Wasatch Front Property Management
Wasatch Front Property Management – Welcome to Salt Lake City and the Wasatch Front! It’s our completely unbiased opinion that we’re one of the best mid-sized metropolitan areas in the country and that you’ll love moving here.
Outdoor enthusiasts can find unparalleled access to year-round sports, including biking and skiing on some of the best terrain in the country. Outside magazine selected the Wasatch Front as one of the “5 Best Places to Raise Kids Outdoors” and named it one of “America’s Best Outdoor Cities.”
Wasatch Front Property Management
Our metropolitan area hosts a vibrant arts and nightlife scene, including two professional dance companies, a new Broadway-style theater, several renowned local theater companies, a world-traveling symphony, and a long list of bars, clubs, and live music venues that , yes, they will serve you alcohol (see nightlife recommendations).
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When it comes to families, the city can’t be beat! We have award-winning private and public schools, a strong network of community recreation facilities, beautiful parks and top libraries, more football, skiing, dance, martial arts, theater and art clubs than you can shake a stick at, plus access to some of the top hospitals and health facilities in the nation.
You’ve probably heard rumblings about some of our area’s weird quirks: ridiculous liquor laws, a storied Mormon past (and present, depending on who you ask), earthquakes, and some of the worst air pollution in the nation. We plan to explore some of these serious (and funny) concerns in our Elephant in the City series.
We admit, our city does have some idiosyncrasies; but you will find them wherever you live. In our opinion, the advantages of living along the Wasatch Front far outweigh the downsides. To help you with your move, we’ve put together a few resources you may find useful. We are always happy to talk to anyone who moves here, whether we are their agent or not. Please do not hesitate to contact us!
Elephant in the City Our answers to funny, tricky and serious questions about living along the Wasatch Front
Office To Rent, 515 Tower, 515 East 100 South, 84102
Niche Homes is Salt Lake’s national and international relocation expert. We’d love to answer any questions you have and show off some of Salt Lake’s amazing places and neighborhoods. Start looking around on our Salt Lake Neighborhoods page. Then contact us for a no-pressure tour! Strong economic fundamentals and solid employment drivers, backed by great nature, have all fueled migration to Salt Lake City over the past few years. More recently, strong demographic trends have helped the metro multifamily market bounce back quickly from the effects of the health crisis.
Attracted by the metro’s more affordable cost of living compared to other West Coast markets, renters continue to move to the Wasatch Front, feeding demand for new multifamily product.
Lowe Property Group has been an active multifamily investor and developer in Greater Salt Lake City for over 35 years.
Smith: 2022 has been a solid year so far. We continue to witness strong metrics favoring multifamily development. Multifamily cap rates remain historically low and we see continued strong rent growth, carried over from the double-digit rent increases we experienced in 2021.
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What can you tell us about the Salt Lake City multifamily market? Please tell us more about the trends you are noticing.
Smith: The multifamily market in Salt Lake City has never been tighter than it is right now. Vacancy rates are at historic lows, rental rates have never been higher, and a record number of rental units have been developed and are under construction. An unprecedented number of permits continue to be issued in Salt Lake County.
Salt Lake is no longer the sleepy market it once was, thanks to the multibillion dollar expansion of Salt Lake International Airport and more high-quality, high-paying job opportunities moving into the state. Rapid net migration is also a key growth factor, as more jobs go remote and individuals seek to take advantage of Utah’s great outdoors.
A few trends we are witnessing are the emergence of more and more mid- to high-rise residential buildings, along with a shift in focus towards raising the quality of building design. Lowe Property Group has made quality architectural design a major focus in recent years, as evidenced by our many collaborations with MVE Architects, a world-class multifamily architecture firm from Irvine, California.
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Smith: Salt Lake City continues to be the Wasatch Front’s most attractive metro area for development because rental prices are significantly higher than those in the surrounding suburbs. According to the Cam Gardner Policy Institute, more than 60 percent of the units currently under construction and proposed in the county are in Salt Lake City. The two most favorable metro areas for construction are downtown and Sugar House Market, due to their proximity to a variety of urban amenities—entertainment venues, dining options, and cultural events.
Smith: We were strategic and fortunate to partner early on during the development process with strong and capable contractors who have deep relationships with subcontractors. It has allowed us to navigate labor shortages, supply chain challenges and health restrictions related to COVID-19.
Tell us more about your involvement in the development of the Post District. How will this project shape the metro’s urban area?
Smith: The Post District is a 13-acre mixed-use development located along the city’s main entrance and exit. This project will act as the next major expansion piece for Salt Lake City and will enhance the Granary neighborhood.
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Lowe Property Group is leading the development of 580 Class A multifamily units, which will provide a wide variety of living spaces, including loft living, workforce housing and contemporary apartment options, along with an unprecedented offering of amenities. Post District is set to deliver units and new, luxury dining rooms as soon as this summer.
Do you have a personal favorite among all the multifamily projects you’ve worked on so far? If so, who and what makes it so special?
Smith: Having to pick a favorite is like picking a favorite child, each one is so different, unique and special.
Post District is a very amazing project. However, 6th and Main will be another phenomenal one. Located just a few blocks east of the Post District along 600 South, it will feature a similar quality amenity package, including a double-height fitness center, an elevated resort-style pool deck and an infinity pool and sky lounge that provide a spectacular view of the city and the mountains. It happens to be steps away from the nightlife and heart of the city center.
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We also have two additional MVE-designed projects in the Sugar House neighborhood. The first, Dixon Place Apartments, was completed in April 2021. We expect to ship the other, Sugar Alley, in the first quarter of 2023.
Smith: We continue to pursue multifamily development projects across the Wasatch Front, but do so with greater caution given the current climate of unpredictable construction costs and rising interest rates. We have upcoming projects in the pipeline in Salt Lake City, but always welcome new partnerships with great concepts and ideas that further improve our state and other nearby markets.
Smith: In the short term, there’s a lot of supply coming into the market that’s keeping us vigilant about absorption and vacancy rates. However, given the trend of high-quality jobs moving to the Wasatch Front and the increasing number of young workers moving to Salt Lake for its desirable lifestyle, we expect a bright long-term future for the Salt Lake multifamily market. Home to the world-renowned Deer Valley, Park City, Snowbird, Solitude Alta and Brighton ski resorts, the Uinta-Wasatch-Cache National Forest encompasses Utah’s Wasatch Mountains adjacent to the northern Utah metropolitan area and is anchored by Salt Lake City. Containing nearly 2.1 million acres of geologically and ecologically diverse landscapes, this collection of woodlands is one of the most visited in the nation.
The ski and summer resorts located in this forest along the Wasatch Front near Salt Lake City, Park City, Ogden and Logan provide world-renowned downhill, Nordic and snowmobiling options, as well as a variety of summer activities, starting with IMBA-certified trails for Mountain Biking at Park City to the Foothills and Oktoberfest at Snowbird. Further south, American Fork Canyon and Provo Canyon offer an incredible mix of aspen and tree-covered slopes that include ziplines, blue-ribbon fishing, and singletrack at Sundance Mountain Resort, Deer Creek State Park, and other destinations. Between the two canyons lies the 11,750-acre Mount Timpanogos Wilderness.
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In total, the Uinta-Wasatch-Cache National Forest is divided into eight areas. To best reflect the needs and character of the nearby community, the forest maintains a separate warden’s office for each area. Due to the climate and high elevation of many parts of the Uinta-Wasatch-Cache National Forest, some areas may be closed to automobile travel in the winter, with most of the developed campgrounds closing. But during the warmer months, it’s a 2.1 million square foot playground. Visit and start exploring – and plan your adventure today.
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