^^^
Makes for some great reading too...
Just a little repost below for those who might have missed it the first time...
The Wasatch Front is gaining multifamily dwellings at a pace unseen for more than a generation.
"We've never seen so much new construction in Salt Lake," said Sage Sawyer, a principal at EquiMark. The last boom even comparable was 30 years ago, he said, when apartment building accelerated as the U.S. came out of a global economic recession in the early 1980s.
By Tony Semerad - The Salt Lake Tribune
http://www.sltrib.com/news/2287838-155/utah-apartment-boom-making-history-
The Wasatch Front apartment-building wave continues to make history while also contributing billions of dollars to the local economy, new numbers indicate.
One industry report says the region is gaining multifamily dwellings at a pace unseen for more than a generation. Separate research estimates the financial benefits from new apartment construction, property management and spending by incoming renters at about $2.7 billion for Salt Lake City just in 2013, cash that supported more than 24,800 jobs.
"It's definitely a boom time," said Paul Smith, executive director of the Utah Apartment Association. ..
(Trent Nelson | The Salt Lake Tribune) Construction is ongoing at Enclave at 1400, a 210-unit complex in Salt Lake City, Friday March 13, 2015. New numbers show the Wasatch Front's apartment-building boom continues to make history while also contributing billions of dollars to the local economy.
The state's healthy economy and steady population growth have combined with a national downturn in home ownership and shifts in preferences for mobility and urban living as a vast cohort of younger adults known as millennials form their own households. Up against rising prices on single-family houses, tighter lending rules and lagging incomes, many are opting to rent instead of buy, at least in the short term.
After a decade of adding an average of 1,223 new apartments annually, the greater Salt Lake City area could see up to eight times that many units come online in the next three years, according to EquiMark, which tracks the industry in Utah.
Nearly 4,839 apartments are under construction in Salt Lake County alone and work will start on an additional 6,484 units in the next 18 months. Together, those new dwellings amount to about 10 percent of Salt Lake County's existing inventory of 120,389 multifamily rental units.
Another 9,944 apartments are either planned or under construction across Davis, Utah and Weber counties, EquiMark said. Researchers documented 122 apartment projects being built or proposed across the four-county area, each with scores to hundreds of units apiece.
"We've never seen so much new construction in Salt Lake," said Sage Sawyer, a principal at EquiMark. The last boom even comparable was 30 years ago, he said, when apartment building accelerated as the U.S. came out of a global economic recession in the early 1980s.
In Salt Lake County, the new construction is focused in Salt Lake City's downtown, cities in the south end of the valley and along light-rail lines...
Threaded Mode