Yep, it’s possible. There were over 1,000,000 apartments under construction in the United State in November-2023. That’s a 50 year high. Ok, yeah…there were a lot fewer Americans 50 years ago (population: 1970 Census: 210,284,000; 2020 Census: 329,500,000…a 57% increase). Regardless of the record, the impact of all the new units is affecting rent levels, and presumably occupancy. So work to retain your residents, do frequent rent comp surveys, and be very mindful of what is happening both in your submarket but also in the market in general. Svikhart & Associates can help in all regards regarding multifamily investment, including providing market information and updates.

 

 

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.