Momentum in Rent Growth? It’s Aloof

While rent growth has accelerated by over 5%+ over the past four years (see blog “SLC in Top 20”), Salt Lake City’s rent growth retreated by 3.30% in February 2024, due mainly to all of the new apartments coming to market. An appraiser friend recently told me that at this time in Salt Lake County, 16,400+ units are under construction and approximately 8,500 units are in lease up. Those are staggering levels  for a county where the historic annual delivery of units was somewhere between 3,000 and 5,000, up until 2019 when deliveries began increasing but not remotely close to current  levels. And coupled with reduced rents, average occupancy in Salt Lake City has declined to 93.70%. Not long ago, average occupancy in Salt Lake was at or near 97%.
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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