August 22, 2012

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Article

Study Reports Strong Apartment Market in Salt Lake City

Press Release

August 22, 2012

Commerce Real Estate Solutions, an independently owned and operated member of the Cushman & Wakefield Alliance (www.comre.com), released its annual Apartment Market Report for 2012. This report, based on an objective study, demonstrates that the apartment market in the greater Salt Lake City area is strong with stability and growth continuing into next year.

“Clearly, this is a very good time to be in the apartment market if you are a landlord,” said Kip Paul, executive director, investment sales for Cushman & Wakefield | Commerce. “Investments have gone up in value, vacancy rates have gone down and rental rates have increased by eight percent over the past year, which makes this a very attractive investment market. We have also seen that developers are being aggressive and anxious to build new projects, which keeps this market fresh with new buildings for tenants and helps bring the supply and demand in balance. Currently, the demand for rental units exceeds the supply.”

The highlights of this year’s study on Salt Lake County include:

  • 3.8 percent vacancy rate, which is down from 5.2 percent last year
  • 8 percent growth in rental rates over the past 12 months
  • 1.4 percent increase in supply of newly constructed units
  • Projects offering concessions down from 60 percent to 25 percent year over year

The forecast for the upcoming year includes:

  • Stabilized vacancy at 4 percent valley wide
  • Rental rate growth of 5 percent annually

“The strong state of the market makes this a very good time to sell for those looking to reposition their investment properties,” Paul added. “While developers are moving forward, there is currently a lack of product on the market in terms of apartment buildings available to purchase; we are seeing a large number of buyers who want to get into this strong market.”

The full Apartment Market Report for 2012 can be accessed at http://www.comre.com/reports/2012Reports/Utah/Rental_Market_Report_2012.pdf

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