interested in buying, selling, borrowing, or investing, please reach out. Our world-class team looks forward to serving you as the market begins its comeback.
— Gabe Johansen, Owner & President
Additional resources: Rental Housing Journal · CREXI · LoopNet