Although the multifamily pipeline remains robust for now, developers and lenders are becoming more selective as the cycle matures.
Driven by robust population growth and low unemployment, Utah’s largest city is rapidly expanding, generating healthy housing demand. It continues to appeal to major employers, such as Amazon, UPS and big-brand companies based along the Wasatch Front.
The multifamily market is expanding in the area, which has been an economic standout in Ohio and the Midwest. The metro’s tight labor market is lifting average wages, attracting more residents and bolstering demand for apartments.