Quote:
Originally Posted by Comrade
Tell 'em what? There was a 1,000 units added to the city in the 1980s despite huge population losses.
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There are over 6,000 new rental units under construction or in true pipeline in Salt Lake County alone. That's over 25 % above the 10-year mean. Millennials and Gen Y are much more likely to rent, not be married or have kids. That is what is driving our growth. They typically don't spend on housing, but spend money on travel, food, beverage, recreation and music. That is the population we are adding and I would argue SHOULD be adding. The "golden goose" target market for multifamily is the 28 year old professional female for a reason.
I'm telling you now that just because our net influx rate does not include huge families, the sky is not falling. In fact, our high internal replenishment rate is an absolute anomaly that will give us a long-term demographic advantage that no other metro has. We are not in a secret depression in Utah. As I've said before, previous demographic markers are not as useful any more. The population has changed. Living habits have changed. The data from the '80's isn't really applicable without taking into account changing living habits. An incoming working professional will spend more than twice that of an incoming family in cultural amenities per capita.
So, as I've said, our lack of raw population increase means next to nothing. I really don't care that a massive influx of poor families in St Louis are moving to Denver. We are adding less population, but the population we are adding makes and spends more.
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