Now

Transcription

Now

Element 31 at Brickyard
Holladay - 208 Units
Dry Creek at East Village
Sandy - 282 Units
VUE at Sugar House Crossing
Sugar House - 211 Units
January 2015
Published since 1997
GREATER SALT LAKE
Multifamily Report
January 2015
Greater Salt Lake Multifamily Report
January 2015
EquiMark is pleased to present the January 2015 Greater Salt Lake Multifamily Report. Designed to provide insight into current conditions in the apartment market, this report also describes historic trends and
the future outlook for the multifamily market.
The Greater Salt Lake multifamily market continued to strengthen during 2014. Low unemployment (3.6
percent), strong population growth (1.6 percent), and impressive job growth (3.0 percent) have collectively
made Utah’s economy one of the best in the nation.
Sage Sawyer
Salt Lake County saw 4.9 percent average rent growth in 2014; while the average vacancy rate decreased
slightly year-over-year from 5.1 percent at the end of 2013 to 4.9 percent at the end of 2014, marking the
fifth straight year that the apartment market has seen strong positive rent growth.
Many factors have contributed to the strong rent growth in the apartment sector but the most significant
are job growth and population growth. Utah’s job growth in 2014 was 3.0 percent, significantly higher than
the national average (1.8 percent) and is forecasted to continue at a rate of 2.5 percent for 2015. Employement projections for 2015 show approximately 33,400 jobs will be added to the Utah economy. Additionally, occupational projections from the Utah Department of Workforce Services estimate the state economy
will add 307,850 jobs between 2010 and 2020, growing statewide employment to 1.6 million jobs — a 2.2
percent compounded annual rate.
Benj Munday
Utah was the third fastest growing state in the nation in 2014 with a growth rate of 1.6 percent, an increase
of 46,000 people, which is more than double the national growth rate of 0.7 percent. The main reasons for
Utah’s accelerated growth can be attributed to both its high natural birth rate and positive net in-migration.
Salt Lake County’s current vacancy rate of 4.9 percent is an indicator that the Salt Lake rental market is
still very healthy; however, an increase in new supply and the pipeline of construction gives some cause
for concern. The biggest risk to the apartment market’s exceptional run is the rapidly increasing supply of
new units. There are 4,839 units currently under construction in Salt Lake County and 6,484 units scheduled to start in the next 18 months. On average approximately 1,223 units per year have been delivered to
the Greater Salt Lake market over the last 10 years. The current pipeline of new construction represents
more than 8 years worth of new supply that could be delivered in the next 24 to 36 months.
Jake Millburn
Strong household expansion and falling home ownership rates continue to fuel the apartment market with
impressive demand. Well-located new construction projects are leasing up faster than expected. While the
demand for apartments is expected to remain high over the next few years, there is a concern that the new
supply will soon start to outpace demand in certain submarkets.
With all factors considered we expect the average vacancy rate for the Salt Lake Valley to hover between
5 and 6 percent for 2015; however, certain submarkets with surplus new construction could see vacancy
rates between 7 and 8 percent. Overall rent growth is expected to hover between 2-3 percent for 2015.
The data contained in this report was derived from an annual comprehensive survey of over 60,000 units
conducted by the EquiMark Research Group. For additional information on the Salt Lake multifamily
market and the services provided by EquiMark, we invite you to contact us or visit our website at:
www.equimark.com.
Sincerely,
Sage Sawyer
Principal
[email protected]
2
January 2015
Benj Munday
Vice President
[email protected]
Jake Millburn
Vice President
[email protected]
EquiMark • Multifamily Brokerage & Counseling Services • 801-531-1221 • www.equimark.com
January 2015
TAB LE O F CO NTE NT S
BY PAGE
BY CO U NT Y
Utah Unemployment Rate............................................4
Utah Job Growth...........................................................4
Utah Demographic Data...............................................5
Salt Lake County Vacancy Rates................................6
Salt Lake County Rent & Vacancy Detail....................7
Salt Lake County Rental Rate by Unit.........................8
Rents & Vacancies in Utah Cities................................9
Historical Construction Summary..............................10
Absorption & Building Permits...................................10
Rental Units Completed..............................................11
Rental Units Under Construction...............................11
Rental Units Proposed................................................13
Map: Salt Lake County Multifamily Construction......14
Wasatch Front Rents by Unit Type............................15
Wasatch Front Rent/Vacancy
by County..................................................................15
Wasatch Front Rent/Vacancy by Class.....................15
Davis County Data......................................................16
Davis County Construction.........................................17
Utah County Data.......................................................19
Utah County Construction.........................................20
Weber County Data....................................................22
Weber County Construction......................................23
SALT LAKE COUNTY
Rent/Vacancy............................................................6-8
Multifamily Construction Activity..........................11-14
DAVIS COUNTY
Rental Rate Comparison............................................17
Vacancy & Rent Growth.............................................17
UTAH COUNTY
WEBER COUNTY
WASATCH FRONT
Unemployment/Job Growth.........................................4
Wasatch Front Rents by Unit Type.............................15
Wasatch Front Rent/Vacancy by County...................15
Wasatch Front Rent/Vacancy by Class.....................15
AT A GLANCE
Year-End
2013
Year-End
2014
Salt Lake County:
(12 mos)
(12 mos)
Rent Growth
4.9%
4.9%
Vacancy
5.1%
4.9%
Avg. Overall Rental Rate
$850/unit
$892/unit
Avg. Rent-Per-Sqaure-Foot
$0.98
$1.06
Avg. Unit Size
862 SF
842 SF
Units Delivered
2,059
1,908
SL County Job Growth
3.2%
2.5%
Utah State Job Growth
3.2%
3.0%
National Job Growth
1.0%
1.8%
SL County Unemployment
4.1%
3.5%
Utah State Unemployment
4.6%
3.6%
National Unemployment
6.7%
5.6%
Source: EquiMark Research;
Utah Department of Workforce
Services
3
January 2015
January 2015
Utah Unemployment Rates
3.6%
4.3%
2013
5.6%
2012
3.5%
2014
4.3%
2013
2012
5.7%
4.2%
2014
Weber
County
5.1%
2013
7.0%
2012
3.6%
2014
State of
Utah
4.6%
2013
6.0%
2012
5.6%
2014
National
6.7%
2013
8.2%
2012
0
2
4
6
8
10
Source: Utah Department of Workforce Services
Bureau of Labor Statistics
One sector that is having
a transformative effect on
areas of Utah is tech. In 2014
Utah attracted approximately
$1 billion in venture capital, a
sign of the tech sector’s confidence in the Utah economy.
“In addition to impressive
economic activity in the tech
sector, large investments
were also made across the
state in other sectors. On the
public side, the most prominent project underway is the
terminal redevelopment at
the Salt Lake City International Airport. ”The new airport
design will allow for 4 million
more travellers annually.
Utah Job Growth
Salt Lake
County
Davis
County
Utah
County
Forbes recently ranked Utah
as the number one state
for business. The ranking
system looks at 26 data
points across six main areas:
business costs, labor supply, regulatory enviroment,
economic climate, growth
prospects and quality of life.
In addition to claiming the
number one spot, Utah was
the only state to rank in the
top ten in five of the six main
categories used to determine
the best States.
Weber
County
State of
Utah
2014
2013
2.5%
3.2%
3.4%
2012
2014
2013
2012
3.2%
2.7%
2.2%
2014
2013
4.1%
3.2%
5.7%
2012
2.5%
2014
2013
2012
3.4%
1.1%
2014
3.0%
3.2%
2013
2012
National
Source: Forbes
Source: 2015 Economic Report to
the Governor
5.7%
2014
Utah
County
Utah’s vibrant and diverse
economy remains one of
the strongest in the nation
and the outlook for 2015 is
positive. Improvement in
the state’s labor market will
continue during the coming
12 months. Job growth is
expected to be 2.5 percent
in 2015, while the nation is
estimated at 1.8 percent.
Utah’s unemployment rate is
expected to remain steady at
3.6 percent and Utah is expected to experience another
year of positive net-migration
in 2015.
4.1%
2013
2012
Davis
County
Utah’s
Economic
Outlook
3.5%
2014
Salt Lake
County
2.9%
1.8%
2014
2013
2012
0
1.0%
1.4%
1
2
3
4
5
6
Bureau of Labor Statistics
4
January 2015
January 2015
Salt Lake County Major Employers
County
Population Growth
Davis
2.0%
Salt Lake
1.5%
Utah
2.2%
Weber
.8%
State of Utah
1.6%
United States
.7%
Household Size
3.2
3.0
3.6
2.9
3.1
2.6
Population by Age
Thousands
314,106
350
0-4 yrs
5-17 yrs
300
18-29 yrs
30-39 yrs
150
100
50
0
Davis County
Salt Lake County
33,690
136,723
140,683
200
85,781
118,375
250
Utah County
20,826
50,259
42,225
35,607
64,568
23,838
40-64 yrs
65+ yrs
61,481
the Governor
County
Davis
Salt Lake
Utah
Weber
State of Utah
United States
96,221
Utah Taxable Sales—Total
taxable sales were estimated to
increase by 4.0 percent to $51.4
billion in 2015, which is the fifth
consecutive year of positive
growth. Taxable sales in 2014
were estimated to be 7.5 percent
higher than pre-recession levels
and nearly 27 percent higher than
taxable sales in 2009. Growth in
the range of 3.9 to 4.5 percent
was expected across all three
major components (retail sales,
business investment purchases,
and taxable services) of taxable
sales in 2014. Moderate growth
in Utah taxable sales is expected
to continue through 2015.”
Population Growth
Average Household Size
230,145
Personal Income—Utah’s total
personal income is estimated to
have increased by 4.1 percent
in 2014. Utah’s estimated per
capita income was up 2.4 percent
from 2013, however these
2014 growth rates are “markedly slower than the average
annual state growth rates of 6.7
percent for total personal income
and 5.2 percent for per capita
income during 2011 and 2012.
However, Utah’s slowdown has
been slightly less pronounced
than that of the U.S. economy as
a whole during 2011-2013. Utah’s
personal income is expected to
increase by 4.7 percent in 2015,
on par with the projected growth
rates for the U.S. economy.
Weber County
Source: Governor’s Office of Planning and Budget
5
January 2015
Employment
20,000-24,999
15,000-19,999
10,000-14,999
7,000-9,999
5,000-6,999
5,000-6,999
5,000-6,999
4,000-4,999
4,000-4,999
3,000-3,999
3,000-3,999
3,000-,3999
3,000-3,999
3,000-3,999
2,000-2,999
2,000-2,999
2,000-2,999
2,000-2,999
2,000-2,999
190,211
172,205
Highlights
Industry
Higher Education
Health Care
State Government
Public Education
Public Education
Local Government
Federal Government
Discount Department Store
Public Education
Federal Government
Air Transportation
Banking
Public Education
Communications Equip. Mfg.
Credit Services
Higher Education
Banking
Air Transportation
Air Transportation
96,351
According to the Utah Economic
Outlook Utah has recovered
more rapidly than the nation after
the Great Recession. The U.S.
employment grew 1.8 percent in
2014, compared to 3.0 percent
for Utah. Utah’s unemploment
rate also improved to 3.6 percent,
lower than the 4.4 rate in 2013.
The Utah Economic Outlook provides keen insight into the reconvery. “ Though housing stablized,
with 16,000 building permits
issued in 2014, home-building
is not leading the economy as it
does during a typical recovery.”
32,597
71,532
59,869
51,875
88,039
26,193
Economic
Summary
Company
University of Utah
Intermountain Health Care
State of Utah
Granite School District
Jordan School District
Salt Lake County
United States Government
Wal-Mart
The Canyons School District
U.S. Post Office
Delta Airlines
Zions Bank Management Services
Salt Lake City School District
L3 Communications
Discover Financial Services Inc.
Salt Lake Community College
Wells Fargo Bank
JetBlue
SkyWest Airlines
January 2015
Vacancy
SALT LAKE COUNTY Historical Multifamily Vacancy
10.9%
9.9%
Economic
Summary
Cont.
Construction- “In 2014, home
building construction continued
its slow recovery from the Great
Recession. Typically, four years
after the trough, construction has
recovered to about 80 percent
of the pre-recession peak. In
the current cycle however, the
recover is only about 50 percent
of the pre-recession peak, 11,600
single family homes in 2014
versus 21,000 in 2005, despite
historically low mortgage rates.
The value of permit-authorized
construction in Utah was $4.7
billion in 2014, down slightly
from $5.0 billion in 2013. This
estimate includes the value of
residential and nonresidential
construction and addition,
alteration, and repairts. The value
of nonresidential construction fell
11 percent from $1.08 billion to
$970 million”.
Construction outlook- “Utah’s
construction sector will see
modest improvement in 2015.
The value of permit authorized
construction is expected to
increase by 10 percent to $5.2
billion in 2015. The value of
residential construction will
account for two-thrids of total
permit authorized construction
valuation. Residential
construction activity will include
17,500 residential units valued at
$3.5 billion. Single family units
will increase from 11,600 units
in 2014 to 13,000 in 2015 while
the number of multifamily units
will remain largely unchanged at
around 4,400 units.”
Tax Collections- Total unrestricted
state revenues increased 2.1
percent in 2014 following a 7.6
percent increase in 2013. Both
sales and income tax increased
during 2014 and the outlook for
tax collections reamins positive
with 3.8 percent growth expected
in 2015.
8.6%
8.3%
7.1%
6.8%
6.5%
6.2%
5.2%
5.1%
4.5%
5.0%
5.1%
Vacancy vs Rent
SALT LAKE COUNTY
Vacancy
Rent
10
Rent
1000
10.9%
8.6%
8
$892
$850
6
6.5%
6.2%
5.2%
5.1%
4
4.5%
$674
2
$739
$771
$791
$755
$810
5.0%
5.1%
$641
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
2014
2013
$249,999 (4.21% Increase)
$239,900
Source: WFR Multiple Listing Service
January 2015
800
$733
$626Home Price
Salt Lake County Average
6
4.9%
5.2%
Single Family Housing
the Governor
4.9%
600
January 2015
Rental Rate and Vacancy Detail
SALT LAKE COUNTY
By Unit Type
Salt Lake
County
Vacancy
Rates
The average vacancy rate in
the Greater Salt Lake multifamily market at the end of
2014 is 4.9 percent. This is a
slight improvement from the
2013 year-end vacancy rate
of 5.1 percent. Although the
vacancy rate decreased by
20 basis points and all other
economic indicators point in
the right direction for the local
economy and rental market
there are a few factors of
concern for future vacancy
rates.
1) Supply and Demand:
During 2014, 1,908 new
units were delivered to the
Salt Lake County market.
Although net absorbtion
(2,052) exceeded the number
of units delivered for the
year, absorption over the
past two years is still slighty
below the total numbers of
units delivered over the past
two years -- 3,967 delivered
versus 3,889 absorbed. The
average number of units
delivered during 2014 was
significantly higher than the
10 year average delivery for
Salt Lake County.
2) Improvement in Single
Family Home Market:
The number one reason
for residents moving out
of apartment units in 2014
was to buy a home. According to the U.S. Census
Bureau, Utah has one of
the highest percentage of
home ownership rates in the
country at 69.7 percent down
from 71.8 percent during the
recession but significantly
higher than national average
of 64.0 percent. As the local
for-sale housing market
and economy continues to
improve we will lose those
currently in the rental pool to
home ownership..
7
January 2015
Category
Rents
SqFt
$/SqFt Vacancy
Studio
$632
394
$1.60
3.2%
1 Bed 1 Bath
$781
647
$1.21
4.8%
2 Bed 1 Bath
$844
855
$0.99
6.0%
2 Bed 2 Bath
$1,017
998
$1.02
4.7%
3 Bed 2 Bath
$1,157
1,187
$0.97
5.3%
OVERALL
$892
842
$1.06
4.9%
By Property Size
Category
50-99 units
Studio
$607 ($1.18 SF)
8.1% Vac
$645 ($1.57 SF) 3.1% vac
100+ units
1 Bed 1 Bath
$690 ($1.01 SF)
3.1% vac
$788 ($1.20 SF) 4.8% vac
2 Bed 1 Bath
$785 ($0.88 SF)
6.9% vac
$864 ($1.01 SF) 5.9% vac
2 Bed 2 Bath
$962 ($0.86 SF) 3.6% vac
$1,019($1.01 SF) 4.3% vac
3 Bed 2 Bath
$1,170 ($0.88 SF) 3.6% vac
$1,190 ($0.96 SF) 4.6% vac
OVERALL
$828 ($0.87 SF) 4.7% vac
$899($1.06 SF) 4.6% vac
By Age
Category
Built before 1980
1980 to 1999
Built After 2000
Studio
$610 ($1.41SF)
1.3% vac
$638 ($1.56 SF)
3.4% vac
$760 ($1.74 SF)
4.5% vac
1 Bed 1 Bath
$735 ($1.07 SF)
4.8% vac
$760 ($1.20 SF)
5.0% vac
$920 ($1.40 SF)
3.7% vac
2 Bed 1 Bath
$787 ($0.90 SF)
6.3% vac
$871 ($0.98 SF)
5.7% vac
$936 ($1.68 SF)
5.2% vac
2 Bed 2 Bath
$982 ($0.95 SF)
4.1% vac
$971 ($0.99 SF)
4.3% vac
$1,141 ($1.14 SF)
5.1% vac
$1,190 ($1.14 SF)
6.8% vac
3 Bed 2 Bath
$1,114 ($0.94 SF) 6.5% vac
$1,145 ($0.92 SF) 4.4% vac
OVERALL
$819 ($0.94 SF) 4.8% vac
$875 ($1.05 SF) 4.8% vac $1,039 ($1.24 SF) 4.9% vac
By Class
CLASS A
CLASS C
CLASS B
OVERALL
Category
Rent
$/Ft
Vac
Rent
$/Ft
Vac
Rent
$/Ft
Vac
Rent
$/Ft
Vac
Studio
$759
$1.54
2.1%
$626
$1.62
3.5%
$537
$1.35
1.3%
$632
$1.60
3.2%
1 Bed 1 Bath
$892
$1.20
4.7%
$762
$1.21
4.4%
$626
$1.14
6.7%
$781
$1.21
4.8%
2 Bed 1 Bath
$930
$1.02
4.3%
$857
$0.98
4.8%
$719
$0.94
4.9%
$844
$0.99
6.0%
2 Bed 2 Bath
$1,130 $1.06
5.0%
$940
$0.99
5.5%
$699
$0.93
5.3%
$1,017 $1.02
4.7%
3 Bed 2 Bath
$1,309 $1.01
5.4%
$1,082 $0.95
4.2%
$961
$0.92
4.7%
$1,157 $0.97
5.3%
OVERALL
$1,037 $1.09
4.9%
$856
$1.04 4.8%
$698
$0.93 5.6%
$892
$1.06 4.9%
January 2015
Rental Rates
SALT LAKE COUNTY rental rates by unit type
Studio
2014 Rent Growth 5.5%
1 Bedroom 1 Bath
square foot
square foot
$632
2014 $1.21
2014
$1.60
2013
$1.43
2012
$1.40
2011
$1.29
2010
$1.22
$485
2010 $0.98
$643
2009
$1.19
$479
2009 $0.98
$639
0
100
$543
2012 $1.07
2 Bedroom 1 Bath
400
500
$702
2011 $1.05
$515
300
$739
2013 $1.12
$599
200
$781
600
700
0
800
$685
100
200
300
2 Bedroom 2 Bath
square foot
400
500
600
700
square foot
$844
2014 $0.99
$800
2013 $0.91
2014
$1.02
2013
$0.97
$1,017
$970
2012 $0.87
$769
2012
$0.96
2011 $0.88
$758
2011
$0.91
$910
2010
$0.89
$885
2009
$0.89
$895
2010 $0.83
$727
$709
2009 $0.82
0
200
400
3 Bedroom 2 Bath
600
800
1000
0
200
600
800
1000
1200
2013
$0.91
2012
$0.89
$1,067
2012 $0.95
2011
$0.88
$1,059
2011 $0.94
2010
$0.84
$999
2009
$0.83
$989
$1,157
$1,113
400
January 2015
600
800
1000
1200
$892
2014 $1.06
$0.97
8
400
square foot
2014
200
$948
OVERALL
square foot
0
800
2013 $0.98
$850
$810
$791
2010
$0.89
$755
2009
$0.88
$739
0
200
400
600
800
1000
January 2015
Rents & Vacancies in Utah Cities
SALT LAKE COUNTY
Year-End
2013
Year-End
2012
Year-End
2014
SALT LAKE COUNTY
Avg$
AvgSF $/SF
Vac
Avg$
AvgSF $/SF
Vac
Avg$
AvgSF $/SF
Vac
Cottonwood Heights
Draper
$891
954
$0.93
5.9%
$993
$815
983
860
$1.01
$0.95
6.2%
5.6%
$938
$980
901
964
$1.04
$1.02
4.5%
6.9%
$961
$978
918
964
$1.05
$1.01
4.5%
2.2%
$804
$916
$772
838
$0.96
1,005 $0.91
728
$1.06
5.5%
3.1%
3.5%
$860
$839
860
894
$1.00
$0.94
4.8%
5.2%
$888
$863
876
888
$1.01
$0.97
4.8%
4.0%
$921
$865
1,043 $0.88
793
$1.09
6.7%
5.4%
$918
$886
1,043 $0.88
782
$1.13
7.2%
4.9%
$932
904
$1.03
4.7%
$1,152
$638
$749
$837
1,117
708
823
888
$1.03
$0.95
$0.91
$0.94
9.8%
4.1%
5.6%
6.7%
$943
846
$1.11
$1,140 1,094 $1.04
6.0%
9.2%
$975
884
$1.10
$1,137 1,034 $1.10
5.5%
6.9%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$709
$787
$866
N/A
$941
4.2%
4.6%
4.7%
N/A
3.7%
$725
$817
$861
$750
$988
6.0%
6.1%
4.9%
4.2%
5.4%
Midvale
Murray
Riverton
Salt Lake City
Sandy
South Jordan
South Salt Lake
Taylorsville
West Jordan
West Valley
Downtown Salt Lake
656
814
923
N/A
797
$1.08
$0.97
$0.94
N/A
$1.18
673
812
832
791
783
$1.08
$1.01
$1.04
$0.95
$1.26
DAVIS COUNTY
Year-End
2013
Year-End
2012
AvgSF $/SF
Vac
Avg$
AvgSF $/SF
Vac
$840
1,012 $0.83
3.9%
$748
$749
$815
857
$0.87
898
$0.83
1,063 $0.77
5.4%
3.9%
3.6%
$839
$723
$789
960
898
898
$0.87
$0.80
$0.88
6.0%
3.7%
4.8%
$907
924
$0.98
5.5%
DAVIS COUNTY
Avg$
AvgSF $/SF
Vac
Avg$
Bountiful
$783
$731
$669
$874
942
890
751
934
5.1%
6.0%
8.0%
8.9%
Clearfield
Layton
North Salt Lake
$0.83
$0.82
$0.89
$0.94
Year-End
2014
UTAH COUNTY
Year-End
2013
Year-End
2012
Year-End
2014
UTAH COUNTY
Avg$
AvgSF $/SF
Vac
Avg$
AvgSF $/SF
Vac
Avg$
AvgSF $/SF
Vac
Orem
Pleasant Grove
Provo
$925
$863
$863
953
973
973
3.8%
3.1%
2.9%
$883
$922
$633
958
946
714
4.7%
3.2%
5.2%
$946
$921
$685
913
946
714
5.3%
3.2%
2.8%
$0.97
$0.89
$0.91
$0.92
$0.97
$0.89
$1.04
$0.97
$0.96
WEBER COUNTY
Year-End
2012
Year- End
2014
Year-End
2013
WEBER COUNTY
Avg$
AvgSF $/SF
Vac
Avg$
AvgSF $/SF
Vac
Avg$
AvgSF $/SF
Vac
Ogden
Roy
$619
$745
830
$0.75
1,011 $0.74
6.1%
6.5%
$633
$769
827
990
8.3%
6.0%
$622
$812
790
$0.79
1,106 $0.73
5.6%
3.3%
9
January 2015
$0.77
$0.78
January 2015
Historical Construction Summary
SALT LAKE COUNTY History of annual construction activity (year-end summary)
Salt Lake
County
Construction
Summary
The biggest risk to the apartment market’s exceptional
run is the rapidly increasing
construction activity. At
year-end 2014, the total
multifamily rental inventory
for Salt Lake County is approximately 120,389 units.
From 2010 to year-end 2014
approximately 8,700 units
have been delivered to the
market.
There are an additional
4,839 units currently under
construction and 6,484 units
scheduled to start in the next
24 months.
The long term forecast for
the apartment market is
very favorable, but the short
term could see softness
due to the heavy supply of
new units that are being
delivered. On average 1,223
units per year have been
delivered to the Greater Salt
Lake market over the last 10
years. The current pipeline
of new construction represents more than eight years
worth of new units.
The vast majority of the new
construction in the pipeline
is class “A” units demanding
on average more than
$1,200/mo in rent. Unfortunately the heavy supply
of new units will likely put
downward pressure on
class “A” assets rents.
The most active areas for
development are downtown
Salt Lake City, the South
end of the Salt Lake Valley,
and along the light rail TRAX
system.
Units
Completed
Year-End
Summaries
Units
Proposed
2010
Class A
Class B
Total
330
2,244
2,574
591
752
1,343
1,818
2,361
4,179
2011
Class A
Class B
Total
591
877
1,468
364
777
1,141
3,145
1,647
4,792
2012
Class A
Class B
Total
184
397
979
1,209
1,559
2,768
3,069
512
3,581
2013
Class A
Class B
Total
746
1,313
2,059
1,274
2,000
3,274
4,130
1,796
5,926
Class A
Class B
Total
773
1,135
1,908
3,736
1,103
4,839
3,708
2,776
6,484
1,797
2,673
4,992
2014
5 year Averages
•
Under
Const.
Absorption and Building Permits
SALT LAKE COUNTY
2005
108,151
2006
108,380
2007
109,022
2008
109,694
2009
110,155
2010
111,712
2011
114,286
2012
115,443
2013
116,422
2014
118,481
229
642
672
461
1,557
2,574
1,157
979
2,059
1,908
108,380
109,022
109,694
110,155
111,712
114,286
115,443
116,422
118,481
120,389
7,045
6.5%
5,560
5.1%
4,936
4.5%
7,491
6.8%
9,652
8.6%
7,086
6.2%
6,003
5.2%
5,821
5.0%
6,043
5.1%
5,899
4.9%
Occupied Units
101,335
103,462
104,758
102,664
102,060
107,900
109,400
110,601
112,438
114,490
Net Absorption
Absorption Rate
2,161
2.0%
2,127
2.0%
1,296
1.2%
-2,093
-1.9%
-604
-0.5%
5,840
5.2%
1,500
1.4%
1,201
1.2%
1,837
1.7%
2,052
1.7%
Under Construction
1,178
1,049
850
3,154
3,363
1,103
1,391
2,353
3,274
4,839
Starting Inventory
Completed New Const.
Ending Inventory
Vacant Units
Vacancy Rate
Source: EquiMark Research Group
(Permit Source: University of Utah Bureau of Economics and Business Research)
10
January 2015
January 2015
Salt Lake County
Completed
Map
Name
Units
Class
Address
Developer
Completed
C1
District Heights Village
258
A
11200 S River Heights Dr, South Jordan, Utah
ICO Multifamily
2014
C2
San Tropez West
84
B
11800 S, South Jordan, Utah
Wasatch Advantage
2014
C3
Cobblegate
412
B
885 E 9000 S, Sandy, Utah
Miller Development
2014
C4
Residences at Fairbourne
225
A
2900 W Lehman Avenue, West Valley City, Utah
ICO Multifamily
2014
C5
Liberty Gateway
160
B
10 S 500 W, Salt Lake City, Utah
Cowboy Partners
2014
C6
Lotus Central Village
37
A
4568 S 7th East, Murray, Utah
Lotus
2014
C7
Lofts at 7800
192
A
900 W Howe Creek, Midvale, Utah
Wasatch Advantage
2014
C8
Newhouse
61
A
550 E 500 S, Salt Lake City, Utah
Strategic Capital
2014
C9
Pinnacle Highberry
290
B+
2800 S 5600 W, West Valley City, Utah
Castlewood Homes
2014
C10
North Sixth
115
B+
GIV Holdings
2014
C11
Bud Bailey Phase II
74
B
4003 S West Temple, Millcreek, Utah
Housing Authority of Salt Lake County
2014
Total:
1,908
Under Construction
Map
Name
Units
Class
Address
Developer
Scheduled
Completion
U1
Beacon Hill
168
B
15000 S Heritage Crest Way, Bluffdale, Utah
LaPorte Group
2015
U2
Birkhill Apartments Ph II
65
A
27 E Gilbride Ave, Murray, Utah
Parleys Partners
2015
U3
Bridges at Citifront Ph II
91
A
650 W South Temple, Salt Lake City, Utah
Bridge Realty Partners
2015
U4
Draper Seniors
277
A
14075 S Bangerter Hwy, Draper, Utah
Miller Development
2015
U5
Dry Creek at East Village
282
A
124 E Drycreek Ridge Ln, Sandy, Utah
Security National
2015
U6
Element 31
208
A
1245 E Brickyard Rd, Salt Lake City, Utah
The Ritchie Group
2015
U7
Jordan Station
302
A
10426 S Jordan Gateway, South Jordan, Utah
SJ Utah, LLC
2015
U8
Legacy Cottages at South Jordan
186
A
1890 W South Jordan Parkway, South Jordan, Utah
Western States Lodging
2015
U9
Liberty Village
171
A
2124 S McClelland St, Salt Lake City, Utah
Cowboy Partners
2015
U10
Liberty Crest
177
A
150 S 200 E, Salt Lake City, Utah
Cowboy Partners
2015
U11
Neff Floral Site
189
A
Wasatch Advantage
2015
2015
U12
Encalve at 1400 (LIHTCH)
210
B
Wasatch Advantage
U13
Canyon Crossing at Riverwalk
180
A
6880 S 700 W, Midvale, Utah
Mark Cohen
2015
U14
Meadowbrook Lofts
80
A
3808 S W Temple, S Salt Lake City, Utah
Castlewood Development
2015
U15
Birkhill Seniors
84
A
4350 S Main St, Muray, Utah
Paladin Resources
2015
U16
Sage Gate at Haynes Landing
278
B+
2600 S Anna Caroline Dr, West Valley City, Utah
Miller Development
2015
U17
Herriman Senior Apartments
298
A
11865 Freedom Park Dr, Herriman, Utah
Miller Development
2015
U18
Seasons at Liberty Square
108
A
Paul Wiley
2015
U19
Seasons
92
A
400 S Denver St, Salt Lake City, Utah
Paul Willey
2015
U20
Ball Park Apartments
61
B
1370 South West Temple, Salt Lake City, Utah
Summit Housing Group, Inc
2015
U21
South Ridge
145
A
550 W 10716 S, South Jordan, Utah
Trejo Investments, LLP
2015
U22
Bangerter Station
267
A
8600 S 3200 W, West Jordan, Utah
Boulder Ventures, LLC
2015
2015
U23
Victoria Woods Sandy (LIHTCH SH)
100
B
617 E 9000 South, Sandy, Utah
AHP Utah Assets, LLC
U24
State Street Plaza
180
B
237 S State St, Salt Lake City, Utah
LaPorte Group
2015
U25
Wilmington Gardens
106
B
1201 E Wilmington Ave., Salt Lake City, Utah
Colmena Capital
2015
U26
Triton Terrace
177
A
1415 S Bangerter Parkway, Draper, Utah
Triton Investments
2015
U27
West Station
145
A
1750 W Gertie Ave, Salt Lake City, Utah
H&P Development
2015
U28
The Vue at Sugarhouse Crossing
212
A
Mecham Development
2015
12
January 2015
Total:
4,839
January 2015
Proposed Construction
Map
Name
Units
Class
Address
Developer
Start
P1
Altara
226
A
8350 S State St, Sandy, Utah
Scott McQuarrie
2015
P2
360
151
A
Garbett Homes
2015
P3
The Bonneville
158
A
Strategic Capital
2015
P4
9TH East Lofts
68
Transit
Housing Authority of SLC
2015
P5
US Bakery Site
268
A
650 E 400 S
Cowboy Partners
2015
P6
Rockhouse Lofts
52
A
349 W 700 S, Salt Lake City, Utah
Lotus
2015
P7
Centeral 9th Studios
45
A
928 S Washington St, Salt Lake City, Utah
Farnsworth
2015
P8
TDB
48
B
Pointe Blank Partners
2015
P9
Magna
288
B
2700 S 8400 W, Magna, Utah
Thackaray/ Garn
2015
P10
Riverfront
288
B
3750 S 700 W, S Salt Lake City, Utah
Thackaray/ Garn
2015
P11
Truong Townhomes
59
1559 W 3860 S, West Valley, Utah
Platt/ Truong
2015
P12
Artsian Springs
118
Transit
4205 S Main St, Millcreek, Utah
Paladin Resources
2015
P13
The Ridge
261
A
7600 S Union Park Ave, Sandy, Utah
Rim Rock/ICO
2015
P14
Station at Midvale
102
Transit
7672 Center St, Midvale, Utah
Horizon Development
2015
P15
Kimpton Square
97
Transit
7720 S Holden St, Midvale, Utah
Wasatch Advantage
2015
P16
Sagegate at Anthem
422
B+
Anthem Park BLVD, Herriman, Utah
Miller Development
2015
P17
Canyon Centre
101
A
7250 S Canyon Cnetre Dr, Cottonwood Heights, Utah
Sussex Group
2015
P18
Birkhill Apartments Ph III
105
B
27 E Gilbride Ave, Murray, Utah
Parleys Partners
2015
P19
Boulevard Gardens
66
A
1800 S West Temple, Salt Lake City, Utah
Housing Authority of Salt Lake County
2015
P20
Bridlewood Villas Ph II
76
B
1980 W 9200 S, West Jordan, Utah
P21
East Village
284
A
115 E Sego Lily Dr, Sandy, Utah
Hamilton Partners
2015
P22
Granary Place
134
A
Strategic Capital
2015
P23
Hills at Sandy Station Ph II
146
A
120 E Sego Lily Dr, Sandy, Utah
Sussex Group
2015
P24
Independence
308
A
15200 S 855 W, Bluffdale, Utah
P25
Liberty Center
158
A
Cowboy Partners
2015
P26
Little Cottonwood
264
A
9600 S 2000 E, Sandy, UT
Magna Investments
2015
P27
Lofts at Mill Creek
72
B
3106 Washington Ave, Salt Lake City, Utah
P28
Alta Gateway
264
A
Wood Partners
2015
P29
Symphony at Gateway
263
B
536 W 100 S, Salt Lake City, Utah
Western States Lodging
2015
P30
TBD
120
B
Strategic Capital
2015
P31
TBD
360
B
341 South 400 West, Salt Lake City, Utah
Garbett Homes
2016
P32
The Edge at the Connection
176
B+
15500 S Redwood Rd, Bluffdale, Utah
Ken Olson
2015
P33
Victoria Woods Draper
42
B
640 E 12200 S, Draper, Utah
Utah Non Profit Housing
2015
P34
View at 56th
192
A
8000 S 5600 W, West Jordan, Utah
Peterson Development
2016
P35
Vista Station
300
A
12800 S Galena Park Blvd, Draper, Utah
Draper Ventures, LLC
2015
P36
The District at City Hall
330
A
Near City Hall, Sandy
Kaplan Management
2015
P37
Willow Cove Ph VIII
72
B
9300 S Redwood, West Jordan, Utah
Schmidt
2015
Total:
13
January 2015
2015
2015
2015
6,484
January 2015
Wasatch Front
Rents by Unit Type
Davis County
Salt Lake City #8 for Best
Cities to find a job out of
the 150 most populated
U.S. cities.
Utah #1 state for business.
-Forbes
Provo-Orem and Salt Lake
City-Ogden areas both
ranked on the top 25 cities
for venture capital investment.
-National Venture Capital Association
Provo and Salt Lake in the
top 10 cities that are driving
the future.
-Business Insider
Forbes ranked Utah second amoung top ten states
that will boom over the next
five years.
-Forbes
$892
$1,014
$970
$1,014
$897
$698
$796
$868
$827
$826
$959
0
-WalletHub
Studio
2 Bed
1 Bed
2 Bed
OVERALL
3 Bed
Wasatch Front
Rents/Vacancies By County
Year-End
2012
County
Salt Lake
Davis
Weber
Utah
OVERALL
Avg
Rent
Dollar/
Sq. Ft.
$810
$720
$684
$788
$790
$0.95
$0.86
$0.75
$0.92
$0.93
Year-End
2013
Vac
Rate
Avg
Rent
Dollar/
Sq. Ft.
5.0%
6.6%
3.2%
6.1%
5.1%
$850
$756
$678
$807
$830
$0.98
$0.85
$0.73
$0.91
$0.95
Year-End
2014
Vac
Rate
5.1%
4.6%
6.9%
4.4%
5.2%
Avg
Rent
Dollar/
Sq. Ft.
$892
$796
$698
$868
$854
$1.06
$0.88
$0.75
$0.99
$1.00
Vac
Rate
4.9%
4.6%
4.7%
3.6%
4.9%
Note: All data is for traditional rental housing. Numbers do not include seasonally adjusted student housing
properties.
Wasatch Front
Rents By Unit Type and Property Class
CLASS A
Category
16
January 2015
$1.06
$0.75
$0.99
$0.88(sq. ft.)
$0.66
$0.92
$0.84 (sq. ft.)
$1.02
$0.68
$0.97
$0.87 (sq. ft.)
$0.99
$0.76
$0.97
$0.87 (sq. ft.)
$1.21
$0.80
$1.13
$1.05 (sq. ft.)
$1.60
$1.11
$432
$439
200
$1.56
400
$1.05 (sq. ft.)
-2015 Economic outlook
$721
$755
$653
$781
600
$632
Provo- ranked #4 on the list
of most educated cities in
the U.S.
-NBC News
$730
800
$769
$756
$710
$844
1000
Utah ranked 3rd fastest
growing state in the nation.
-2015 Economic outlook
Utah ranked 4th best
unemployment rate in the
nation.
Salt Lake County
$0.97
1200
Utah Top Ten
$1,157
Utah County
Weber County
Rent
$/Ft
Vac
N/A
CLASS B
Rent
$/Ft
Vac
CLASS C
Rent
$/Ft
Vac
OVERALL
Rent
$/Ft
Vac
Studio
N/A
N/A
$569
$1.51 5.0%
$430 $1.13 8.4%
$544
$1.42 6.0%
1 Bed 1 Bath
$891
$1.20 4.5%
$738
$1.16 4.4%
$592 $1.07 5.9%
$758
$1.17 4.6%
2 Bed 1 Bath
$922
$1.02 4.4%
$805
$0.92 5.6%
$708 $0.85 5.1%
$795
$0.92 5.4%
$0.98 4.6%
2 Bed 2 Bath
$1,099 $1.04 5.0%
$905
$0.95 4.2%
$699 $0.93 5.3%
$979
3 Bed 2 Bath
$1,322 $1.02 5.6%
$1,183 $0.86 4.7%
$992 $0.90 5.3%
$1,074 $0.91 5.1%
OVERALL
$1,027 $1.08 4.9%
$828
$670 $0.92 5.5%
$854
$0.92 4.6%
$1.00 4.9%
January 2015
DAVIS COUNTY
Major
Employers
Rental Rate Comparison
Falcon Hill National
Aerospace Research Park
completed the first of three
buildings that will provide
400,000 square feet of
professional office space
and research facilities for
the areospace industry.
Source: Economic Development
Corporation of Utah-Davis County
Profile
7,000-9,999
• Davis County
1,000-1,999
• Lagoon Corp. Inc.
1,000-1,999
• Lifetime Products Inc.
1,000-1,999
• Smiths Marketplace
1,000-1,999
NA
$721
$725
$839
$959
$855
NA
$1.02
$0.84
$0.88
$0.80
$0.92
$438
$720
$770
$824
$969
$790
500-999
• Davis Hospital and
$1.05
$1.05
$0.87
$0.87
$0.85
$0.89
$439
$721
$769
$827
$970
$796
$1.05
$1.05
$0.87
$0.87
$0.84
$0.88
Vacancy vs Rental Rates
Medical Center
500-999
• Strategic Staffing
500-999
• Lakeview Hospital
500-999
• State of Utah
500-999
800
8
$796
7
$756
6
5
$720
$715
$701
$711
4
1
0
700
$630
$606
05
06
• Rent Growth: 5.3%
Rental Rat
Ren
Rate
07
At A Glance
• Vacancy: 4.6%
$670
3
2
$701
08
09
10
11
• Overall Rent: $796
12
13
14
Vaca
Vacancyy
600
• Job Growth: 3.2%
• Job’s Added: 3,668
• Unemployement Rate: 3.6%
Rental Rate
Vacancy Rate
• Population Growth: 2.0%
Davis County Average Home Price
2014
$230,000 (4.55% increase)
2013
$220,000
17
January 2015
Source: Utah Department of Workforce
Services
DAVIS COUNTY Historical Multi-Family Vacancy
4.6%
Plural Sight, a world leader
in professional online tech
training, leased 30,000
square-feet at the new
Station Park project in
Farmington. Plural Sight
currently employes around
100 people and plans on
doubling that in the next
few years.
$1.05
$1.09
$0.83
$0.94
$0.82
$0.88
• ATK Space Systems
Overall
4.6%
Major Recent Announcement:
$439
$721
$769
$827
$970
$796
6.6%
Source: Decision Data Resources
Studio
1 Bed 1 Bath
2 Bed 1 Bath
2 Bed 2 Bath
3 Bed 2 Bath
OVERALL
5.8%
State of Utah:
2,900,872 Population
$1.05
$0.98
$0.82
$0.91
$0.76
$0.85
100+
Units
50-99
Units
PROPERTY
SIZE
5.1%
Davis County:
322,094 Population
$437
$666
$717
$868
$887
$756
20,000-25,000
• Davis School District
1,000-1,999
8%
Layton City:
72,500 Population
$1.19
$1.05
$0.78
$0.88
$0.79
$0.86
• Hill Air Force Base
Year-End
2014
Year-End
2013
• Wal-Mart
5.9%
Bountiful City:
43,023 Population
$437
$625
$677
$830
$915
$720
4.6%
POPULATION
Year-End
2012
Studio
1 Bed 1 Bath
2 Bed 1 Bath
2 Bed 2 Bath
3 Bed 2 Bath
OVERALL
5.7%
Davis County, located
directly north of Salt Lake
City along the base of the
Wasatch Mountains, is
situated near the major
transportation arteries I-15
and I-80, Salt Lake
International Airport, and
available land. Layton City
is the largest city in the
county. Farmington, the
county seat, is twenty miles
north of Salt Lake City.
OVERALL
7.4%
Davis County
of Davis County
January 2015
Davis County
Completed
Map
Name
Units
Class
Address
Developer
Completed
C12
Eaglegate Lofts
214
A
25 E Eagle Ridge, North Salt Lake, Utah
Compass
2014
C13
Fernwood Place
75
B
1150 W 825 N, Layton, Utah
C14
Hampton Place Apartments
210
B+
900 N Cutler Dr, North Salt Lake City, Utah
Nate Pugsley
2014
C15
Seasons at Layton
164
A
2100 N Hillfield Rd, Layton, Utah
Willie Smart
2014
C16
Villas Apartments
120
B+
1447 North Main, Layton, Utah
Castle Creek
2014
C17
Hills at Renaissance
106
A
1875 South 500 West, Woods Cross, Utah
M&C Properties
2014
2014
889 Completed
T otal:
Under Construction
Map
Name
Units
Class
Address
Developer
Scheduled Completion
U29
Easglewood Ph II
196
A
25 E Eagle Ridge, North Salt Lake, Utah
Compass
2015
U30
Centerville Apartments
160
A
Parrish Lane, Centerville, Utah
U31
Legacy Cottages of Layton-Seniors
150
A
170 N Adamswood Rd, Layton, Utah
U32
Angel Landing
24
B+
825 N 1200 W, Layton, Utah
Mike Schultz
2015
U33
Kays Crossing (TOD)
156
A
200 South Main Street, Layton, Utah
MV Properties
2015
Developer
Start
Total:
2015
2016
686 Under Construction
Proposed
Map
Name
Units
Class
Address
P38
Greyhawk Townhomes
114
A
Layton
2015
P39
Clearfield Frontrunner
168
B+
Clearfield, Utah
2015
P40
Residences at Station Park
431
A
550 N Broadway, Farmington, Utah
2015
P41
Layton Redevelopment Apartments
126
A
Near frontrunner station in Layton
P42
TBD
93
A
Shepard Lane & Hwy 89, Farmington, Utah
Garbett Homes
2015
P43
The Ritz Apartments (TOD)
234
A
1100 West Clark Lane, Farmington, Utah
Jeff Duke
2015
Total:
18
2015
1,116 Proposed
January 2015
January 2015
UTAH COUNTY
Major
Employers
of Utah County
Source: Utah Valley Chamber of
Commerce
PROPERTY
SIZE
50-99
Units
15,000-19,999
• Alpine School District
$1.56
$1.15
$0.88
$0.93
$0.92
$0.99
5,000-6,999
• Utah Valley Regional
•
•
Studio
1 Bed 1 Bath
2 Bed 1 Bath
2 Bed 2 Bath
3 Bed 2 Bath
OVERALL
N/A
$749
$775
$750
$949
$876
Overall
100+
Units
N/A
$1.29
$1.03
$0.82
$0.89
$0.90
$730
$772
$800
$997
$1,045
$887
$1.56
$1.15
$0.95
$1.00
$0.93
$1.01
$730
$755
$756
$959
$1,014
$868
•
•
$1.56
$1.13
$0.96
$0.97
$0.92
$0.99
•
•
•
Medical Center (IHC)
4,000-4,999
Nebo School District
3,000-3,999
Utah Valley University
3,000-3,999
State of Utah
3,000-3,999
Wal-Mart
2,000-2,999
Utah Office Supply
1,000-1,999
Provo School District
1,000-1,999
Nestles
1,000-1,999
IM Flash Technologies
1,000-1,999
Source: Utah Department of
Workforce Services
UTAH COUNTY Historical Multifamily Vacancy
1000
8
7
6
5
$807
$868
$788
4
800
$753
3
$705
2
1
0
$719
$701
At A Glance
Rental Rate
Vacancy 3.6%
• Vacancy:
$716
$640
$660
3.6%
Utah county ranked third
highest mega county on the
national community index.
Provo was recently ranked
“2nd Best-Performing
Cities” and is consistently
listed as one
of the best places to start
a business. In addition to
the accolades Orem and
Provo have been receiving,
Lehi has been experiencing outstanding growth
with companies like Adobe,
Xactware, Oracle and Vivint
all establishing a presence
on what is being called the
“silicon slopes”.
• Brigham Young University
•
4.4%
Major Recent Announcement:
$730
$755
$756
$959
$1,014
$868
3.2%
Source: Descison Data Resources
N/A
$1.02
$0.81
$0.96
$0.88
$0.91
5.0%
State of Utah:
N/A
$693
$685
$953
$975
$807
5.5%
Utah County:
551,891 Population
N/A
$1.06
$0.86
$0.92
$0.83
$0.92
7.0%
Orem City:
91,648 Population
N/A
$672
$720
$899
$952
$788
Year-End
2014
5.7%
Provo City:
116,288 Population
Studio
1 Bed 1 Bath
2 Bed 1 Bath
2 Bed 2 Bath
3 Bed 2 Bath
OVERALL
Year-End
2013
3.6%
POPULATION
Year-End
2012
3.8%
Utah County, located
along the base of the
Wasatch Mountains,
is situated near major
transportation artery
I-15. At just 45 miles
south of Salt Lake City,
Provo City is the largest
city in Utah County and
the county seat.
OVERALL
7.1%
Utah County
05
06
07
08
09
10
11
12
13
14
Rental Rate
Vacancy Rate
600
Utah County Average Home Price
2014
$246,900 (8.31% increase)
2013
$227,950
NOTE: All data is for traditional rental housing. Numbers do not include single-student housing.
20
January 2015
January 2015
Utah County
Completed
Map
Name
Units
Class
Address
Developer
Completed
C18
Cresthaven
344
A
4151 N. Traverse Mountain Rd., Lehi, Utah
Brad Reynolds
2014
Developer
Estimated Completion
Date
Total:
344 Completed
Under Construction
Map
Name
Units
Class
Address
U34
Seasons at Traverse Ridge
440
A
1200 W Morning Vista Dr, Lehi, Utah
Paul Willey
2015
U35
Concord at Geneva
304
B
125 North Mill Road, Vineyard, Utah
Bach
2015
U36
63
41
A
Center St, Provo.
Forge
2015
U37
Somerset Meadows
288
B
1650 West State Street, Pleasant Grove, Utah
JPR
2015
Strategic
U38
The Boulevard
110
B+
Orem BLVD
U39
Outlook Apartments
260
A
Springville, Utah
Orem Center Street
Wasatch Advantage
2015
Lehi, Utah
ICO
2015
Mill Lane, Vineyard
Jeff Duke
U40
Orem Center St Apartments
168
U41
Lofts at Ivory Ridge
45
A
A
U42
Alloy at Geneva
324
U43
Legacy at Orem
180
U44
Startup Crossing
79
U45
Summit Ridge Phase II
74
U46
St Francis Apartments
42
1450 S State St, Orem, Utah
B
2015
2015
2015
2015
185 W 500 S, Provo, Utah
Gibb Holdings
2015
1675 South 400 East, Orem Utah
Jeff Hawkes
2015
450 West 200 North, Provo, Utah
Provo City Housing
Authority
2015
U47
Residence at Mayfield
216
A
250 S 2280 W (Mayfield Way), Pleasant Grove,
ICO Development
2015
U48
Residence at MonaVista
131
A
Orem, Utah
ICO Development
2015
U49
Residences at University
Station
478
A
Universit Parkway, Orem, Utah
ICO Development
2015
B
U50
Viewpointe
288
U51
Midtown Village
596
165 N 1650 W, Pleasant Grove, Utah
Wright Development
2015
State Street, Orem, Utah
The Ritchie Group
2015
4,064 Under Construction
Total:
Proposed
Map
Name
Units
Class
Address
Developer
Estimated Start Date
P44
TBD
468
A
North Mill Road, Vineyard, Utah
Peak
2015
P45
Avalon Senior Living
90
P46
80 East Main
77
P47
Parkway Lofts
332
State St, Lindon
A
2015
Downtown Provo
Adjacent to Orem Front Runner
2015
Compass
2015
P48
American Fork Apartments
270
Near AF Front Runner
2015
P49
Grove Crest Villas- Senior
162
Pleasant Grove
2015
P50
Liberty Center
120
P51
TBD
252
P52
The Depot
120
P53
Liberty Center
147
Centeral Business District Provo
2015
B+
Saratoga Springs
2015
B
300 W Center St, Provo, Utah
Payson, Utah
2015
Cowboy Partners
2015
P54
Payson Apartments
77
252 North 900 East, Payson, Utah
YES Housing, Inc
2015
P55
Springville Seniors on Main (TC)
25
451 South Main St, Springville, Utah
Housing Authority of
Utah County
2015
P56
TBD
71
P57
TBD
120
P58
Lincoln Square
440
Total:
21
B
700 North 900 East, Provo, Utah
John Ogden
2015
8th North State St, Orem, Utah
Wasatch
2015
Vineyard
Chartwell Capital
Partners
2015
2,771 Proposed
January 2015
January 2015
WEBER COUNTY
Major
Employers
of Weber County
OVERALL
Weber County
Weber County, located
along the northern edge
of the Wasatch Mountains, is situated near
major transportation
arteries such as I-15. At
just 35 miles north of Salt
Lake City, Ogden City is
the largest city in Weber
County and the county
seat.
Studio
1 Bed 1 Bath
2 Bed 1 Bath
2 Bed 2 Bath
3 Bed 2 Bath
OVERALL
Studio
1 Bed 1 Bath
2 Bed 1 Bath
2 Bed 2 Bath
3 Bed 2 Bath
OVERALL
$432
$653
$710
$826
$897
$698
$1.11
$0.80
$0.76
$0.68
$0.66
$0.75
• Dept. of Treasury-IRS
5,000-6,999
• McKay-Dee Hospital
3,000-3,999
• Weber County School
•
•
N/A
$538
$636
$740
$700
$637
N/A
$0.77
$0.70
$0.62
$0.63
$0.69
$432
$601
$671
$790
$886
$670
•
Overall
100+
Units
$1.11
$0.84
$0.74
$0.73
$0.69
$0.77
$432
$653
$710
$826
$897
$698
$1.11
$0.80
$0.76
$0.68
$0.66
$0.75
6
$684
$651
•
•
Source: Utah Department of
Workforce Services
$678 $698
700
$655
$639
At A Glance
$640
$623
4
$596
600
$578
• Vacancy: 4.7%
6.5%
6.3%
7.2%
9.0%
6.8%
6.5%
6.1%
6.9%
4.7%
2
0
•
800
10
Hill AFB has been confirmed to be one of the first
military bases to operate
the new F-35 fighter. Its arrival ensures the continuing
operation of the base which
employs 20,000 people.
•
District
3,000-3,999
Weber State University
2,000-2,999
State of Utah
2,000-2,999
Fresenius USA Mfg.
1,000-1,999
Ogden City School
District
1,000-1,999
Autoliv
1,000-1,999
Wal-Mart
1,000-1,999
Weber County
1,000-1,999
Ogden City
500-999
WEBER COUNTY Historical Multi-Family Vacancy
8
Source: Economic Development
Corporation of Utah-Weber County
Profile
$1.11
$0.82
$0.71
$0.71
$0.64
$0.73
Major Recent Announcements:
Barnes Aerospace has
expanded into Ogden,
opening a 50,000-squarefoot aviation manufacturing
facility. The expansion, at
full capacity, created 474
new, full-time jobs and
generated $2.5 million in
capital investment.
$429
$638
$662
$820
$869
$678
Year-End
2014
9.2%
Source: Decision Data
Resources
$1.15
$0.82
$0.73
$0.72
$0.73
$0.75
50-99
Units
PROPERTY
SIZE
Ogden City:
84,249 Population
State of Utah:
$460
$587
$681
$774
$837
$655
Year-End
2013
•
POPULATION
Weber County:
238,519 Population
Year-End
2012
05
06
07
08
09
10
11
12
13
14
Rental Rate
Vacancy Rate
Rental Rate
Vacancy
500
Weber County Average Home Price
2014
$167,600 (5.01% increase)
2013
$159,600
23
January 2015
July 2014
Weber County
Completed
Map
Name
Units
Class
Address
Developer
Completed
C19
Imagine Jefferson
59
B
2604 Jefferson Ave, Ogden, Utah
Housing Authority
2014
C20
Pleasant View
72
B
1148 West Spring Valley Drive, Pleasant View, Utah
Cory Johnson
2014
Developer
Scheduled Completion
Total:
131 Completed
Under Construction
Map
Name
Units
U52
Harrison Rd Townhomes
58
Total:
Class
Address
775 W Harrisville Rd, Ogden
2015
58 Under Construction
Proposed
Map
Name
Units
Class
Address
Developer
Start
P59
Lomond View Retirement Apartments
38
B
1100 Grant Avenue, Ogden, Utah
Housing Management
2015
P60
The Cove at Pleasant View
82
Pleasant View, Utah
2015
P61
Ogden River
175
Near 20th Street and Childs Avenue
2015
P62
27th St Apartments
52
B
367 27th St, Ogden, Utah
2015
P63
TBD
114
B
4800 S 3500 W, Roy, Utah
2015
P64
West Haven Apartments
192
B
Hinkley Dr
2015
P65
North Ogden Townhomes
79
North Ogden
2015
P66
Imagine Jefferson Ph 2
113
P67
Harrisville Rd Townhomes Ph 2
87
P68
23rd St Apartments
128
A
P69
Pleasant View Ph II
64
B
1148 West Spring Valley Drive, Pleasant View, Utah
P70
Southriver Ph II
125
B
311 20th St, Ogden, Utah
Total:
24
2015
775 W Harrisville rd, Ogden
2015
2015
Horizon Development
1,249 Proposed
January 2015
2015
2015
178 South Rio Grande
Suite 220
Salt Lake City, UT 84101
Telephone: (801) 531.1221
Fax: (801) 531.1225
www.equimark.com
© 2015 EquiMark Multifamily All Rights Reserved.

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