Negative Apartment Rent Growth Forecast for Salt Lake City

Markerr, an apartment rental forecasting firm, evaluated future rents related to their list of the Top 100 apartment markets in the county (Markerr Forecast). Markerr is forecasting Salt Lake City’s CAGR (compound annual growth rate) over the next five years to be –.1% perannum! (The figure -.1% comes from the Markerr Forecast. The Globe Street article (below) cites the figure as .5% which I’m assuming is a typo by Globe Street.) That is a stunning prediction. The national level is predicted to be 2.20% per annum. From Markerr, “Ranking first out of the top 100 markets, Knoxville, TN is forecasted to have the highest 5-year CAGR of 4.4%. The largest positive contributors to rent growth are home prices, single-family permits, and population growth. These features are driving the forecast higher, while multi-family permits and historical rent are forcing the forecast lower.”
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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