BHHS Utah Commercial Real Estate offers a team approach to meeting client needs. Whether you’re looking to purchase, rent or lease property in Utah, our team of professional real estate experts can help you find the right property to fit your needs.
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Multifamily rents grew by an average of 5.5% during the quarter
During the third quarter of 2018, the nation’s multifamily rents grew by an average of 5.5%. This was the strongest year-over-year growth of the post-recession cycle.
The demand for multifamily rental units remained strong in the western United States and the southern US. While the number of new household formations is expected to slow down in the coming years, the market forecast calls for moderate rent growth.
The multifamily market is seeing a significant increase in the number of young, newly formed households. This will help drive strong long-term demand for multifamily housing. Moreover, the market is expected to decouple the shared household segment, which includes 18-24 year olds living with their parents.
Office property market in Utah has decreased quarter-over-quarter about 3%
Increasing demand for multifamily housing in Salt Lake City has led to significant growth in the industry. Salt Lake City’s industrial market is expected to remain strong and continue to grow significantly through the end of the decade.
Utah’s economic landscape is impressive, and the unemployment rate is at an all-time low of two percent. Employers in the metro area are expected to begin recruiting employees outside the region, which could increase demand for housing in the coming years.
Despite the fact that the unemployment rate in Utah is at a historic low, housing is still not a given. In fact, Utah is still 31,000 units short of what it needs.
Salt Lake City’s below-average unemployment rates are helping the real estate market
During the fourth quarter of 2015, Salt Lake City’s industrial real estate market continued its impressive surge. Several large warehouses were leased during the period, and the average asking rent for industrial space increased by 3% quarterly.
The housing industry in Salt Lake City has had a tough time lately. The housing market is a seller’s market, and a limited supply of homes is pushing up prices. However, vacancy rates are not expected to rise dramatically anytime soon.
A growing economy is resulting in strong demand for rental housing. Millennials are moving to Salt Lake City, which is creating a demand for housing that cannot be met by the current inventory. This is a boon for landlords, but it’s a problem for young people who would like to become homeowners.
Industrial market in Utah is expected to grow substantially through the rest of 2022
Despite the national recession, Utah remains one of the nation’s most robust economies. The state’s economy is growing at an annual rate of 4.7%, and unemployment rates are still below the national average.
During the last year, Utah’s nonfarm payroll employment has increased 3.7%. The state’s unemployment rate is the lowest it has been since the Labor Department started keeping records in 1976.
The Utah housing market has become one of the nation’s hottest. According to a recent survey conducted by the Utah Association of REALTORS, YTD sales have been 38,998. This is a 16.4% decrease from the same period in 2016. The typical home in Utah costs $557,175.
The Salt Lake City industrial market is especially active. In the past quarter, several large warehouses were leased in the market. The average asking rent in the Salt Lake City industrial market was $1,600 per month. This was an increase of 24 percent from the same period in 2011.
The Salt Lake City metropolitan area continues to rank among the nation’s hottest housing markets. The number of occupied homes in the region has jumped by 14.7%, and the number of residences for sale has climbed by 79%.
Salt Lake City’s desert climate supports hot summers and cold winters
Located at an elevation of 4,300 feet (1,310 m), Salt Lake City’s desert climate supports a hot and cold year-round climate. The city lies between a mountain range and the Great Salt Lake, which gives the city its name.
The summer season is warm and sunny, although occasionally afternoon thunderstorms provide some relief from the heat. This is due to the presence of the monsoon, which rises from Mexico. It is important to wear sun protection during these sultry months.
The winters in Salt Lake City are chilly, with daily highs typically falling below freezing. The city’s average winter temperature is below 0 degF, except for the Dixie Valley, where it rarely drops below minus 30 degrees. During the winter, snow is a common occurrence.
BHHS Utah Commercial Real Estate uses a team approach to meet client needs
BHHS Utah Commercial Real Estate uses a team approach to meet the needs of its multi-family clients. The BHHS team has an extensive market knowledge in Summit and Wasatch counties. This combined strength enables the BHHS team to provide the highest level of service. The team has a proven track record of providing quality service.
A member of the SRPG team, Cara Ross has worked in high pressure market situations. She uses her experience in real estate to guide her clients through the complexities of all types of transactions. She works with sellers and buyers of luxury homes and land.
Cara is a licensed real estate agent in Utah. Her focus is on the sale of luxury homes and land. She also has a background in medical sales and management. Using a personal, engaging approach, she helps her clients find the right solutions.