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Salt Lake City — Cushman & Wakefield | Commerce has released its 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 of 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:
“The state of the Salt Lake area market remains robust and investors continue to benefit from the available properties and low vacancy rates,” Paul said. “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 accessed at by clicking this link.