National Market is Mixed, but What’s Happening in Salt Lake City?
When should I buy real estate in Salt Lake City?
When should I buy real estate in Salt Lake City- This is, perhaps, is the # 1 question we get. Unfortunately, there is no perfect answer. The “right time to buy” depends on each buyers current situation. At the close of 2016 we find ourselves once again making a lot of predictions about what the future may hold. I have recently read articles that firmly assert we are currently in another housing bubble. I’ve then turned on the TV and heard news casts that state we are seeing a robust real estate market, with no signs of a downturn. With all the conflicting information coming from all sources of news, which regrettably include Social Media, let me shed some light on Salt Lake City real estate market by giving you some facts. (not opinions)
Rents are still rising in Salt Lake City
In a Nov 1st article by Business Insider they did an in-depth look at rental rates with most of their date from Zumper and Zollow. In many luxury rental markets we are seeing year over year declines in rental rates. There are many reasons for this: new product (lots of inventory), price ceiling, and many potential renters are choosing to buy instead. Salt Lake City, which is not considered a luxury market for rental, saw a 12% year over year increase in rental rates for a 1 bedroom apartment. That’s one of the biggest jumps in the nation and yet we are still only the 53rd most expensive rental market in the nation. So will rental rates decrease in Salt Lake City? Probably not.
