Salt Lake City multifamily makes the best of its natural surroundings
We recently made a trip from Denver (our home base) to Utah to check out two of finished branding projects with an incredible multifamily client. While there, we gained an even better appreciation for the Salt Lake City multifamily market and the city’s beautiful surroundings.
Popular with all generations
Salt Lake City gained some stature when it hosted the Winter Olympics 20 years ago, but it has remained a largely unsung hero until recently. Now, people have started to notice what Utah has to offer in terms of beauty, outdoor recreation, family-friendly lifestyle and economic opportunity.
This multifamily investment company explains:
“Salt Lake City is the economic and cultural hub of Utah and the Intermountain West. It’s one of the country’s fastest growing cities with approximately 198,000 residents in the city, SLC is consistently ranked as one of the best cities to live and retire. It has also become one of the best cities for millennial home buyers, young professionals, tech and STEM-related job growth, and business and careers.”
Whether people move to the city for job opportunities or for an active retirement, demand for housing – including apartment homes – continues to grow.
Niche Homes echoes the reasons people want to move to Salt Lake:
“There are many reasons that Salt Lake City ranks high on all the quality of life lists. It is an extremely family-friendly city, with lots of choices for education and endless kid-friendly activities. Young professionals are always happily surprised by the job opportunities, strong housing market, and our vibrant downtown. Truly unparalleled access to nature, a healthy population, and an impressive arts community make Salt Lake City a wonderful place to live for people of all ages.”
The city seems to have something for everybody. If you know us, you know we seek out the coffee and margaritas in any place we visit, and we can vouch for both in this up-and-coming big town.
Multifamily gems in Salt Lake City
On our visit last month, we had the pleasure of visiting two of our clients’ properties in the highly desirable Sugar House neighborhood. Sugarmont and Park Avenue, both owned by Cottonwood Residential, bring a level of sophistication and boutique hotel ambiance to this Mountain West region.
As you can see from the exterior photos, these apartment homes call out to people who want to be in the middle of a vibrant downtown, but who also want quick access to mountain trails and ski runs. One glance tells the story.
Residents with a love for art and history will be drawn to Park Avenue’s art deco touches, and those with a love for nature-inspired luxury will revel in Sugarmont’s rich woods and interiors flooded with glorious natural light.
Modern, amenity-rich properties like these will only add to Salt Lake City’s attractiveness to new residents.
Healthy growth meets affordability
The multifamily market has seen impressive growth here, as noted by Lima One:
“Multifamily rental growth in Salt Lake City ranks 23rd of 98 markets nationwide. On a year-over-year basis, Salt Lake City multifamily rents increased 18% from $1,243 in October 2020 to $1,467 in October 2021.”
However, apartment rentals remain a relatively affordable housing option in the area, adding that:
“Even with rent increases, Salt Lake City’s renter population isn’t being priced out, which creates longevity in tenancy and additional income for investors.”
If you haven’t given Salt Lake City a second thought, we invite you to look again. This area is set for promising population growth and multifamily demand.
Looking for a multifamily brand identity and marketing plan? Reach out to us. We work with multifamily companies across the country to create stand-out brand personalities and marketing strategies that capture renters’ attention.