News & Trends

Utah faith leaders delivered a letter urging the mayor and Salt Lake City Council to take action on the issue of affordable rental housing before a downtown homeless shelter closes in 2019, according to reports.

 "Market forces have driven rental prices beyond what many families in the rental market can afford," the letter states. "This leaves too many families on the edge of crisis."

About three dozen members of the Coalition of Religious Communities hand-delivered the letter to Mayor Jackie Biskupski, praising the mayor for her proposal to spend nearly $22 million next year on affordable housing projects in the city, according to the Deseret News.

Research shows that millennials and Gen Z, the group following the millennials, would rather communicate with each other and companies and brands digitally rather than in person.

For these two generations, the smartphone has truly become an extension of their hands, according to a new survey.

With a constant digital connection at their fingertips, younger consumers expect a high threshold of digital convenience when seeking help from a company or a brand, the survey by LivePerson says.

When asked to rank how they typically try to get a question answered from a company or a brand, going to the app or website was the No. 1 choice, on average, across the globe.

The Provo-Orem, Utah area ranks number three among metro areas in the West and  Midwest that are experiencing the most rapid wage growth, while metro areas in the southern and eastern regions are growing more slowly or declining, a new study shows.

To determine where wages are rising and where they are falling, personal finance site GOBankingRates analyzed income changes year-to-year from 2010 through 2015 for America's 200 largest metro areas. Changes in income were calculated based on real income per capita in 2009 dollars.

The Bridgeport-Stamford-Norwalk, Conn. metro area experienced the largest decline of any metro area on the list, with a decrease in income of more than five percent between 2010 and 2015.

The top 10 “hipster” markets that draw millennials, businesses and housing demand are led by Columbus, Ohio, Seattle and San Diego, according to a release.

Also making the top 10 list in the West are San Francisco, Colorado Springs and Long Beach, California, according to a new data collaboration from Realtor.com and Yelp.

The “Hottest Hipster Markets in America” list identifies the most in-demand housing markets in the U.S. with the highest concentrations of "hipster" businesses for home buyers looking to embrace indie culture.

A development, including 170 units of multifamily housing, in Provo, Utah is planned for Freedom Plaza.

The development called Freedom Plaza, by PEG Development, will be located at 200 N. Freedom Blvd. in Provo and will contain not only office space and a hotel but also 170 units of multifamily housing, according to reports.

In addition to the multifamily housing, Freedom Plaza will include two six-story Class A office buildings each with about 125,350 square feet, and will be part of a 700,000-square-foot mixed-use development sitting on the 100 North and 200 North blocks.

The rest of the development will include the Hyatt Place hotel and a large 1,000 to 1,200 car parking structure.

The Portland City Council has extended its housing emergency declaration for another six months, including rules that require landlords to pay moving expenses of renters they evict without cause.

The policy also says landlords must pay moving costs of tenant if they raise rent more than 10 percent causing tenants to move. Payments range from $2,900 to $4,500 for landlords.

Landlords have argued the policy is disguised rent control.

Attempt to include mom and pop landlords in housing emergency ordinance

The ordinance currently exempts owners of one rental property.

The Community Alliance of Tenants argued to close the exemption for moving and relocation costs for mom and pop landlords who only rent one unit.

Increases in national rents have flattened for the last four months and observers are witnessing the slowest annual growth rate in six years, according to a new report from Rent Café.

The rental market is cooling down, with a 2.2 percent year-over-year increase, with the national rent at $1,354 in September, according to Yardi Marix.

Prime summer season did not show growth in rents

"The housing market follows a cyclical path. The fact that the prime summer seasonality did not cause significant rental growth is the latest signal that the market may be cooling,”    Doug Ressler, senior analyst at Yardi Matrix, a sister division of RENTCafé, said in the release.

The Salt Lake City Council has proposed an ordinance that would allow small apartments, called accessory dwelling units, to share a lot with single-family homes.

The proposal would change the areas of the city where new units, also called mother-in-law apartments,  would be allowed. Including one option for city-wide. That is what stirred up the council recently, according to reports.

Councilman Derek Kitchen pitched a straw poll to remove geographic boundaries from the pilot program, which would be limited to 25 ADU permits per year, according to the Salt Lake Tribune.

Bascom Arizona Ventures has acquired three apartment communities located in Tucson and Sierra Vista, Arizona for $70,225,000, or $86,484 per unit, according to a release.

All three properties offer a resort-style swimming pool, relaxing spa, 24-hour fitness center, business center, and private garages:

• Summit Vista (288 units), built in 2008
• Crescent Ridge (272 units), built in two phases (2001 & 2008). Both Summit Vista and Crescent Ridge have easy access to Interstate 10 and are close to some of the area's largest employers.
• Port Royale (252 units), is proximate to Ft. Huachuca, the largest military installation in the state. It was also built in two phases (2004 & 2008).

Bascom Arizona Ventures assumed the existing HUD loans for all three properties.

Property management software company RealPage is acquiring the assets of On-Site Manager, a leasing platform for property managers and renters, for $250 million in cash, according to a release.

The On-Site platform  assimilates leads from any source and converts them into signed leases for both the multifamily and single-family housing industries. On-Site platform offers solutions similar to RealPage’s screening and document management business, and also includes prospect and resident portals, online and on premise leasing, payment processing, and eSignature lease execution solutions, according to the release.