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Mountain West Real Estate Investment Market Report: July 2020

How to attract Generation Z renters. Each generation has its own quirks. Gen Z is no different and appears to be more practical than others. While we’ve seen that some generations are happy to rent forever, Generation Z sees it as a stepping stone. In fact, 97 percent of them want to buy a home someday. Now, most of them won’t leave their parents’ home and immediately buy a house. This means you still have a chance to reach them. With this in mind, let’s cover how multifamily operators can reach Gen Z where they are spending most of their time – online.

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Market Activity

Denver, CO
Market Overview

According to experts, the Denver market continues to lag as a result of COVID-19. Yet, home prices in the Denver metro area saw a 2 percent year-over-year increase. Single-family residences sold for an average of $559,290, also a 2 percent increase from last year. As for multi-family/condo/townhome properties, their average price was $370,180, up 1 percent.

1,551
Homes Sold
$459,000
Avg. Home Price
$1,639
Median Rent
U.S Census Bureau: second quarter 2020
2.6%
Rental Vacancy Rate
0.3%
Homeowner Vacancy Rate
10.5%
State Unemployment Rate
Metro Area Unemployment
Boulder, CO
9.5%
Colorado Springs, CO
10.4%
Denver-Aurora-Lakewood, CO 
11.0%
Fort Collins, CO
9.2%
Grand Junction, CO
10.0%
Greeley, CO
10.1%
Pueblo, CO
10.8%

Market Activity

Salt Lake City, UT
Market Overview

The Utah County industrial market’s vacancy rates have stayed below 4 percent for six years, so it’s no surprise the market was strong during the first half of 2020. So far, over 600,000 square feet of industrial space has been delivered to the market. According to Colliers International, the vacancy rate went from 2.61 percent at this time last year to the current 2.88 percent. Demand continues to outpace supply as tenants look to pre-lease space. In addition, the market has another 2.4 million square feet under construction.

408
Homes Sold
$407,000
Avg. Home Price
$1,233
Median Rent
U.S Census Bureau: second quarter 2020
4.8%
Rental Vacancy Rate
0.5%
Homeowner Vacancy Rate
5.1%
State Unemployment Rate
Metro Area Unemployment
Logan, UT-ID
3.5%
Ogden-Clearfield, UT 
4.9%
Provo-Orem, UT
4.3%
Salt Lake City, UT
6.2%
St. George, UT
6.0%

Market Activity

Dallas, TX
Market Overview

Despite low sales over the past couple of months, home prices in Dallas continue to strengthen. According to Texas REALTORS®, the median sales price rose 5 percent to $273,000. which was 5 percent higher than it was at the same time last year. With that, active listings are down by 17.2 percent and closed sales are up by 7.1 percent. The region’s homes are on the market for an average of 90 days, and the months of inventory is 2.2. In Q1 2019 it was 2.8.

1,258
Homes Sold
$357,000
Avg. Home Price
$1,234
Median Rent
U.S Census Bureau: second quarter 2020
8.3%
Rental Vacancy Rate
1.2%
Homeowner Vacancy Rate
8.6%
State Unemployment Rate
Metro Area Unemployment
Abilene, TX
6.4%
Amarillo, TX
6.0%
Austin-Round Rock, TX
7.5%
Beaumont-Port Arthur, TX
12.8%
Brownsville-Harlingen, TX
11.2%
College Station-Bryan, TX
6.5%
Corpus Christi, TX
10.1%
Dallas-Fort Worth-Arlington, TX   
8.4%
El Paso, TX
9.9%
Houston-Sugar Land, TX
9.9%
Killeen-Temple, TX
7.9%
Laredo, TX
10.1%
Longview, TX
9.1%
Lubbock, TX
6.9%
McAllen-Edinburg-Mission, TX
12.8%
Midland, TX
9.6%
Odessa, TX
13.0%
San Angelo, TX
7.8%
San Antonio-New Braunfels, TX
8.5%
Sherman-Denison, TX
6.8%
Texarkana, TX-AR
8.3%
Tyler, TX
8.0%
Victoria, TX
9.0%
Waco, TX
7.1%
Wichita Falls, TX
7.3%
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com. 

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