February 2025 Newsletter

Market Minute

Ogden Absorption > Completions

A recent article by Mike Petrivelli of CoStar Analytics highlighted that in 2024, units absorbed in Ogden outpaced units completed for the first time since 2020.

“Annual demand for Ogden, Utah, apartments in 2024 was the highest ever as occupancy gains registered more than 1,800 units. Annual completions declined to a five-year low of approximately 700 units. This contributed to a nearly 500 basis point compression in the vacancy rate during the year”, writes Petrivelli.

He attributes “Ogden’s robust in-migration and job growth” as the catalyst for the change. Looking forward, he remains optimistic stating that: “The forecast calls for gradual vacancy compression in 2025 and beyond as apartment demand continues to outpace completions. In this scenario, landlords have more leeway to push rents, and annual rent growth returns nearer to its 2015-19 average in the 3-4% range.”

‘Nxt Level’

Nxt Property Management is pleased to announce the addition of BJ Caldwell to our team as Vice President of Operations.

BJ brings over 25 years of experience in the multi-family residential industry, with expertise in managing a broad spectrum of properties, including LIHTC, conventional, and lease-up communities. Throughout her career, she has demonstrated a strong ability to drive cost reduction strategies, increase net rental incomes, and enhance overall Net Operating Income (NOI). A key area of her expertise is in recovering bad debt collections and addressing delinquency, which has led to significant improvements in operational efficiency and profitability.

In addition to her operational strengths, BJ plays a critical role in the financial review process, ensuring that clients receive accurate financial reporting. Her keen eye for financial details ensures the integrity of financial data, supporting sound decision-making.

Most recently, BJ served as the President of Operations for Cornerstone Residential, where she oversaw operations across 22 markets and 26,000 units. In this role, she successfully led initiatives that drove substantial NOI growth across a diverse portfolio of properties.

Value of the Month

February’s Value of the Month is: Be Loving. Every person has inherent worth. We care for everyone with love and encourage each other to constantly improve, achieve balance in life and find joy.

Ask the Editor

Question: What is the supply vs demand forecast for the next 6-8 months for each major market in the state?

Answer: Per Costar the Ogden Multifamily Market includes Davis and Weber counties. In 2025 the inventory of multifamily units is expected to grow from 26,269 to 26,834 (565 adds which is 2.2% growth). There is an expected absorption of 623 units (2.3% of total inventory)—a 0.9 ratio.

The Salt Lake Multifamily Market includes Salt Lake and Tooele counties. In 2025 the inventory of multifamily units is expected to grow from 97,556 to 100,859 (3,303 adds which is 3.4% growth). There is an expected absorption of 3,306 units (3.3% of total inventory)—a 1.0 ratio.

The Provo Multifamily Market includes Utah and Juab counties. In 2025 the inventory of multifamily units is expected to grow from 21,774 to 22,940 (1,166 adds which is 5.4% growth). There is an expected absorption of 1,150 units (5.0% of total inventory)—a 1.0 ratio.

As always, feel free to send any questions about the apartment world to sales@nxtmgt.com and we would love to feature and answer the question in next month’s newsletter.

Until next time,