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- The Canovo Report - October 24, 2023
The Canovo Report - October 24, 2023
🗞️ Ogden Triplex sells for a 7.25% cap rate, New multifamily listings, Utah State University ranks nationally for rent growth,
Happy Tuesday!
Check out this week's Top New Listings, last weeks Sold Listings, and our Multifamily Market Snapshot.
If you have any questions about buying or selling investment property in Utah, you can schedule a brief strategy call with me here.
Happy Investing,
David Robinson
🔥 NEW MULTIFAMILY LISTINGS
Our team has analyzed these deals using our custom bulk property analyzer. If you’d like more detail regarding any of these listings, click the links below.
$940,000
823 E 23rd St, Ogden UT 84401
Type: 6
Est Proforma Cap: 5.75%
Total Monthly Expenses: $1498.25
Gross Monthly Income: $6192
$1,150,000.00
1810 S 800 E #4 Salt Lake City Utah , 84105
Type: 4
Est Proforma Cap: 6.25%
Total Monthly Expenses: $2,009.02
Gross Monthly Income: $8,244.00
$424,900.00
1087 W Wenco Cir Salt Lake City Utah , 84104
Type: 2
Est Proforma Cap: 6.16%
Total Monthly Expenses: $736.59
Gross Monthly Income: $3,008.00
$519,900.00
301 W 75 S Clearfield Utah
Type: SFR+
Est Proforma Cap: 5.76%
Total Monthly Expenses: $869.40
Gross Monthly Income: $3,468.00
$899,000.00
801 S Mcclelland St Salt Lake City Utah , 84102
Type: 4
Est Proforma Cap: 5.78%
Total Monthly Expenses: $1,506.23
Gross Monthly Income: $6,016.00
$599,000.00
657 N Colorado St Salt Lake City Utah
Type: SFR+
Est Proforma Cap: 5.97%
Total Monthly Expenses: $1,020.63
Gross Monthly Income: $4,122.00
Canovo Group may not be the listing brokerage for the above properties. The information provided is not guaranteed and should not be relied upon to make investment decisions. Buyers should complete their own analysis and due diligence before making any investment.
💰 SOLD MULTIFAMILY LISTINGS
📊 MARKET SNAPSHOT
📰 NEWS, REPORTS, & INSIGHTS
Rental Report: Rent Prices Fall for Fifth Consecutive Month Amid Strong Demand for Affordable Units
Summary: September 2023 marked the fifth straight month of year-over-year rent decline for 0-2 bedroom properties in the 50 largest metros, with a notable shift in demand towards affordable rental units, especially in the Midwest.
Key Points:
Median rent for the 50 largest metros dropped to $1,747, indicating a consistent decrease.
The Midwest region displayed a significant uptick in absorption rates and strong rental growth.
Newly completed apartments with asking rents below $1,250 saw the highest absorption rates, suggesting increased demand for affordable housing options.
Utah State University Makes National Top 20 List for Rent Growth
Summary: The Yardi 200's updated grouping provides insights into student housing markets, highlighting slowed preleasing, record rents, and increased fall 2023 enrollments, despite challenges in several universities struggling with absorption of new supplies.
Key Points:
Student housing well-positioned for fall 2023 semester
University of Utah ranked 18th for yoy rent growth in the report.
The Yardi 200 expanded to include 892,511 beds, incorporating 30 more markets focused on institutionally-owned dedicated student housing.
Preleasing slowed in the last few months, with a 95.1% prelease rate in September 2023 compared to 96.2% in September 2022, affected by the slower lease-up of new 2023 deliveries.
Despite a slight decline in rent growth, rents remain near an all-time high at $846 per bed with significant markets like Purdue and Arizona State witnessing double-digit rent growth.
Dig Deeper: yardimatrix.com
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