Real Page Analytics reports that apartment starts (new construction) are down 40% year over year. How long will the oversupply last? Market analyst Carl Whittaker of Real Page is predicting it won’t be until 2026-2027 when balance returns to the market. There is a graph in the article showing Salt Lake City’s (thankful) decline in apartment construction as being about 70% less than the peak in 2020 and approximately 25% below the city’s 10-year average. Welcome statistics for owners and operators in Salt Lake of existing properties who are competing for residents in what was once a pure landlord’s market but is now transitioning to a resident’s market.

 

 

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.

 

Please find us at svikhart.com or contact us at 801-550-5684 to learn about the real estate services the firm provides. To subscribe to the firm’s newsletter addressing events of the day please follow this link Newsletters.