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> Mortgage Rates as of 1/15/2025

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> 2025 U.S. Apartment Market Outlook

Summary:
Apartment demand is expected to stay strong in 2025 due to job and wage growth, better affordability, high resident retention, and fewer renters moving to single-family homes. New supply will remain elevated but should taper off later in the year.

Key Highlights:

• Strong Demand Continues:

  • Supported by job growth, wage increases, and improved consumer sentiment.

  • High retention rates and fewer renters transitioning to homeownership.

• Elevated Supply Levels:

  • Over 500,000 new units expected in 2025, though deliveries will slow in some metros by year-end.

  • The supply surge from 2024 will continue to influence the market.

• Occupancy Rates Stabilizing:

  • Expected to reach low-to-mid-95% range, a historically normal level, as demand balances with supply.

• Rent Growth to Slow:

  • Nationwide rent growth will be below the previous decade's average due to continued supply pressures.

  • Regional differences may create varying rent trends across metro areas.

Why It Matters:
The market will remain competitive, but the slowing supply pipeline and solid demand offer stability for landlords and renters alike. Regional trends could provide opportunities for localized investment strategies.

More News & Reports

Utah

Utah's Economic Growth and Challenges: A 2024 Review: Utah's economy grew by 4.6% in 2024, outpacing national averages despite facing challenges such as high mortgage rates and home prices. The state's growth was driven by high birth rates contributing to population increases, but job growth lagged. The local housing market saw home prices nearing record highs again after a slight drop in 2023, complicating affordability for new homebuyers.

Utah Among Top Destinations for Newcomers: As Southern states remain popular destinations for renters, Utah stands out in the West for its appeal, ranking ninth among states attracting the most inbound moves, according to U-Haul data. While traditional migration powerhouses like South Carolina and Texas lead the pack, Utah's inclusion highlights its growing status as a desirable location for those relocating, primarily due to its economic opportunities and quality of life. This trend is part of a broader shift where states in the South and Southwest see significant population gains from interstate moves.

National

Home Price Growth Accelerates in Late 2024 Amid Tight Inventory: Home prices surged 5.8% year-over-year in Q4 2024, marking an increase from the previous quarter's growth, driven by low housing supply and rising mortgage rates nearing 7%. This upward trend, highlighted in the latest Fannie Mae Home Price Index, poses challenges for 2025, as potential buyers face heightened affordability issues.

CPI Report Indicates Softer Core Inflation, May Impact Mortgage Rates: Today's Consumer Price Index (CPI) reveals softer-than-expected core inflation for December, suggesting potential easing of recently spiked mortgage rates driven by last week's robust jobs report. Although political and economic uncertainties persist, this inflation data might foster hopes of Federal Reserve rate cuts, stabilizing mortgage rates around 7% for the near future.

Rising HOA Fees Complicate Home Buying: As the housing market continues to challenge buyers, homeowners association (HOA) fees have become another barrier, rising to a median of $125 monthly. With 41% of homes listed in 2024 featuring HOA fees—a slight increase from the previous year—homebuyers must carefully consider these costs, which can impact their overall budget and purchasing power.

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