State of the Market: Q12024

The attached video clocks in at just over 9 minutes. In it, Mr. Jay Libek, National Director of Multiyear Analytics for CoStar, provides both a look back and forward focus comments. Mr. Libek notes: in Q12024, 104,000 units were absorbed, the highest amount of absorption since 3Q2021; increased demand was muted by 140,000 deliveries in the quarter; average vacancy increased from 7.70% to 7.80% in the quarter; rent growth was down by 20 bps landing at 1.00% in the quarter; 4- and 5-star properties had negative rent growth while 3-star properties realized 1.40% rent growth which had positive impact on investor demand for 3-star properties; Salt Lake City rent growth declined in Q12024 at -1.20%; finally, Mr. Libek notes that Salt Lake will struggle to get back to its pre-pandemic, 5-year average rent growth which was about 3.00% annually.
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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