April 2025
Market Minute
Salt Lake City Ranks 4th in the Nation
A recent CNBC article highlighted a recent report released by Redfin ranking he most affordable U.S. metro areas for renters. According to CNBC, “To rank the metros, Redfin analyzed the median asking rent for apartments across the United States for a three month period — October to December of 2024. Then they estimated the median incomes of renter households using U.S. Census Bureau data from 2023.”
Redfin defines an apartment as affordable as long as a renter spends no more than 30% of their income on rent. “Rent affordability is a function of two things, how much rent costs and also how much people earn,” Daryl Fairweather, Chief Economist at Redfin. Redfin’s top 10 is comprised of areas with a strong economy and a growing housing market, she added.
This data correlates with Salt Lake City having average in-migration rates significantly higher than the national average. This is driven by multiple factors including local growth in tech jobs, robust recreation and—as highlighted above—overall rent affordability as compared to wages. As renters continue to seek more affordable rents, Salt Lake City will continue to prosper and opportunities for rent growth will exist.
‘Nxt Level’
Hit It Out Of The Park
A recent survey of stabilized occupancy data per Costar, highlights that the average occupancy for stabilized multifamily properties across Utah is 91.9% as of Q1 2025.
At Nxt we take great pride in being able to outperform the market by making data driven decisions. Recent analytics show that Nxt Property Management continues to outperform market standards with an average stabilized occupancy of 94% on over 25 stabilized properties and 3500 units—surpassing Utah’s statewide average of 91.9%. This strong performance reflects our proactive leasing strategies, resident-focused service, and data-driven decision-making that consistently deliver results above industry benchmarks.
Value of the Month
April’s Value of the Month is: Perform Together. We accomplish more as a team. We encourage each other to work as a team and trust in the team's ability to be more successful.
Ask the Editor
Question: What are the current rent growth trends regionally?
Answer: A recent survey of YOY (year over year) asking rent data provided by HelloData.ai compares asking rent growth in the 5 major markets in the state. The findings are displayed in graph and tabular form below.
A few notes/observations:
The data filters properties newer than 2010 and greater than 25 units.
Utah’s major markets as defined by Costar include the following counties: Salt Lake (Salt Lake County), Ogden (Weber, Davis and Morgan counties), Provo (Utah and Juab counties), Logan (Cache County), St. George (Washington County).
St. George boasted the highest average rent growth percentage as compared to the other major markets.
Rent growth was positive for 3 of the 5 major markets.
Despite fluctuations per floorplan and market, when the data is aggregated and weighted, Utah as a state displayed almost 1% rent growth YOY.
As always, feel free to send any questions about the apartment world to sales@nxtmgt.com and we would love to feature and answer the question in next month’s newsletter.
