SOURCE: Commerce Real Estate Solutions
SALT LAKE CITY, UT--(Marketwire - Aug 21, 2012) - Commerce Real Estate Solutions, an independently owned and operated member of the Cushman & Wakefield Alliance (www.comre.com), today announced it has released its annual Apartment Market Report for 2012. This report, based on an objective study, demonstrates that the apartment market in the greater Salt Lake City area is very strong with stability and growth continuing into next year.
"Clearly, this is a very good time to be in the apartment market if you are a landlord," said Kip Paul, executive director, investment sales for Cushman & Wakefield | Commerce. "Investments have gone up in value, vacancy rates have gone down and rental rates have increased by eight percent over the past year, which makes this a very attractive investment market. We have also seen that developers are being aggressive and anxious to build new projects, which keeps this market fresh with new buildings for tenants and helps bring the supply and demand in balance. Currently, the demand for rental units exceeds the supply."
The highlights of this year's study on Salt Lake County include:
- 3.8 percent vacancy rate, which is down from 5.2 percent last year
- 8 percent growth in rental rates over the past 12 months
- 1.4 percent increase in supply of newly constructed units
- Projects offering concessions down from 60 percent to 25 percent year over year
The forecast for the upcoming year includes:
- Stabilized vacancy at 4 percent valley wide
- Rental rate growth of 5 percent annually
"The strong state of the market makes this a very good time to sell for those looking to reposition their investment properties," Paul added. "While developers are moving forward, there is currently a lack of product on the market in terms of apartment buildings available to purchase; we are seeing a large number of buyers who want to get into this strong market."
The full Apartment Market Report for 2012 can be accessed at http://www.comre.com/reports/2012Reports/Utah/Rental_Market_Report_2012.pdf
About Commerce Real Estate Solutions
Commerce Real Estate Solutions, an independently owned and operated member of the Cushman & Wakefield Alliance, has been the leading provider of real estate brokerage services for more than 30 years. Headquartered in Salt Lake City, Commerce Real Estate Solutions has offices throughout Utah, Nevada, Idaho and Washington. Commerce Real Estate Solutions offers consulting, brokerage, tenant and landlord representation, property and facilities management, and valuation services to corporations, institutions and investors throughout the Intermountain West and Pacific Northwest. For more information, and for property listings, broker information, market category reports and more visit www.comre.com.
About Cushman & Wakefield
Cushman & Wakefield is the world's largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world's major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management through its wholly‐owned subsidiary Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.