South Salt Lake HousingOverview 2011

Prepared For South Salt Lake

Brandon Smith Rick Davidsonbsmith@naiwest.com rdavidson@naiwest.com

Demographic Snapshot

Population

23,617

Households 8022

Avg HH Size 2.47

Median age 28.9

Median HH Income $ 29,817

Average HH Income

Per capita $ 15,474

Existing Housing SnapshotTotal Homes 5122Total Rentals 4972Rental % 49.3%Total Acres 868.22

Total Bldg Area 7,351,456

Average Lot Size 0.17

Average Home Size

1,435 Average Age 1959

Multifamily Housing Snapshot

Multifamily Housing Summary

Pre-1990 Post 2000

Total Rental Units 4972 100

Total Vacant 408 1

Vacancy % 8.20% 1%

Rental % 49.3% --

Average Age 1964 2010

Average Rent 1 bedroom $ 625 $ 900

Average Rent 2 bedroom $ 750 $ 1,200

Average Rent 3 bedroom $ 890 $ 1,361

South Salt Lake Residential Construction

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100

120

Single-Family Homes Duplexes-Twin Homes Condominiums Apartments

Permit History 1994 to present

Future of Housing

Green Living Small Lot (5-8k SF lots),

small footprint In-fill vs. urban sprawl Efficiency and

affordability is new focus

Single Family

Future of Housing Higher density – Higher

quality communities Transit Oriented Focus Larger communities

and better amenities Lifestyle Renters Convenience

To Services Employment Transportation Amenities

Multi Family

East Side Residential BlockProperty Summary (East of State)

Total Bldg Area 7,351,456

Average Home Size 1,435

Total Assessed Value $ 473,190,144

Average Assessed Value $ 92,383.86

Subsequent Avg Land Price $ 12.51

Average Lot Size 0.17

West Side Industrial BlockProperty Summary (West of State)

Total Bldg Sf

8,538,530

Total Acreage 990

Assessed Value $ 90,932,802

Assessed Value/Acre $ 395,033

Assessed Value/PSF $ 9.07

Average Lot Size (Acres) 0.44