LOS ANGELES—The multifamily market remains the highlight of the Southwest markets, with continued increases in rental rates and historically low vacancy rates. Multifamily transactions were very active this week, with several major deals closing in markets like Las Vegas and Phoenix, as well as outlying Los Angeles and San Diego markets. Industrial also continues to boom, especially in the Riverside and Inland Empire markets, which posted record growth for the third quarter.
BY THE NUMBERS
The Salt Lake City apartment rental market remains strong with a 4.5% vacancy rate recorded at mid-year. Rental rates also continue to be on an upswing with 26% growth since 2011, reaching an all-time high of $1.15 per square foot in 2016. As a result, the area has seen a boom of new apartment construction, with more than 9,500 new units currently under development and more than 12,000 identified as potential starts.
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Kelsi Maree Borland
