Quote:
Originally Posted by TonyAnderson
Yet it seems 90% of projects tend to be apartments.
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In Salt Lake City proper that is the case, however single family is still booming in the burbs. There is rarely a single family home in the Central City neighborhood that the listing actually expires, and very few in the rest of SLC that do either.
There is also the issue with changing demographics, those not following the get married and pregnant in your early to mid 20's model, (those that want to live in the city as opposed to suburbs) are often times choosing to rent in the city, to give them the flexibility to move, and to reduce their responsibility with a yard, etc. Those millennials from out of state that do end up staying are the ones often times buy the homes in SLC, they like the city life, have enjoyed it for a few years, and decide that it's time to settle down, buy a house and maybe have some kids, but they still want to be in Salt Lake City, as opposed to the burbs.
Developers, for the most part, know the market pretty damn well. There has been a huge shortage of apartments in the city, and they are filling that demand, that need will gradually shift. The demand for condos will grow as will single family homes, detached, or attached, (twin homes/row homes), as those renting decide to stick around, some will want to stay in the apartment/condo lifestyle while others may want something a bit more traditional. Some serious infill and redevelopment is going to have to occur to meet the demand for single family, and small multi-family living in Salt Lake City proper.