SALT LAKE CITY | Development Thread

delts145 · #11 Posted **Sep 10, 2021, 12:35 PM**

Despite an unprecendented pace of construction apartment vacancy rates remain well below 2%

(Rick Egan | The Salt Lake Tribune) Construction crews gather for a group photo as they wait for the crane
to lift the final beam, "topping out" the first phase he West Quarter project, near Vivint Arena, on Thursday, Aug. 26, 2021.

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Originally Posted by Makid

Salt Lake City apartments keep rising while rents show no sign of falling
https://www.sltrib.com/news/2021/09/06/salt-lake-city-apartments/

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If you’re searching for an affordable apartment in Salt Lake City right now, you may want to sit down before reading further.

Dizzying new numbers show the market for available rentals in Utah’s capital is tighter than ever. Vacancies in and around the state’s main population center haven’t been this low in 20 years and are far enough below 2% that economists are now having difficulty measuring the rate at all.

This pinch comes despite an unprecedented upswing in construction of multifamily housing along the Wasatch Front that is now shifting into an even higher gear, according to new data from the Salt Lake City real estate firm Cushman & Wakefield.

This historic wave of residential development is pushing the urban core upward (with towers) as well as westward, with dense mixed-use projects laden with housing that often cover a block or more of the Depot and Granary districts.

A record 93 apartment projects are either under construction or in the works in Salt Lake County, according to Cushman & Wakefield’s new tally — with potential for up to 18,697 mint units coming to market over a few years, including the region’s first luxury residential skyscrapers. Average rents for all apartments taken together could top $1,400 a month.

Between half and two-thirds of all those new apartments are landing in Salt Lake City proper, which the latest (edit: questionable) census shows is just shy of 200,000 residents after a decade of Utah being the nation’s fastest-growing state.

This means that if projects pan out as planned, SLC could add nearly 13,000 units by 2025. With vacancy rates under 2%, we are going to continue to see a lot of housing going up around the City.

This growth means that SLC proper could add between 20,000 and 25,000 people by 2025 in just the new developments. This is a boom time for the City and based on the numbers, the projects will keep coming and get bigger and bigger over the next few years to take advantage of the low vacancy rates.

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