Metro Salt Lake City M-F Market Keeps Gathering Steam: Cushman & Wakefield
The city’s apartment market is rarely taken to the forefront of real estate news but Cushman & Wakefield’s annual Apartment Market Report has shed some light on the state of Salt Lake City’s residential market. The report contains important information regarding apartment vacancy and rental stats, while also including a positive projection for 2014. The real estate company focused on mid to large apartment communities in Salt Lake County.
By Alex Girda, Associate Editor
While some multi-family markets in the United States may have struggled in recent years, metropolitan Salt Lake City’s apartment sector has gone from strength to strength, according to a new report from Cushman & Wakefield Inc.
Lower vacancy and appreciating prices indicate that the market has stabilized and is heading toward growth. Cushman & Wakefield’s research, which focuses on mid-size to large apartment properties in Salt Lake County, points to healthy market fundamentals.
Some highlights:
- 3.9 percent vacancy rate for Salt Lake County
- 4.4 percent year-over-year increase in rental rates
- 1.4 percent increase in inventory
- current total: 117,500 units
According to the report,“market conditions for property owners will continue to be favorable over the next year, although vacancy rates may see a slight rise due to the completion of several apartment communities.”
And with the state adding 33,200 jobs compared to August of last year, as the Deseret News recently reported, economic conditions also appear to bode well for further growth in the multi-family sector.
