Asking Rents Down in SLC

Salt Lake City is mentioned in the article as a market where rental rates have started to decline over the past few months. Not surprising given the number of new units either in lease up or under construction. I’ve seen the unit totals for those two classes of new units that are all over the place such that I’m not sure what numbers to believe. Regardless, the new supply is negatively affecting rental rates, causing concessions to become more common, and impacting occupancy levels where many properties that were at 95%+ are now between 90% – 95%. The deluge of new units will continue until those under construction are leased as the number of building permits for apartments has fallen off a cliff…a welcome reprieve of new construction for the next few years.
Svikhart & Associates, a Salt Lake City-based real estate services company, focuses on asset management, brokerage listings and sales, and all aspects of a multifamily investment. Specific diligence regards property operations and strategies to maximize asset performance and value. Additionally, the firm assists owners regarding economic, financial and market factors that impact returns on investment. The firm targets ‘Mid-Tier’ assets which it defines generally as 10-to-60-unit properties.
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