Salt Lake City: Oversupplied with Apartments or a Temporary ‘Glut’?

The attached is a link to the magazine Western Multifamily and Affordable Housing Business – November/December 2023. The lead article describes the nationwide interest that many now have in Salt Lake City and the Wasatch Front. It’s booming here to be sure. Unemployment remains below 3% and net migration increased markedly in 2022 and 2023. Still, the Gardner Institute is stating that 178,000 housing units are needed in Utah before 2030. Given that staggering number, we may be oversupplied now but unless things change dramatically with new construction, or the Gardner Institute is wrong, Utah will be undersupplied beginning sometime in 2026.
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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