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Renter Occupied Units as Share of Total Occupied Units

Area

1990

2000

2010

 Bluffdale  7.3% 18.7%
 Cottonwood Heights  NA 18.7%
 Draper 19.5% 16.2% 21.2%
 Holladay 18.1%25.7%
 Midvale59.5%51.9%51.6%
 Murray39.0%33.3%33.2%
 Riverton10.1%6.0%13.7%

 Salt Lake City

50.6%

48.8%

51.6%

 Sandy

12.7%

15.7%

20.3%

 South Jordan

8.9%

10.3%

15.3%

 South Salt Lake

61.1%

62.0%

61.6%

 Taylorsville

 

28.8%

30.3%

 West Jordan

21.2%

18.1%

22.9%

Source: http://ucdp.utah.edu/reports/HUD_Portal/County/SaltLakeCountyRAIFHEA.pdf



Salt Lake County "Class A" - 5 Years & Newer Market Rate
as of Year-End 2009

Unit Type

Rent

$/Sq Ft

Avg Size

Studio

N/A

N/A

N/A

1 Bd 1 Bth

$919

$1.25

737

2 Bd 1 Bth

$1,115

$1.18

948

2 Bd 1 1/2 Bth

$960

$0.98

977

2 Bd 2 Bth

$1,158

$1.10

1,052

3 Bd 2 Bth

$1,409

$1.14

1,233

OVERALL

$1,069

$1.11

959

Salt Lake County "Class A" - 6 Years & Older Market Rate
as of Year-End 2009

Unit Type

Rent

$/Sq Ft

Avg Size

Studio

$703

$1.28

548

1 Bd 1 Bth

$773

$1.06

731

2 Bd 1 Bth

$837

$0.91

919

2 Bd 1 1/2 Bth

$906

$0.89

1,017

2 Bd 2 Bth

$967

$0.94

1,025

3 Bd 2 Bth

$1,184

$0.91

1,304

OVERALL

$895

$0.97

924

Salt Lake County "Class B" - 5 Years & Newer Market Rate
as of Year-End 2009

Unit Type

Rent

$/Sq Ft

Avg Size

Studio

$526

$1.38

380

1 Bd 1 Bth

$775

$1.07

728

2 Bd 1 Bth

$803

$0.91

879

2 Bd 1 1/2 Bth

$686

$0.67

1,028

2 Bd 2 Bth

$955

$0.96

998

3 Bd 2 Bth

$1,089

$0.93

1,174

OVERALL

$878

$0.94

937

Salt Lake County "Class B" - 6 Years & Older Market Rate
as of Year-End 2009

Unit Type

Rent

$/Sq Ft

Avg Size

Studio

$496

$1.27

391

1 Bd 1 Bth

$634

$0.98

644

2 Bd 1 Bth

$731

$0.81

900

2 Bd 1 1/2 Bth

$779

$0.76

1,023

2 Bd 2 Bth

$832

$0.84

992

3 Bd 2 Bth

$966

$0.79

1,220

OVERALL

$731

$0.87

843

Salt Lake County Rental History by Unit Type and Class

2006

2007

2008

2009

Unit Type

Class

Avg. Rent

$/Sq. Ft.

Avg. Rent

$/Sq. Ft.

Avg. Rent

$/Sq. Ft.

Avg. Rent

$/Sq. Ft.

Studio

Class A

$604

$1.10

$710

$1.30

$676

$1.23

$703

$1.28

Class B

$433

$1.12

$463

$1.21

$491

$1.28

$477

$1.24

Class C

$404

$0.92

$426

$0.97

$445

$1.02

$446

$1.03

1 Bdrm 1 Bth

Class A

$732

$1.00

$797

$1.09

$844

$1.15

$814

$1.10

Class B

$587

$0.91

$640

$0.99

$665

$1.03

$633

$0.98

Class C

$489

$0.79

$524

$0.86

$551

$0.90

$541

$0.89

2 Bdrm 1 Bth

Class A

$777

$0.84

$853

$0.92

$893

$0.97

$850

$0.92

Class B

$664

$0.74

$718

$0.80

$754

$0.84

$731

$0.82

Class C

$588

$0.70

$640

$0.76

$666

$0.79

$638

$0.78

2 Bdrm 2 Bth

Class A

$979

$0.95

$1,056

$1.02

$1,100

$1.06

$1,025

$0.98

Class B

$766

$0.78

$837

$0.86

$871

$0.89

$836

$0.85

Class C

$609

$0.64

$653

$0.68

$700

$0.73

$668

$0.70

3 Bdrm 2 Bth

Class A

$1,156

$0.88

$1,232

$0.93

$1,306

$1.01

$1,235

$0.95

Class B

$855

$0.72

$930

$0.78

$977

$0.82

$953

$0.80

Class C

$678

$0.65

$713

$0.68

$758

$0.72

$787

$0.73

Salt Lake County 2006 to 2009 Rental Rate Summary

Studios

2006

2007

2008

2009

Average Rent

$434

$465

$488

$479

Average Square Feet

406

404

403

402

Average Price/Sq Ft

$1.07

$1.15

$1.21

$1.19

1 Bedroom, 1 Bath

2006

2007

2008

2009

Average Rent

$586

$636

$668

$639

Average Square Feet

652

652

654

652

Average Price/Sq Ft

$0.90

$0.98

$1.02

$0.98

2 Bedroom, 1 Bath

2006

2007

2008

2009

Average Rent

$650

$705

$738

$709

Average Square Feet

882

881

881

869

Average Price/Sq Ft

$0.74

$0.80

$0.84

$0.82

2 Bedroom, 1 ½ Bath

2006

2007

2008

2009

Average Rent

$700

$792

$823

$772

Average Square Feet

1,016

1,014

1,014

1,015

Average Price/Sq Ft

$0.69

$0.78

$0.81

$0.76

2 Bedroom, 2 Bath

2006

2007

2008

2009

Average Rent

$824

$894

$941

$895

Average Square Feet

994

992

998

1,000

Average Price/Sq Ft

$0.83

$0.90

$0.94

$0.89

3 Bedroom, 2 Bath

2006

2007

2008

2009

Average Rent

$892

$961

$1,029

$989

Average Square Feet

1,199

1,199

1,202

1,197

Average Price/Sq Ft

$0.74

$0.80

$0.86

$0.83

Townhouses

2006

2007

2008

2009

Average Rent

$828

$938

$977

$964

Average Square Feet

1,327

1,317

1,317

1,317

Average Price/Sq Ft

$0.62

$0.71

$0.74

$0.73

Total Average Rents

2006

2007

2008

2009

$674

$733

$771

$739

Total Average Sq Ft

2006

2007

2008

2009

837

837

839

836

Total Price per Sq Ft

2006

2007

2008

2009

$0.80

$0.88

$0.92

$0.88

Salt Lake Average Rental Rates and Home Prices by Multiple Listing Service Area
Year-End 2009

Home

Studio

1 Bdrm

2 Bdrm
1 Bath

2 Bdrm
2 Bath

3 Bdrm

Townhouse

Overall

Area 101

$363,917

$451

$587

$703

$1,095

$1,099

n/a

$645

Area 102

$222,717

$444

$622

$680

$1,074

$1,103

$916

$688

Area 103

$352,180

n/a

$606

$680

$1,012

$833

n/a

$688

Area 104

$201,444

$577

$653

$746

$868

$955

$1,041

$750

Area 105

$315,858

n/a

$704

$727

$855

$1,078

$1,030

$795

Area 106

$342,710

n/a

$651

$748

$900

$1,057

$1,159

$820

Area 107

$370,936

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Area 108

$302,650

n/a

$738

$759

$948

$1,077

$1,164

$863

Area 109

$263,405

$559

$693

$781

$934

$980

$960

$828

Area 110

$168,062

$468

$587

$676

$759

$940

$851

$693

Area 111

$139,122

$460

$604

$644

$826

$969

$894

$685

2009 Greater Salt Lake Area Multi-Family Operating Expenses
Properties of 50 Units and Larger

Percent

Cost/Sq. Ft.

Cost/Unit

Administrative

4%

$0.16

$140

Management Fee

10%

$0.38

$324

Advertising

5%

$0.21

$178

Turnover Costs

6%

$0.22

$190

Maintenance

11%

$0.44

$372

Payroll

30%

$1.17

$995

Utilities

16%

$0.61

$517

Taxes

14%

$0.53

$451

Insurance

4%

$0.17

$143

Total

100%

$3.90

$3,311

Reserves

$476

TOTAL EXPENSES

$3,787

Note: Management Fees, while comprising an average of 10% of the operating expenses, represent 4% of a property's annual gross income.

Salt Lake County Multiple Listing Service Area Map




Salt Lake County Vacancy Rates by Multiple Listing Service Area
Year-End 2009

Vacancy Rate

Area 101

6.3%

Area 102

7.1%

Area 103

5.5%

Area 104

9.8%

Area 105

9.7%

Area 106

8.7%

Area 107

n/a

Area 108

9.0%

Area 109

9.2%

Area 110

10.5%

Area 111

6.5%

Wasatch Demographics - Job Growth

County:

Salt Lake

Utah

Weber

Davis

2009

-3.3%

-3.4%

-4.2%

-0.4%

2008

-2.5%

-3.2%

-1.8%

-2.6%

2007

3.8%

4.0%

2.6%

2.2%

2006

4.4%

4.9%

2.5%

4.2%

2005

3.4%

4.5%

3.1%

5.0%

2004

1.9%

4.7%

1.6%

4.1%

2003

-0.5%

0.2%

2.2%

1.2%

2002

-1.4%

1.3%

0.5%

2.9%

2001

0.9%

1.4%

-1.6%

3.4%

2000

2.6%

4.1%

0.1%

3.1%

Wasatch Demographics - Unemployment

County:

Salt Lake

Utah

Weber

Davis

2009

6.4%

6.7%

7.6%

6.1%

2008

4.1%

3.9%

5.2%

4.1%

2007

3.0%

2.9%

3.6%

3.2%

2006

2.7%

2.5%

3.0%

2.6%

2005

3.9%

3.6%

4.2%

3.7%

2004

4.4%

3.6%

5.3%

4.0%

2003

4.8%

3.9%

4.9%

4.4%

2002

5.4%

4.7%

6.3%

4.4%

2001

4.6%

4.8%

5.6%

4.1%

2000

2.9%

2.6%

4.2%

3.0%

Wasatch Demographics - Population Growth

County:

Salt Lake

Utah

Weber

Davis

2009

1.1%

2.3%

1.2%

1.9%

2008

1.1%

3.6%

1.7%

2.0%

2007

2.3%

5.5%

2.3%

3.3%

2006

1.8%

4.2%

1.0%

3.0%

2005

2.4%

4.2%

2.0%

3.5%

2004

1.6%

3.4%

1.8%

2.6%

2003

1.4%

3.2%

1.2%

2.5%

2002

1.0%

3.2%

1.4%

2.2%

2001

1.7%

3.7%

1.5%

1.9%

2000

0.6%

2.3%

0.5%

2.1%

Wasatch Demographics - Job Distribution by Major Industry - 2008

County:

Salt Lake

Utah

Weber

Davis

Mining

2,908

53

171

139

Construction

38,514

14,672

6,117

8,974

Manufacturing

55,323

18,673

12,566

9,679

Trade, Transportation and Utilities

125,980

31,200

17,551

20,797

Information

17,214

8,225

1,037

1,041

Financial Activity

49,436

6,466

4,553

4,080

Professional & Business Services

96,990

23,189

10,471

11,888

Education & Health Services

61,098

38,684

11,673

9,993

Leisure & Hospitality

48,521

13,956

8,333

9,498

Other Services

18,884

4,337

2,869

3,081

Government

88,059

25,394

20,599

24,185

TOTAL

602,927

184,849

95,940

103,355

Salt Lake Multi-Family Sales Summary 2006 - 2009

2006

2007

2008

2009

Average Cap Rate

5.8%

6.2%

6.2%

7.2%

Number of Units Sold

2,224

3,559

3,709

1,556

Average Property Age

17

25

26

17

Number of Properties Sold

8

10

13

5

Average Price/Square Foot

$95.48

$107.31

$106.98

$102.03

Average Price Per Property

$23,881,250

$31,000,000

$21,756,923

$26,830,000

Average Price Per Unit

$85,138

$87,103

$76,258

$86,215

Total Sales Volume

$191,050,000

$309,999,999

$282,840,000

$134,150,000

 



Wasatch Demographics - Data Sources
Bureau of Economic and Business Research, University of Utah
The Economic Development Corporation of Utah
Department of Workforce Services


Largest Employers

 
 COMPANY NAME EMPLOYEES
 Intermountain Medical Center 5000-6999
 Salt Lake County 5000-6999
 University Hospital 5000-6999
 Discover Products
 3000-3999
 L-3 Communications Corporation 3000-3999
 University of Utah 3000-3999
 Associated Regional & University Pathology 2000-2999
 Delta Airlines 2000-2999
 JetBlue Airways Corporation 2000-2999
 Primary Children's Medical Center 2000-2999
 SkyWest Airlines, Inc. 2000-2999
 VA Salt Lake City Health Care Systems 2000-2999
 C.R. England, Inc. 1000-1999
 Central Refrigerated Service, Inc. 1000-1999
 Clearlink Technologies Payroll LLC 1000-1999
 Convergys CM Delaware LLC 1000-1999
 
Source: http://www.edcutah.org/2015%20County%20Profiles/documents/SaltLake.pdf



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