September 2024 Newsletter
Market Minute
Utah Major Market Growth
The below from CoStar depicts the five major Utah submarkets over the last two decades and their growth in various aspects. As you observe the graph you will note:
The x-axis (left to right) represents average market rent per unit. As time has transpired, average market per unit as uniformly increased.
The y-axis (up and down) represents average occupancy per market. Historically this has been between 90-95% with the exception of the last 2 years. Increased inventory has led to sub 90% average occupancy, but this is projected to improve as soon as next year.
The size of the circles (radius) represents the the comparable size in inventory (number of units), how each market compares to another in size and how individual markets have grown over time.
The legend below designates which colored circle belongs to each major market.
‘Nxt Level’
Sharpening Sales Skills
“Tell me and I forget, teach me and I may remember, involve me and I learn.” Benjamin Franklin, Founding Father of the United States
In today’s hyper-competitive multifamily market, the skill and expertise of on-site staff can make or break a property. This is especially paramount for new properties as they strive to achieve stabilization.
Recently, we hosted members of our on-site teams for an all day leasing and sales training. At Nxt, our goal is to continue to train and develop our team members so that they can perform to the best of their abilities and excel in comparison to their peers.
The training agenda led by our regional managers and operations staff covered topics such as understanding your target audience, nurturing leads into tenants, as well as other soft and hard sales skills. We finished the day with a fun activity where we had our teams build a fictitious property with various features and amenities. We then had them give us a tour tailored to our needs, as seen in the picture.
Ask the Editor
Question: What information can you provide regarding delivered and absorbed units across the state?
Answer: Great question! According to CoStar, the 5 major markets in Utah had the following in Q2 2024:
Logan: 49 absorbed units, 0 delivered units.
Ogden: 858 absorbed units, 470 delivered units.
Provo: 317 absorbed units, 308 delivered units.
Salt Lake: 1422 absorbed units, 1812 delivered units.
St George: 175 absorbed units, 5 delivered units.
The following is projected cumulatively for Q3 and Q4 2024:
Logan: 92 absorbed units, 0 delivered units.
Ogden: 645 absorbed units, 108 delivered units.
Provo: 924 absorbed units, 669 delivered units.
Salt Lake: 2336 absorbed units, 2297 delivered units.
St George: 178 absorbed units, 175 delivered units.
As a reminder, feel free to ask 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,
