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.

 

 

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