Apartments in Demand, Rents are Soaring (Salt Lake City, Millcreek: rental, condos, home)

[Mtn. States Resident]

This article was highlighted in a business email I receive daily. I think it is important to read for those moving to the area.

The Salt Lake story: Rents soaring, apartments booming | Deseret News

MSR

[Peter1948]

Originally Posted by Mtn. States Resident

This article was highlighted in a business email I receive daily. I think it is important to read for those moving to the area.

The Salt Lake story: Rents soaring, apartments booming | Deseret News

MSR

This is a national phenomenon....billions in apartments going up in each and every top 50 metro.

SLC is a surprisingly beautiful town! I was just there

[Mtn. States Resident]

Originally Posted by Peter1948

This is a national phenomenon....billions in apartments going up in each and every top 50 metro.

SLC is a surprisingly beautiful town! I was just there

Yes and no. Certain states are losing population.

For the state's that have certain infrastructure, universities and more, these living units are very much designed for the different needs and wants of Millenials.

I'm glad you enjoyed your visit to Salt Lake City

MSR

[Geo-Aggie]

Originally Posted by Mtn. States Resident

Yes and no. Certain states are losing population.

For the state's that have certain infrastructure, universities and more, these living units are very much designed for the different needs and wants of Millenials.

I'm glad you enjoyed your visit to Salt Lake City

MSR

I think was true, but it's beginning to change simply due to the economics of Millennials find that if they stay in expensive metros, the only thing they can afford is getting to the next paycheck. A recent study by CityLab which explored which metros are best at keeping young college grads found a mix of very-expensive and very-inexpensive metros at the top.

Inexpensive places recently known for population stagnation and decline such as Detroit, Atlanta, Chicago (parts of Chicago are still incredibly cheap) and Minneapolis topped the list right along with overpriced millennial hot-beds like New York, Seattle and LA. I think a lot of what is driving this ability of less-desirable metros over the past decade is cost of living. The places you see college graduates most likely to flee are the expensive metros, with great schools and infrastructure, that just aren't considered "hip" - such as moderately sized metros in New England and on the Eastern Seaboard. Also Phoenix. I have no idea why Phoenix. Phoenix seems like an all right place to me, other that the horrible weather, but it tops the charts for worst "brain drain."

[justducky2]

Yes, I can attest to this.

My college kid is going to college in SLC. She was living in a dump of a duplex in the South Salt Lake/Millcreek area.

She had to move out a few weeks ago because of a divorce of her landlords.

She put a deposit on a place in Brickyard area, and the week before she was going to move, looked at the reviews, and called me in tears - the place had infestations of roaches, mice, mold, and drug dealers. AND - it was NOT cheap.

I told her to eat the deposit and look elsewhere. School is in Sugar House, she couldn't afford there, so she was looking south....and rents were still way too high. She was panicking.

Here in California, it's no big deal to commute 40-50 miles one way because of housing prices. I told her to look in other places. Low and behold, she looked north, and found outlying communities that are served by Frontrunner, new, clean, and less expensive than what was closer to school.

It's still expensive, and much more expensive than the old duplex dump. But much safer, cleaner, and a much nicer place to live, in exchange for a 30 minute commute.

I have a small business based on natural products/outdoors products, and I'm finding all sorts of these companies, and internet app companies, are based in the SLC area; I also saw something on the news recently that SLC was a great place to live and work for millennials. I suppose it is a much more affordable metro area compared to LA, San Francisco, etc.

[Mtn. States Resident]

Originally Posted by Geo-Aggie

I think was true, but it's beginning to change simply due to the economics of Millennials find that if they stay in expensive metros, the only thing they can afford is getting to the next paycheck. A recent study by CityLab which explored which metros are best at keeping young college grads found a mix of very-expensive and very-inexpensive metros at the top.

Inexpensive places recently known for population stagnation and decline such as Detroit, Atlanta, Chicago (parts of Chicago are still incredibly cheap) and Minneapolis topped the list right along with overpriced millennial hot-beds like New York, Seattle and LA. I think a lot of what is driving this ability of less-desirable metros over the past decade is cost of living. The places you see college graduates most likely to flee are the expensive metros, with great schools and infrastructure, that just aren't considered "hip" - such as moderately sized metros in New England and on the Eastern Seaboard. Also Phoenix. I have no idea why Phoenix. Phoenix seems like an all right place to me, other that the horrible weather, but it tops the charts for worst "brain drain."

Interesting info Geo-Aggie. Nice to have your perspective.

I saw a national study today that showed the interior western states as the best in country for Millenials living at home. The number was only 25%. That compared to over 30% for the three Pacific states and other areas of the country.

Interesting about Phoenix. I hadn't heard that previously.

MSR

[Mtn. States Resident]

Originally Posted by justducky2

Yes, I can attest to this.

My college kid is going to college in SLC. She was living in a dump of a duplex in the South Salt Lake/Millcreek area.

She had to move out a few weeks ago because of a divorce of her landlords.

She put a deposit on a place in Brickyard area, and the week before she was going to move, looked at the reviews, and called me in tears - the place had infestations of roaches, mice, mold, and drug dealers. AND - it was NOT cheap.

I told her to eat the deposit and look elsewhere. School is in Sugar House, she couldn't afford there, so she was looking south....and rents were still way too high. She was panicking.

Here in California, it's no big deal to commute 40-50 miles one way because of housing prices. I told her to look in other places. Low and behold, she looked north, and found outlying communities that are served by Frontrunner, new, clean, and less expensive than what was closer to school.

It's still expensive, and much more expensive than the old duplex dump. But much safer, cleaner, and a much nicer place to live, in exchange for a 30 minute commute.

I have a small business based on natural products/outdoors products, and I'm finding all sorts of these companies, and internet app companies, are based in the SLC area; I also saw something on the news recently that SLC was a great place to live and work for millennials. I suppose it is a much more affordable metro area compared to LA, San Francisco, etc.

Thanks for posting, justducky. You bring yet another perspective to this discussion.

SLC is more affordable than SFO, LA, DEN, SEA, PDX and other places. A lot of tech from CA is expanding to UT, along with many other types of jobs.

I hope you'll post here more...you certainly have interests in SLC.

MSR

[justducky2]

Originally Posted by Mtn. States Resident

Thanks for posting, justducky. You bring yet another perspective to this discussion.

SLC is more affordable than SFO, LA, DEN, SEA, PDX and other places. A lot of tech from CA is expanding to UT, along with many other types of jobs.

I hope you'll post here more...you certainly have interests in SLC.

MSR

Thanks MSR! My daughter is in college there, and we have been enjoying the city and great outdoors of the area. I will be sad when she graduates next year - and plans to come home to California. Here, she will need to live at home because rental prices are crazy.

We recently looked at buying another home with a "granny flat" so that she and boyfriend can have their own apartment. Prices here are too high for us to move, so we are looking instead to build an "accessory dwelling" on our 1/3 acre for them. When they eventually can afford to move on, we can rent it out.

We moved from Southern CA to Northern CA 15 years ago because we were living paycheck to paycheck. Here in Northern CA, we have more disposable income - and time because we aren't working second jobs - to enjoy our outdoor recreation. So it isn't just the millennials having a difficult time...it's public servants, as well.

I'm a geographer, and I enjoy these forums for their insights. Good to meet you, I am enjoying the discussion!

[Mtn. States Resident]

Originally Posted by justducky2

Thanks MSR! My daughter is in college there, and we have been enjoying the city and great outdoors of the area. I will be sad when she graduates next year - and plans to come home to California. Here, she will need to live at home because rental prices are crazy.

We recently looked at buying another home with a "granny flat" so that she and boyfriend can have their own apartment. Prices here are too high for us to move, so we are looking instead to build an "accessory dwelling" on our 1/3 acre for them. When they eventually can afford to move on, we can rent it out.

We moved from Southern CA to Northern CA 15 years ago because we were living paycheck to paycheck. Here in Northern CA, we have more disposable income - and time because we aren't working second jobs - to enjoy our outdoor recreation. So it isn't just the millennials having a difficult time...it's public servants, as well.

I'm a geographer, and I enjoy these forums for their insights. Good to meet you, I am enjoying the discussion!

justducky,

It's good to meet you too. I think when true information exchanges occur many have a lot to contribute and learn.

Housing prices most everywhere are out-of-control, IMO. One reason Millenials return home to live. In CA, it can be 33-40% who can't afford to live independently after college graduation.

MSR

[MrAnderson]

I've noticed in Utah (especially Salt Lake County) that very few condos seem to be being built. It's nearly all apartments.