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Catherine G. Miles, CPM, ARM, President & Principal Broker Shelter Management, Inc. (503) 585-6176 - cmiles@smiproperty.com
MARKET SUMMARY WINTER 2012
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What a change six months can make. While Salem/Keizer vacancy is stable, we saw a roll-back in rents at many properties. Summer time vacancies caused many to resort to quick fixes through lowered rents. Traveling down the valley to Albany and Corvallis, just the opposite happened. Vacancy changes were negligible, and rents went up. Corvallis was more dramatic than Albany, but both markets saw marked increases. The question is.is Salem/Keizer far behind? VACANCY Salem/Keizer was up 0.42% from 3.65% to 4.07%, from the Summer report. Albany, saw a decrease of 1.73% from 4.27% to 2.54%. Corvallis continued its very low vacancy, reporting 1.48%. RENTS For the third consecutive reporting period, Albany and Corvallis saw increases in rents. Salem/Keizer had some decreased rents from the last report to the current one. The second half of the year continued to have reported sales. Clearly, investors are following one of two paths. Sales are either; distressed properties that provide a value-add play for investors, or have capacity for high new debt at jaw-dropping low interest rates. Properties in between, particularly properties that require debt under one million, are very tough to move. High down payments and tough underwriting are making them difficult today. As with previous reporting, there is new construction up and down the I-5 corridor. However, funding and bureaucratic red tape seem to be hindering many projects. As we move into 2013, discussions of inflation and uncertainty abound. Those commentaries seem to lend themselves to a stronger marketplace for apartments. Should you want to buy or expand your apartment holdings at todays low interest rates, please call us. How much longer we really have to take advantage of these low rates is anyones guess. But all agree, it cant go on forever All of us here wish you a prosperous 2013. If we can help you to that end, please call or email us. Brian K. Miles - (503) 390-6060 - brian@briankmiles.com
Pre-1990 Keizer Central Salem NorthEast Salem Suburban SE Salem SouthEast Salem South Salem West Salem
2bd/1bth 2bd/1.5bth 2bd/2bth 3.52% 4.41% 4.42% 8.20% 22.22% 2.98% 3.45% 0.33% 13.04% 0.00% 4.82% 4.84% 2.27% 3.83% 5.19% 7.07% 3.45% 0.00% 3.85% 6.08% 6.12%
Totals Post-1990 Keizer Central Salem NorthEast Salem Suburban SE Salem SouthEast Salem South Salem West Salem
3.28% 3.30% 4.62% 0.00% 1.87% 0.00% 3.95% 2.61% 2.44% 6.80% 1 0.00% 4.84% 12.50% 3.99% 3.92%
4.88% 0.00% 1.10% 0.89% 0.00% 4.60% 7.93% 6.25% 6.25% 2.53% 4.03% 5.07% 2.08% 2.09%
Totals Grand Totals Overall Vacancy Pre-1990 Keizer Central Salem NorthEast Salem Suburban SE Salem SouthEast Salem South Salem West Salem
4.71% 5.39%
Totals Post-1990 Keizer Central Salem NorthEast Salem Suburban SE Salem SouthEast Salem South Salem West Salem
2bd/1bth $607 $581 $589 $655 $597 $633 $644 $615 $681 $691 $617 $646 $710 $658 $670 $667 $641
2bd/1.5bth $665 $645 $668 $625 $672 $795 $653 $675 $708 $725 $775 $869 $630 $745 $742 $708
2bd/2bth $598 $765 $698 $795 $714 $742 $850 $700 $737 $869 $760 $735
3bd/1bth $678 $717 $900 $790 $688 $825 $766 $825 $800 $912
$598 $558
$770 $742
$846 $806
The following survey was performed during the month of December 2012. The statistics were formulated from the vacancy at each property on the day the information was collected. The total number available for this survey was 1,202+ properties and exceeded 27,205 units. This is the largest survey done in the Salem/Keizer market.
Albany
Grand Totals
Pre-1990 Post-1990
1bd/1bth 1.04% 1.47% 1.26% 2.54% 1bd/1bth $529 $625 $577 1bd/1bth 0.57% 0.34% 0.45% 1.48% 1bd/1bth $543 $679 $611
Corvallis
Pre-1990 Post-1990
The following survey was performed during the month of December 2012. The statistics were formulated from the vacancy at each property on the day the information was collected. The total number available for this survey was 390+ properties and exceeded 8,379 units. The largest survey done to date in the Albany & Corvallis market.
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Brian K. Miles Principal Broker SMI Commercial Real Estate, LLC (503) 390-6060 brian@briankmiles.com Catherine G. Miles, CPM, ARM President & Principal Broker Shelter Management, Inc. (503) 585-6176 cmiles@smiproperty.com