“The demand for 3-star properties was due in large part to improved consumer confidence, lower inflation, and lack of a recession,” according to the report. “Demand for 1- and 2-star properties remained the weakest as consumers’ budgets continued to fight higher costs for housing and everyday items, pushing some to seek alternative housing solutions, such as moving in with roommates or returning to family homes, according to the report.”

 

Yet again, Class B apartment properties are the star. A’s are too expensive and many people, who can afford to, will not select C and D properties in which to live. But don’t be fooled, B Owners, into thinking you’re in a fail-safe zone. You’re not. There will be transition in the Utah  market across most multifamily asset classes as more and more units come on-line. Your mission critical: work to retain existing residents.

 

 

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.

 

Please find us at svikhart.com or contact us at 801-550-5684 to learn about the real estate services the firm provides. To subscribe to the firm’s newsletter addressing events of the day please follow this link Newsletters.