Solid population expansion emphasizes need for multifamily housing.
The region continues to have one of the fastest-growing populations in the United States, lifting 1.7 percent year over year, 110 basis points above the national rate. Graduates of local universities have been prone to stay in the Wasatch Front, in addition to a positive net-migration of young professionals filling jobs. As there is a constant influx of people entering the market, the demand for apartments keeps rising. The downtown area remains an optimal living destination. Renters hunt for high-end space in this area to be near universities, offices and retail to support a desired live/work/play lifestyle. South of Salt Lake City in the submarkets of West and South Jordan, rental demand is strong due to heavy population growth from metro hiring. The average vacancy rate for Wasatch Front will remain under 4 percent as the average effective rent increases for the eighth consecutive year.