Sell Your Property in
The low vacancy rates that real estate investors enjoy in Salem provide apartment owners With the leverage to charge higher rent rates. This ultimately makes for a better return on investment and makes Salem a prime spot to invest in an apartment building.
The location isn’t just great for apartment building owners either, it also provides residents with plenty of benefits as well. Some of these benefits include a strong job market, a number of recreational activities, and a beautiful landscape to enjoy.
Why Salem, Oregon
The benefits of either moving to Salem or investing in real estate in the area are plentiful. Let’s go over some of the main reasons that may spark your interest in this city.
It’s the State Capital
Due to the fact that Salem is the capital of Oregon, there are plenty of stable jobs that are tied to the local government. This provides a certain amount of job security within the area due to the inherent nature of government jobs.
Residents who live in state capitals also generally make more money. This is due to the number of high-paying positions that government agencies offer. Some of these include central office personnel, frontline office staff, and central office managers. You also have things such as lobbying firms, federal agencies, and a large number of local government jobs.
Why Salem, Oregon
Strong Economic Backdrop
Salem, the capital of Oregon, has a strong economic backdrop which makes the area great for real estate investment for the foreseeable future. The area provides a number of private and public sector employment opportunities so that incoming residents can easily find jobs to support their living expenses.
Since Salem is the capital of Oregon there are a number of government jobs that residents are employed to. This provides stable income and employment due to the nature of government jobs. having a good amount of public sector employment in relation to government also gives the area some resistance to a recessionary environment.
One of the world’s largest companies Amazon recently opened a 1 million-square-foot Distribution Center nearby, which speaks to the strength of the areas private sector. Not only does this provide 1000 full-time jobs currently, but if the demand for this distribution center picks up in the future they may require more employees. Factors such as these bolster the strong economic backdrop in the state.
Why Salem, Oregon
Strong Pool of Renters
Owning a home in Salem, Oregon can prove to be expensive. While this can deter low-income people from the area, it also continues to keep a large number of people renting properties, which is great for real estate investors.
One thing to note is that renting an apartment in Salem is not necessarily cheap either. This isn’t a huge worry for apartment owners in the area though, because the high cost of living expenses is supported by a strong economic backdrop. So let’s explore the economic situation a little bit more in-depth.
Why Salem, Oregon
A large number of recreational activities will keep residents both entertained and active. Oregon is home to the beautiful Willamette Valley which contains plenty of rivers, bike paths, and other spots that locals can enjoy. Some other notable benefits include the Willamette Valley Cheese Company, and Willamette Valley Vineyards.
The natural landscape combined with the recreational activities it has to offer makes for the perfect location for outdoor enthusiasts. There are a number of things that Salem Oregon residents can do such as visit the state’s capital, enjoy beautiful views at The Oregon Garden, or take a trip to Bush’s Pasture Park.
Why We Love Salem
Apartment buildings are a great investment in Salem as well as many other areas in Oregon due to a large amount of the population being renters. The number of recreational activities paired with the beautiful landscape of the area will undoubtedly keep tenants happy.
There is also a rapid lease-up of newly constructed apartments in Salem. If you are unfamiliar with the term, a lease-up is simply the time between when a new apartment community is announced and about a year after that announcement. When lease-ups are successful, apartments will enjoy high occupancy rates as well as higher-than-average rent rates.
If you want to double down on the investment, you can even go as far as purchasing an apartment complex. The reasons for investing in a single apartment versus an apartment complex in Salem are similar. The main difference between the nature of the investments is that a complex requires more capital upfront, and will also require you to be more involved. The benefit is that it will also provide the investor with larger returns.
The key takeaway is that Salem, Oregon continues to provide a perfect opportunity for real estate investors. Solid economic fundamentals combined with a population that is heavily reliant on rental properties make for a great place to put your money to work. The area is also great for residents, as there are many activities for them to enjoy as well as solid opportunity and a sense of stability.