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Mountain West Real Estate Investment Market Report: March 2020

impact of gen z

Impact of Gen Z on the Multifamily Housing Industry. Watch out, there’s a new generation defining the future of the multifamily industry. While millennials make up 56 percent of the rental market, Gen Z comprises 74 million people, making it equal in size to millenials and baby boomers. Even though they may be young, they have money to spend. They contribute $44 billion to the U.S. economy and it’s only a matter of time before they head into the rental market.

Learn more about Gen Z's Impact

Market Activity

Denver, CO
Market Overview

Due to the balance, strength and renter profile of Denver’s apartment market, it has become one of the most active transaction markets in the nation. With the large amount of newly constructed properties in the area, and the highly educated workforce the market attracts, it’s expected that  Denver will continue to attract investor interest.

1,009
Homes Sold
$440,000
Avg. Home Price
$1,663
Median Rent
Vacancy Rates Graph
U.S Census Bureau: fourth quarter 2019
4.4%
Rental Vacancy Rate
1.4%
Homeowner Vacancy Rate
2.5%
State Unemployment Rate
Metro Area Unemployment
Boulder, CO
2.4%
Colorado Springs, CO
3.3%
Denver-Aurora-Lakewood, CO
2.7%
Fort Collins, CO
2.5%
Grand Junction, CO
4.1%
Greeley, CO
2.7%
Pueblo, CO
4.2%

Market Activity

Salt Lake City, UT
Market Overview

The Salt Lake City market is “slightly hot” at the moment. Median days on the market is 30.5 days and inventory is moving 6 percent faster than last year and 30.5 faster than the U.S overall.  In the next 12 months, Salt Lake City’s home prices are expected to continue to increase by 4.8 percent. In addition, the median price for condominiums/town homes is anticipated to increase nearly 10 percent.

293
Homes Sold
$370,000
Avg. Home Price
$1,248
Median Rent
Vacancy Rates Graph
U.S Census Bureau: fourth quarter 2019
4.4%
Rental Vacancy Rate
1.2%
Homeowner Vacancy Rate
2.5%
State Unemployment Rate
Metro Area Unemployment
Logan, UT-ID
2.3%
Ogden-Clearfield, UT
2.7%
Provo-Orem, UT
2.5%
Salt Lake City, UT
2.6%
St. George, UT
3.4%

Market Activity

Dallas, TX
Market Overview

Due to the strong employment growth, communities such as Frisco and Richardson have seen a strong household formation. These areas are expected to see a boost in construction efforts this year that will help relieve the relatively tight conditions. Limited apartment availability in South Irving and Northwest Dallas due to the sparse new development should give rent room to grow. This will help support the market wide rent growth throughout the year as Dallas’s average rent has surpassed $1,200/month.

163
Homes Sold
$225,000
Avg. Home Price
$1,245
Median Rent
Vacancy Rates Graph
U.S Census Bureau: fourth quarter 2019
8.6%
Rental Vacancy Rate
1.6%
Homeowner Vacancy Rate
3.5%
State Unemployment Rate
Metro Area Unemployment
Abilene, TX
3.1%
Amarillo, TX
2.7%
Austin-Round Rock, TX
2.7%
Beaumont-Port Arthur, TX
6.0%
Brownsville-Harlingen, TX
6.3%
College Station-Bryan, TX
2.9%
Corpus Christi, TX
4.8%
Dallas-Fort Worth-Arlington, TX
3.3%
El Paso, TX
4.0%
Houston-Sugar Land, TX
4.1%
Killeen-Temple, TX
3.8%
Laredo, TX
4.1%
Longview, TX
4.2%
Lubbock, TX
2.9%
McAllen-Edinburg-Mission, TX
7.6%
Midland, TX
2.4%
Odessa, TX
3.4%
San Angelo, TX
3.2%
San Antonio-New Braunfels, TX
3.2%
Sherman-Denison, TX
3.3%
Texarkana, TX-AR
4.4%
Tyler, TX
3.6%
Victoria, TX
3.9%
Waco, TX
3.4%
Wichita Falls, TX
3.3%
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com

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