CBRE’s Patrick Bodnar sums up the multifamily market in Salt Lake City, “Modest rent growth and sound market fundamentals maintain strong investor interest in Utah despite challenges in the debt markets,” Below are a few highlights from CBRE’s recent report:
Overall Market Vacancy remains healthy at 5.3%
$1,585 Average Monthly Rent in the Greater Salt Lake Area
3.3% Mid-Year Rent Growth and 1% YOY Rent Growth
3,170 new units delivered.
The CBRE report also found strong fundamentals remain in Utah and investor interest remains high. Decreasing inflation, a strong labor market, low unemployment and market demand for housing validates the significant 11.8% increase in consumer confidence over the national average reported mid-Q2.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.