The Apartment Market is on the Rise
The apartment market in Salt Lake City is at one of the strongest points it has ever been. According to the Enterprise, “This shows to be one of the best times to be in the apartment market, especially if you are a landlord.” Studies show that vacancy rates have gone down and rental rates have increased by 8% over the past year.
Developers are anxious and ready to build new projects, which also keeps the market fresh and helps keep the supply and demand in balance. People all over are looking to down size due to the economy, and searching for a new apartment is exactly what they are doing. According to the Enterprise Studies were taken from the Salt Lake county and there are a few of those statistics.
- There is a 1.4% increase in the supply of newly constructed units
- A 3.85% vacancy rate has decreased from a once 5.2% from last year
- Rental rate growth will also go to 5% annually
Not only is the apartment market at the best time to buy, it is also the best time to sell. Many people are looking to invest in new areas because of the economy. The Apartment market is the first place they are looking to buy and your Utah Movers can help you with your move. There is such a high demand in buying property to building that there is a lack of area.
Salt Lake City is giving landlords, developers, a great opportunity to invest their money, and movers in Utah great deals. The apartment market is on a rise and stronger than ever before. So now is your time. If you are looking to sell apartments, property, or buy, now is the best time.