We recently spent 3 days in Salt Lake City meeting with brokers, property managers, and other players to learn more about the multi-family market and wanted to share some findings with you!

 

Salt Lake City is no stranger to growth and expansion. Over the past decade, the city has seen a significant increase in the construction of apartment buildings, with towering structures popping up all over town. In fact, we met with one broker who showed us a map of the skyscraper residential buildings being built downtown and it was impressive! This trend reflects the city's growing population and changing preferences for urban living. But what exactly has driven this skyscraping ambition in Salt Lake City over the last ten years?

 

One factor is the city's strong economy. With a low unemployment rate and a thriving tech industry, Salt Lake City has become an attractive destination for young professionals. These individuals are seeking out the convenience and excitement of urban living, and the city has responded by building more apartments to meet that demand. In addition, Salt Lake City has made a conscious effort to build a more walkable, bike-friendly city, which has also made it a desirable place to live. In fact, Salt Lake City is home to the Jordan River Parkway, which is the longest paved urban trail in the United States. It includes over 60 miles following the Jordan River!

 

However, the construction of apartment buildings has not been without challenges. One of the biggest challenges is the lack of available land in the city. With so many people flocking to Salt Lake City, developers are having to get creative in order to build new structures. This has led to the construction of taller buildings and the redevelopment of older buildings into apartment buildings.

 

Despite these challenges, the construction of apartment buildings in Salt Lake City shows no signs of slowing down. In fact, the city is expected to continue to see growth in this area in the coming years. With its strong economy, walkable city, and changing attitudes toward homeownership, Salt Lake City is poised to become one of the leading cities in the country for apartment building construction.

 

The last decade has seen a dramatic rise in the construction of apartment buildings in Salt Lake City, reflecting the city's growth and changing preferences for urban living. With the city's continued growth and commitment to continuing investment in infrastructure, the future looks bright for multi-family investment in Salt Lake City!