SALT LAKE CITY—September 23, 2013—Cushman & Wakefield | Commerce (www.comre.com), announced the release of the 2013 annual Apartment Market Report. This report provides rental and vacancy information on mid-size to large apartment communities in Salt Lake County and forecasts a hearty and stout market with strong projections for the next year.
“The Salt Lake City apartment market is growing stronger each year and vacancy rates continue to remain low year over year” said Kip Paul, executive director, investment sales for Cushman & Wakefield | Commerce. “Market conditions for property owners will continue to be favorable over the next year, although vacancy rates may see a slight rise due to the completion of several new apartment communities over the year. With the addition of 21,000 jobs to Salt Lake County, the threat of overbuilding remains low and new projects will not destabilize the market.”
The highlights of this year’s study on Salt Lake County include:
- 3.9% vacancy rate valley-wide
- Rent growth of 4.4% over 2012 analysis
- Number of rental units increased by 1.4% over 2012, now totaling 117,500 units
- 32% of apartment communities offered specials or concessions
The forecast for the upcoming year includes:
- Demand continues to increase from institutional investors
- Rental rates will increase 3-4%
- Vacancy rates will remain under 5%
- Market conditions for apartment owners will continue to be favorable
“The state of the Salt Lake area market remains robust and investors continue to benefit from the available properties and low vacancy rates” Paul added. “Buyers are anticipating the completion of several properties in the next year and the opportunity to strengthen positioning and relationships within the market.”
The full Apartment Market Report for 2013 can be accessedhere
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About Cushman & Wakefield | Commerce
Cushman & Wakefield | Commerce, an independently owned and operated member of the Cushman & Wakefield Alliance, has been the leading provider of real estate brokerage services for more than 30 years. Headquartered in Salt Lake City, the firm has offices throughout Utah, Nevada, Idaho and Washington. It offers consulting, brokerage, tenant and landlord representation, property and facilities management, and valuation services to corporations, institutions and investors throughout the Intermountain West and Pacific Northwest. For more information, and for property listings, broker information, market category reports and more visit www.comre.com.
About Cushman & Wakefield
Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253 offices in 60 countries, employing more than 15,000 professionals. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.