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Photo: Ibi Guevara, Courtesy Hunt Electric
Life Real Estate
Multi-family living developments are in demand
Rental and occupancy
Residents enjoy world-class music, dance, and
the downward trend and stabilize at these lower
theater; five major and minor league sports
levels in the coming year with some potential
teams; and housing that runs from affordable
softening still possible in the coming several
cottages to luxe mansions. Within one day’s
months. It will likely take until 2011 for the
drive are 11 national parks and uncounted
apartment market to begin to see net increases
year-round outdoor recreation opportunities.
in effective rents.”
Apartments
rates are
expected to see an end to the downward trend and
“New apartment development has reached
lower than on the east side and larger complexes average both higher rents and higher vacancy rates than smaller complexes.
have been completed, or have begun lease-up in
the previous 12 months, and another 3,100
averages are:
units either under construction or proposed for
should be able to handle the additional 3,100
Category Studio 1 BR 1 Bath 2 BR 1 Bath 2 BR 2 Bath 3 BR 2 Bath Overall
units that will be coming on-line if predictions
for a stabilizing economy are correct,” accord
January 2009 was 110,155 units. By December
ing to Equimark Properties, Inc., in their
1,557 new units had come online for a total of
Greater Salt Lake Multi-Family Report 2010.
111,712, an increase of nearly 1 percent.
Despite the recession, the 1,557 new units
absorption of the already delivered apartment units, it appears that apartment operations
The report also found that, “Rental and
occupancy rates are expected to see an end to 88
Rents on the west side tend to be slightly
its peak with approximately 2,800 units that
the coming 18-24 months. Overall, with the
stabilize.
For Salt Lake County rentals the Rent ($) Size (sf) $479 402 $639 652 $709 869 $895 1000 $989 1197 $739 836
$/sf Vacancy $1.19 7.5% $0.98 7.0% $0.82 7.6% $0.89 9.4% $0.83 8.9% $0.88 8.6%
The starting inventory of apartments in
represented the most new construction in more