Jacksonville. Tampa. Salt Lake City. Phoenix. Per RealPage, multifamily inventory growth in these four markets is at all time highs. In the past year (June 2022 – June 2023), Salt Lake City has added 5,300 units to its multifamily housing stock, an increase of 4.10%. The decade average was 3,200 new units added annually. The new units are located mostly in Downtown/University and Layton/Davis County (Davis County is contiguous to and north of Salt Lake County). The article predicts that in the coming year 12,800 new units will be added resulting in a growth rate of a whopping 10.50%, a rate that is predicted to lead the nation in the year ending 1Q2024. That’s a staggering statement. But I believe it. As I drive around the four-county nexus that defines the Wasatch Front in Utah, the number of apartment properties under construction is visually staggering. They’re everywhere. An appraiser friend of mine told me about six months ago that by his count, 141 new apartment properties will come to market in the next 12-24 months. Staggering.

 

 

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.