March 2025

Market Minute

Two Utah Cities Rank Top in Nation for Performance

CBRE recently published their Multifamily Market Report 2024 Review and 2025 Outlook where they mentioned that, “The resilient economy in Utah is validated once again in the Milken Institute’s 2025 rankings, identifying two Utah markets, Ogden and Salt Lake City, among the top three best-performing large cities in the nation. The national report highlights U.S. cities with strong job growth, affordable housing, and a healthy economy. The Salt Lake City Market advanced a spot in the rankings due to its robust job market, a growing high-tech sector, and widespread access to economic opportunities.”

Looking into 2025 they highlighted, “Total market unit deliveries will be lower in 2025, dropping to an estimated 5,500 units, compressing concessions by year-end, especially in suburban submarkets.”

Additionally, “Moderate rent growth is expected by year-end in the suburbs, with greater rent stability in the downtown and periphery markets.”

‘Nxt Level’

It’s no secret that we find ourselves in a highly competitive multifamily market, with concessions ranging between 4 to 12 weeks across Utah. Even though experts and economists believe that concessions will lower as we approach 2026 and inventory is absorbed, we understand the importance of our onsite staff possessing sales acumen.

This month, we hosted our assistant managers and leasing agents at our corporate office for a leasing and sales training. At this half-day training, various topics were discussed including the prospect lifecycle (with tips for maximizing conversions at each stage), follow up and communication standards, and more!

A portion of the training was also dedicated to reviewing prospect conversion statistics and other data points using our proprietary business intelligence tool (shown below*). This dashboard is something that all our team members have access to and use to make data driven decisions.

*The data is a snapshot of a group of properties to protect sensitive information.

Value of the Month

March’s Value of the Month is: Choose Wisely. We make the right choice even when it’s hard. We spend the right amount of time, effort, and resources to enhance the lives of our associates, customers, and partners.

Ask the Editor

As a reminder, this section is for you. This is your opportunity to ask us anything related to multifamily real estate and have your questions answered in this section of the following month. You can reply directly to this email to submit your questions. Hope to hear from you soon!

Question: What are the top reasons a tenant generally moves out?

Answer: This is a great question. The reasons a resident moves out can be very situational and unique per instance. However, over the last 12 months the top reasons we have seen someone move out include Relocating (19.97%), Purchased a Home (10.46%), and Transfer to Another Unit Within the Community (5.71%).

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,