I’m Alixander, real estate agent in the state of Utah and Realtor with KW Salt Lake City Keller Williams.
Today I’m delivering a special broadcast about the 2019 economic report delivered by the Utah Apartment Association.
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And with that. Let’s go ahead and launch into this report. Shall we?
The 2019 Year for Utah
2019 is seeing some fantastic, fantastic amounts of growth across the state and the Utah Apartment Association’s economic report for 2019 only seems to echo that.
Commute pains? We have a podcast for that 😉
Now for those of you who are in their car listening to this podcast, I’ll have you know that yes, there has been an influx in traffic over the last five to ten years. In fact, from the report we found that there’s been a 50% increase of usage of I-15 between Salt Lake County and Utah County this point of the Mountain development, which is sometimes termed Silicon Slopes. Which is a slight misnomer, Silicon Slopes extends across the Wasatch Range from Utah County up to Weber and Davis.
I know some people might disagree with me with on that, but it does go that far.
Silicon Slopes isn’t just a silly name
Now with that said, what is silicon slopes and how does that impact everything?
Well, it’s no secret that across The Nation we are in a trade war, and this trade war is, in fact, impacting the manufacturing jobs across The Nation.
Utah historically has not been a manufacturing State, and in the last 10 years we have become a tech oriented Financial Services oriented State. And as a result, we’ve seen massive amounts of growth.
Now this growth that has happened across the Wasatch Front has, in fact, impacted some of our viewers, some of our listeners, who are on I-15 every single day and they found that it grows more and more congested.
Well, it’s due to the economic prosperity that we’re seeing here in Utah.
We are seeing faster than that national average growth to our state. In fact, the 1.7% growth [in population] per year. Utah just recently peaked over 3 million people in population, which is fantastic.
Demand for Housing
This surge of people that have entered into the state have been demanding housing., demanding for housing, and as a result for many homeowners and for many who are shopping for homes have found that prices have gone to what they feel too unreasonable heights.
Strong Labour Market In a Beautiful State
Well, I’m here to tell you that that’s probably not going to change.
That growth that we’re seeing, the strong labor market that we have in our state and also. The beauty that we have here in Utah. It’s unlike anywhere else in the world. And so that appreciation that people have for The State of Utah… it will continue, and continue.
Sale Prices & Rents Continue to Rise
And not only are we seeing it in home prices, but we’re also seeing it in the apartment market as well. Yes, this demand for housing created a surge of new apartments in the downtown area and many areas of the state in fact.
But even with this surge, rents statewide continue to rise.
What You Can Do to Take Advantage
What that means for you, the listener, you, the viewer, is that it’s important to start taking actions now towards your real estate.
- Whether you’re just simply leasing, renting an apartment or a home…
- Or if you are an apartment owner whose leasing and renting to lovely citizens of Utah…
- Or if you’re a homeowner who’s been in a home for a good while…
It’s important to take action now towards the prosperity that we’re seeing in the state. The kinds of actions, the kinds of decisions, that you could be making this year will impact you, your family, your friends, nearly everyone you know for years to come.
If you’re interested in the slides that were presented by the Utah Apartment Association and the host panel that they had please feel free to reach out.
Our website will have them there.
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This has been another fantastic Morning Edition from the Salt Lake City Real Estate Agency.
I’m Alixander, here at KW Salt Lake City Keller Williams in Sugar House, and I hope you have a wonderful day.
Thank you, and we’ll see you again on Monday.