Attractive financing terms provide funding for an investor who may need to quickly purchase a multifamily property. Knowing which markets offer lucrative opportunities could give an investor some additional insight. Direct Apartment Lenders shares information about the Salt Lake City multifamily apartment market.

Living in Salt Lake City, UT

Salt Lake City has a lot to offer for folks who enjoy outdoor activities.

Hiking and biking are popular among local residents.

Breathtaking mountain views, favorable housing costs and growth opportunities for tech jobs are some of the reasons that people enjoy living in Salt Lake City, Utah. 

The largest demographics by age in Salt Lake City are people who are younger than 34 years old. This age group is ideal for young professionals who are seeking entry-level jobs and for startup businesses. 

With demographics that lean toward younger people, this is welcoming news for multifamily apartment investors. As the area continues to grow with new people moving into Salt Lake City, the rental market should continue to expand.

Additionally, many tech companies are beginning to notice the Silicon Slopes area of Salt Lake City, as a more affordable location to expand versus Silicon Valley in Southern San Francisco, or Silicon Forest in Portland. Tech companies, such as Atomic Financial, Overstock, Clearlink and Artemis Health are among the firms that are located in Silicon Slopes.

Sports fans can watch professional Salt Lake City teams compete, such as the NBA Utah Jazz, the Real Salt Lake major league soccer team and the Utah Warriors major league rugby team.

Apartment Rental Rates in Salt Lake City

According to RentCafe, the average one-bedroom apartment in Salt Lake City rents for $1,278 per month. This rental rate has increased three percent year-over-year. 

The average apartment size in Salt Lake City, Utah is 836 square feet.

49 percent of the households in Salt Lake City are occupied by renters.

Statistical Data for Salt Lake City

The population for Salt Lake City was estimated at 200,567 people as of July 1, 2019, per the United States Census Bureau.

The population increased 7.6 percent above the estimates of 186,433 people from April 1, 2010.

The median household income in Salt Lake City was $60,676 in 2019.

Multifamily Property Data for the Salt Lake City Apartment Market

Based upon a market report from CBRE, Salt Lake City had an average price per unit of $197,893 in 2020. The cap rate for multifamily properties during 2020 was 4.86 percent.

Vacancy rates for the same period stood at 4.8 percent.   

Outlook for the Salt Lake City Apartment Market

Prior to the Covid-19 pandemic, the Salt Lake City Market area was thriving in 2020.

The multifamily apartment market looks promising for Salt Lake City.   

Great economic indicators that are poised to attract more tech companies, local jobs and a talented workforce are some of the factors that should attract investors toward the Salt Lake City market.

No Tax Return Apartment Loans in Salt Lake City, Utah

Dozens of banks are waiting to finance multifamily apartment projects in Salt Lake City, Utah.

Although, many banks will require borrowers to jump through too many hoops to acquire funding for an apartment building. 

Some of the documents that a bank may require a borrower to include are personal tax returns and corporate tax returns, as well.

Direct Apartment Lenders offers commercial mortgage loans nationwide without requiring personal tax returns or business tax returns.

Eliminating the need to review a borrower’s tax returns can save a considerable amount of time. 

We focus on the strength of income-producing real estate versus the income that a borrower generates.

Self-employed borrowers who need to acquire an apartment loan may be reluctant to apply for financing without having recent tax returns.

We encourage entrepreneurs to speak with our apartment lending experts about stated income programs for multifamily properties.

Applying for an Apartment Loan in the Salt Lake City Multifamily Market

Before shopping for an apartment complex to buy, it is a prudent idea to speak with a commercial mortgage lender.

We can lend up to five million dollars toward properties that meet our debt-service requirements.

Multifamily properties in Salt Lake City with five or more units may be eligible for our financing terms. We offer loans for apartment buildings with as many as 100 units.

Borrowers can get an initial quote online by submitting some basic information on our website.

With a financing consultation that leads to a mortgage pre-approval, an investor will have more insight about the type of deals that we can fund.

Direct Apartment Lenders offers financing for borrowers with a credit score that is 600 points or higher. 

Contact us today for more information about commercial loan financing in Salt Lake City or in other areas of the country.