IRR-Salt Lake City Mid-Year Viewpoint 2015 Local Market Report - Multifamily
The multifamily market in Salt Lake County continues to grow. There are currently more than 11,000 units under construction or proposed, well above the 10 year average of 4,480 units. In the last six months a number of larger projects began lease-up including two large projects in Sandy, Cobblegate with 412 units and Dry Creek at East Village with 282 units. In addition, Beacon HIll in Bluffdale with 168 units and Draper Rosegate, a senior housing community in Draper with 277 units recently began lease-up.
In the CBD market, The Vue at Sugar House with 212 units just outside downtown Salt Lake City is almost stabilized after about eight months of lease-up and Wilmington Flats in Sugar House with 130 units just started pre-leasing. Vacancy rates have stabilized as all of the new construction has come on-line. Asking rents have increased slightly over the last six months, especially in the downtown CBD and Sugar House markets and are expected to increase slightly over the next year.
However, rents in the suburban market are not expected to increase significantly over the next six months with the large number of new projects coming on-line. There is some concern that there will be an oversupply in the market and caution is recommended.
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IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.