Department of Numbers

Salem Oregon Residential Rent and Rental Statistics

The median monthly gross residential rent in Salem, OR (the Salem metro area) was $817 in 2015 according to the Census ACS survey.1 Average gross rent in Salem was $845 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 Salem median and average rent data will be released in September of 2017.

Data is also available below for Salem rental vacancy rates, Salem rent as a percent of median income and the fraction of renters in Salem.

Show dollars as: Nominal Real

Real Gross Rent in Salem Oregon (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Oregon Median Gross Rent $943 +2.50% +9.14%
Salem, OR Median Gross Rent $817 +5.01% +4.48%

Salem, OR Real Gross Rent Trends

At $817, real median gross rent in Salem was at its highest level in 2015 since the series began in 2005. Average gross rent for Salem peaked in real terms in 2010 at $856 and is now $11 (1.29%) lower.

Real Gross Rent in Salem: Salem OR Median, Salem OR Average, Oregon Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Salem

Date US
Median
Oregon
Median
Salem, OR
Median
Salem, OR
Average
2015 $959 $943 $817 $845
2014 $930 $920 $778 $840
2013 $898 $881 $734 $784
2012 $886 $864 $782 $811
2011 $887 $855 $775 $854
2010 $901 $860 $804 $856
2009 $905 $880 $785 $815
2008 $920 $871 $798 $845
2007 $874 $823 $758 $824
2006 $883 $826 $757 $816
2005 $858 $812 $744 $773

Salem Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for Salem Oregon was 5.09% according to Census ACS data.

Rental Vacancy Rate in Salem Oregon

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Oregon 3.64% +0.07% -1.11%
Salem, OR 5.09% +1.78% +0.47%

Trends in Salem, OR Rental Vacancy Rate

The rental vacancy rate in Salem peaked in 2009 at 6.96%. Since then it has fallen by 1.87% to 5.09%. Data records for this series originated in 2005. From a 2013 post peak low of 3.14%, the rental vacancy rate has increased by 1.95%.

Rental Vacancy Rate: Salem OR, Oregon, US

Rental vacancy rate in Oregon

Historical Rental Vacancy Rate data for Salem

Date US Oregon Salem, OR
2015 5.85% 3.64% 5.09%
2014 6.32% 3.57% 3.31%
2013 6.49% 4.45% 3.14%
2012 6.77% 4.75% 4.62%
2011 7.40% 5.06% 6.71%
2010 8.17% 5.60% 3.81%
2009 8.43% 6.30% 6.96%
2008 7.86% 5.71% 4.73%
2007 7.87% 5.08% 5.51%
2006 7.70% 5.57% 6.83%
2005 7.74% 6.39% 6.86%

Rent as a Fraction of Income

Using median household income data for Salem, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Salem, median monthly gross rent as a fraction of median household income was 18.69% in 2015 according to the ACS.

Salem Oregon Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Oregon 20.90% -0.81% -0.14%
Salem, OR 18.69% -0.26% -1.81%

Trends in Salem, OR Rent as a Fraction of Income

The fraction of median Salem household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 20.50%. Since then it has fallen by 1.81% to 18.69%.

Fraction of Income towards Rent: Salem OR, Oregon, US

Percent of median household income going towards median monthly gross rent in Salem Oregon

Historical Data for Annual Rent as a Fraction of Income in Salem Oregon

Date US Oregon Salem, OR
2015 20.63% 20.90% 18.69%
2014 20.89% 21.71% 18.95%
2013 20.78% 21.18% 18.78%
2012 20.65% 21.04% 20.50%
2011 20.70% 21.53% 20.00%
2010 20.50% 21.03% 20.09%
2009 20.12% 20.28% 19.53%
2008 19.00% 18.66% 17.73%
2007 18.66% 18.30% 18.77%
2006 18.90% 18.53% 17.33%
2005 18.89% 19.25% 17.49%

Renter Fraction in Salem Oregon

You can calculate the renter fraction in Salem in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Salem as a fraction of total Salem households. In 2015 39.89% of households were renters according to Census ACS data.

Salem Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Oregon 38.91% -0.37% +0.47%
Salem, OR 39.89% +0.28% +2.39%

Trends in the Salem, OR Renter Fraction

The Salem household renter fraction peaked in in 2011 at 40.77% and is now 0.88% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Salem OR, Oregon, US

Fraction of renters in Salem

History of Salem Renter Fraction

Date US Oregon Salem, OR
2015 36.97% 38.91% 39.89%
2014 36.90% 39.28% 39.61%
2013 36.50% 39.17% 40.53%
2012 36.09% 38.44% 37.50%
2011 35.42% 39.22% 40.77%
2010 34.65% 37.45% 37.44%
2009 34.13% 36.95% 37.02%
2008 33.36% 35.66% 36.24%
2007 32.80% 35.41% 37.07%
2006 32.73% 35.22% 33.89%
2005 33.10% 36.22% 36.65%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.