An article the University of Utah’s KUER radio station, a PBS affiliate, cites Utah as being a relatively ‘unfriendly’ renter state in terms of legislation and policies aimed at assisting renters, going so far to say, “…the law here favors landlords in nearly every way.” The article addresses laws currently on the books, which seem basic, simple and essential, but appear to clearly favor landlords. Exacerbating renter rights regarding property condition are the eviction laws in Utah which in a report from the Utah Bar Association defined as, “…some of the least friendly in the nation.” The article goes on to cite efforts being made by Utah legislators to swing the pendulum toward renters. This issue is particularly important with 12,577 apartments under construction as this is written (4Q2024) and 4,905 scheduled to begin construction in the next six months. And all of that coming on the heels of the 7,626 that have been delivered thus far in 2024. A must read for anyone in the multifamily space in Utah.

 

 

Svikhart & Associates, a Salt Lake City-based real estate services company, focuses on asset management, brokerage listings and sales, and all aspects of a multifamily investment. Specific diligence regards property operations and strategies to maximize asset performance and value. Additionally, the firm assists owners regarding economic, financial and market factors that impact returns on investment. The firm targets ‘Mid-Tier’ assets which it defines generally as 10-to-60-unit properties.

 

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