The Salt Lake City office of real estate services and investment firm CBRE has released its second semi-annual Greater Salt Lake Area Multifamily Market Report highlighting market trends on rental, vacancy and cap rates. The report also contains the activity status on the current construction pipeline and sales volume details. Produced by multifamily investment specialists Patrick Bodnar and Eli Mills, the report details market performance from Salt Lake, Utah, Davis and Weber counties.
Multifamily fundamentals continue to reflect a tight rental market, the report says. Overall vacancy across the Wasatch Front ended the year at 3.3 percent — a 130 basis point drop since mid-year 2016. By comparison, historical vacancy rates average in the 4-to-6-percent range. Though there is much development planned or currently under construction, demand for units remains robust and multifamily product deliveries continue to fill up quickly, according to statistics in the report. At the end of March, 75 percent of all units delivered to the market from projects in the lease-up phase had already been leased.