xhv8mzw7ge79waga35o97s2wbzpfr6 Renting in Salt Lake At A Glance

295 W Center St, Suite A

Provo, UT 84601

(801) 758-8970

(Brokered by RE/MAX Equity & partners)


FIG DISCLAIMER: No investments are guaranteed to result in profits. Net operating income, cap rates, and internal rates of return are subject to fluctuation and may experience a wide range of change, including the potential for operating losses. Factors affecting investment returns include, without limitation, changes in interest rates, tenant vacancies and defaults, property management expenses, repair and maintenance costs, HOA expenses, litigation, insurance rates, and relative strength and weakness in the local and regional economy. Past performance is not a guarantee of future returns. FIG does not provide tax or legal advice, and none of the statements or information on our website or sales materials should be construed as tax or legal advice. All investors are encouraged to seek advice from their own tax and legal professionals. All estimated returns on investments in FIG projects are subject to change and may be significantly different from actual financial performance. FIG is a brand used for the purposes of marketing. FIG is not an actual company but is used to brand the investment strategy used by those marketed on this website. © 2020 FIG & RE/MAX Equity

Renting in Salt Lake At A Glance

The rental market in Salt Lake is historically robust, with rental prices climbing as demand continues to boom and vacancy sits at the second lowest in over a decade. In the recent Apartment Market Report for the Greater Salt Lake Area commissioned by Cushman & Wakefield Commerce and authored by James Wood, research shows that the price of renting an apartment has climbed for the sixth year in a row. The influx is largely attributed to housing-needy young professionals, a demographic that proves to prefer a more urban environment.

The report recognizes 5 percent as the "natural state" for vacancy in a strong rental market. Salt Lake comes in well under that equilibrium with a vacancy rate of 2.9 percent in July 2016, a level just shy of the record-low of 2.7 percent. With so few available units out there, many renters are faced with occupying new construction, driving prices up. Rental rates have risen a high 4.6 percent over the past year, the average cost of all types of units now $949, with a two-bedroom two-bath unit average of $1,085 and a three-bedroom unit priced at $1,244.

FIG helps accommodate for this robust renting market in the Salt Lake Valley with the Westridge development in West Valley City and two developments in Herriman, Paytons Quarry and The Overlook. With the housing demand so high and the need so great, Salt Lake continues to appear a prime location to invest in multifamily real estate.