2020

APARTMENT
MARKET
REPORT

UTAH
COUNTY
A Cushman & Wakefield Research Publication

cushmanwakefield.com
EXECUTIVE SUMMARY
On behalf of all our Cushman & Wakefield Investment Group brokers, I am privileged to present our annual
Apartment Market Report for 2020.

Utah County leads as one of the country’s strongest markets with unparalleled economic and
demographic growth, fueling record-setting demand in the Apartment Market.

THE HIGHLIGHTS OF THIS YEAR’S STUDY INCLUDE:

• Overall market vacancy rate of 3.1%, unchanged from 2019 despite COVID-19 disruption

• Average rental rate of $1,263 - a 8% premium compared to Salt Lake County

• More units have been developed in the past five years than the previous 10 combined

• 2,775 units are currently under construction, with 30% of units

dedicated to Utah Valley University student housing

• Since 2010, the average annual populations growth rate has

been 2.6% (Compared to the state’s rate of 1.7%)

• From 2015-2020 annual net-in-migration has averaged 7,576 individuals,

an increase of 338% compared to the previous 5-year average

• Employment has grown at an average annual rate of 5% over the last 8 years

THE FORECAST FOR THE UPCOMING YEAR INCLUDES:

• Despite the recent construction boom, favorable market conditions make

destabilization unlikely with “tight” conditions to extend through 2021

• Economic and demographic growth will continue to

put pressure on the rental housing market

• Vacancy rate to remain below 4%, and rental rates to

increase by at least 3-5% over the next 12 months

• There are 25 apartment communities totaling 7,148 units proposed, with

American Fork accounting for 47% of the proposed units (3,339)

• Since 2010, the number of households has been growing at 3.2% - at this growth rate,
the number of households is currently increasing by 6,000 households annually

• Since 2010, the number of renters in Utah County has increased at an annual
rate of 3.2% - an increase in demand of about 1,800 renter households
annually expected to remain above 4,500 for the next three years

Thank you to our clients and partners for making Utah County such a wonderful market in which
to invest in commercial real estate.

Sincerely,

Kip Paul

Vice Chairman, Investment Sales

 www.cushmanwakefield.com

Lehi Tech, Lehi

SUMMARY OF RENTAL RATE AND

VACANCY SURVEY
The Utah County rental market has an estimated
59,000 rental units in 2020. About one out of every
four units fall into the category of BYU approved
student housing. The remaining 44,500 units target
the traditional rental market of single-person and
family households. However, of these 44,500 rental
units, the U.S. Census Bureau estimates 24,700 are
single-family homes, basement apartments, or
duplexes. The remaining 20,000 units are in
apartment communities of three units to 350 units.
The rental survey for this report included
apartment communities of 25 or more units and
included 7,664 apartment units (38% of the 20,000
rental units that are non-student units and found in
apartment communities of three or more units).
The survey is a sizeable and representative sample.

High Line Square, Provo

2020 Utah County Apartment Market Report / 3

2020

SURVEY RESULTS
Overall Market Vacancy and Rental Rates

In 2020, the overall vacancy rate in Utah County a slight decrease of 1.25% from the 2019 average
for all types of units was 3.1%, unchanged from rent of $1,279. This slight fluctuation in rental rates
2019, despite countrywide economic disruption likely reflects the market uncertainty created by
due to the COVID-19 pandemic. Two-bedroom, COVID-19 and showcases the market’s resiliency
one-bath units had the highest vacancy rate of compared to other emerging markets in the West.
3.8%, while studio units had the lowest vacancy rate Overall, the market has an average rent of $1.27 per
of 2.6%. However, it should be noted that the square foot and an average size of 1,002 square
number of studio units surveyed was a small feet per unit, Tables 1-3.
fraction of the total units surveyed. The composite
average rental rate for all types of units was $1,263,

TABLE 1 TABLE 2
Overall Rental and Vacancy Rates in 2020 by Type of Unit* Change in Average Rental Rates by Type of Unit*
Square Rent/ %
Type of Unit Rents Feet S.F. Vacancy Type of Unit 2018 2019 2020 Change
Studio $995 669 $1.47 2.6% One Bedroom $1,052 $1,103 $1,092 -1.0%
One Bedroom $1,092 781 $1.40 2.9% Two Bedroom, One Bath $1,115 $1,155 $1,178 2.0%
Two Bedroom, One Bath $1,178 938 $1.26 3.8% Two Bedroom, Two Bath $1,244 $1,328 $1,310 -1.0%
Two Bedroom, Two Bath $1,310 1,075 $1.22 3.2% Three Bedroom, Two Bath $1,474 $1,570 $1,547 -1.5%
Three Bedroom $1,547 1,309 $1.18 3.2% Overall $1,207 $1,279 $1,263 -1.3%
Overall $1,263 1,002 $1.27 3.1% *Excludes student and rent-assisted units. Source: Cushman & Wakefield

*Excludes student and rent-assisted units. Source: Cushman & Wakefield

Overall Rates and Size by Type of Unit Change in Average Rental Rates by Type of Unit
1,500 $1,500

1,200 $1,200

900 $900

600 $600

300 $300

0 $0
Studio One Two Two Three Overall One Two Two Three Overall
Bedroom Bedroom Bedroom Bedroom Bedroom Bedroom Bedroom Bedroom
One Bath Two Bath Two Bath One Bath Two Bath Two Bath
Rents ($) Square Footage 2017 2018 2019 2020

TABLE 3
Apartment Vacancy Rates
Two Two Three
1.3% 3.1%
DECLINE IN RENTAL OVERALL VACANCY
One Bedroom Bedroom Bedroom
Bedroom One Bath Two Bath Two Bath Overall RATES SINCE 2019, RATE
2017 3.5% 3.2% 4.4% 6.4% 4.2%
LIKELY DUE TO COVID-19

2018 3.0% 3.8% 3.5% 4.0% 3.4%

2019 3.1% 2.9% 2.9% 4.5% 3.1%
2020 2.9% 3.8% 3.2% 3.2% 3.1%
*Excludes student and rent-assisted units. Source: Cushman & Wakefield

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The Exton, Orem

COVID-19 and Rent Collection

Utah County has fared much better than the nation COVID-19 has also had limited impact on Utah’s
throughout COVID-19, and is anticipated to housing market as well:
continue on a strong track for the remainder of
2020, and into the second half of 2021. • Single-family home prices are up 9.2%

• Statewide, construction is at a historic level;

Seventy percent of the projects surveyed
Residential permits have exceeded expecta-
responded to a question about the impact of
tions with an all-time high of 13,800 units
COVID-19 on rent collection. On a scale of one to
five, the weighted average rent collection Furthermore, employment impacts have been less
experience was ranked at 3.6, just below “slight severe than expected, as Utah’s job market has
impact.” No apartment project reported an fared much better than the nation.
exceptionally large impact.
• In November, Utah’s unemployment rate was
among the lowest in the country at 4.3%, less
5 — No Impact
than half the national rate
4 — SlIght Impact
• Since April 2020, the number of unemployed
3 — Moderate Impact
workers has dropped from 155,800, to 70,878
2 — Large Impact as of November 2020
1 — Very Large Impact
These factors, coupled with Utah’s quality of life
during COVID-19 will continue to put upward
Although this year’s rental rate of $1,263 is 1.25%
pressure on rental rates and keep the Multifamily
lower than the 2019 average at $1,279, the slight
Market moving forward in a positive direction over
decrease remains impressive and is rooted in the
the next year.
market’s low vacancy and growing demand for
apartment living.
2020 Utah County Apartment Market Report / 5
2020

Rental and Vacancy Rates for Utah County’s Silicon Slopes

Silicon Slopes has exploded on the scene as one of Slopes area totaled 84,200 with an astonishing
the nation’s fastest growing tech hubs. The eleven- average annual growth rate from 2010 to 2018 of
mile stretch beginning in Lehi and expanding south 8.9%, Table 4. The city leading the pack in job
into Vineyard and Pleasant Grove is comprised of creation is Lehi, accounting for 23,300 new jobs
nine different cities with an aggregate population over the past 8 years. This sustained trajectory in
totaling nearly 265,000 that boasts an annual job and population growth is spurred by the pres-
growth rate of 4.1%, well above the countrywide ence of some of the nation’s leading technology
average of 2.6%. As the population has continued firms that are calling Utah County home, including
to grow, so have the job opportunities. As of 2018 Adobe, Micron Technology, and Qualtrics, Table 5.
(the most recent estimate), jobs in the Silicon

TABLE 4
Population and Employment Change in the Silicon Slopes by City

Population Change Employment Change

Numeric Numeric
City 2010 2019 Change AARC 2010 2018 Change AARC
Alpine 9,811 10,948 1,137 1.2% 1,203 2,803 1,600 9.9%
American Fork 26,690 33,161 6,471 2.4% 14,822 22,933 8,111 5.0%
Cedar Hills 9,849 10,083 234 0.3% 696 1,044 348 4.6%
Eagle Mountain 22,226 38,391 16,165 6.3% 853 2,322 1,469 11.8%
Highland 15,645 19,175 3,530 2.3% 2,238 2,848 610 2.7%
Lehi 48,170 69,724 21,554 4.2% 12,210 35,514 23,304 12.6%
Pleasant Grove 33,733 38,258 4,525 1.4% 5,710 12,253 6,543 8.9%
Saratoga Springs 18,084 33,282 15,198 7.0% 919 4,328 3,409 18.8%
Vineyard 113 11,866 11,753 67.7% 428 Not --- ---
reported
Total 184,321 264,888 80,567 4.1% 39,079 84,045 44,966 8.9%
Utah County 518,872 651,409 132,537 2.6% 174,639 258,841 84,202 53.4%
AARC = average annual rate of change. Source: U.S. Census Bureau and Utah Department of Workforce Services

TABLE 5
Selected High Tech Companies in the Silicon Slopes
Company Employment City Product or Service
8.9%
ANNUAL EMPLOYMENT
Adobe 1000-1999 Lehi Multimedia software and digital GROWTH RATE FOR
marketing software
SILICON SLOPES
Micron Technology 1000-1999 Lehi Production of computer memory data
storage drives
Qualtrics 1000-1999 Provo Marketing research and public opinion
polling
Vivint Solar 1000-1999 Lehi Residential solar power contractors
Ancestry.com 500-999 Lehi Web search portal
Domo 500-999 American Fork Computer software publishing
Entrata, Inc. 500-999 Lehi Infrastructure for hosting date
processing
Podium 500-999 Lehi Cloud-based software
Weave Communications 500-999 Lehi Information technology services
Xactware Solutions 500-999 Lehi Design and development of software
Source: Utah Department of Workforce Services

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The rapid demographic and economic growth of TABLE 6

the Silicon Slopes has encouraged the develop- Rental and Vacancy Rates in Utah County’s Silicon Slopes*
ment of several new apartment projects. Twelve October 2020

projects developed in the past six years totaling Square Rent/

Type of Unit Rents Feet S.F. Vacancy
3,200 units in the Silicon Slopes area were sur-
Studio $1,067 571 $1.87 4.5%
veyed regarding rental and vacancy rates. Although
the vacancy rate is the same as the rest of the One Bedroom $1,129 775 $1.46 3.0%
county at 3.1%, the overall rental rate of $1,319 is Two Bedroom, One Bath $1,293 995 $1.30 3.3%
4% higher than the countywide rental rate of Two Bedroom, Two Bath $1,363 1,071 $1.27 2.9%
$1,263, Table 6.
Three Bedroom $1,578 1,299 $1.22 3.6%
Overall $1,319 1,007 $1.31 3.1%
Population and Employment Change in *Excludes student and rent-assisted units. Source: Cushman & Wakefield
Utah County’s Silicon Slopes Cities

15 Legend
Population Growth 2010-2019
Employment Growth 2010-2018

Alpine
+1,137 +1,600

Highland Cedar Hills

+3,530 +610
Eagle Mountain +234 +348
+16,165 +1,469

Lehi
+21,554 +23,304
American Fork
+6,471 +8,111
Pleasant Grove
+4,525 +6,543

Saratoga Springs
+15,198 +4,328
Vineyard
+11,753

15

2020 Utah County Apartment Market Report / 7

2020

APARTMENT CONSTRUCTION TRENDS IN UTAH COUNTY

Apartment Construction Trends

Prior to the current apartment boom, which began in 2014, there TABLE 7
were only a handful of large, high-quality apartment communities Permits Issued for Apartment Units in Utah
for families in Utah County. Almost exclusively, these County

communities were developed for student renters, while non- Year Units
student renter households lived in a highly fragmented rental 2010 274
market dominated by single-family homes, duplexes, and four- 2011 579
plexes. But the market has undergone substantial changes in 2012 431
the past several years, showing strong demand for new, highly- 2013 415
amenitized rental housing that has brought historic levels of 2014 2,318
apartment development to the county.
2015 1,315
Since 2010 the number of permits issued for apartment units has 2016 435
increased to record levels, reaching an all-time high of 2,318 units 2017 1,612
in 2014. Last year there were permits issued for 1,597 new units. 2018 1,062
Through September 2020, only 398 permits for new units had 2019 1,597
been issued. The high level of recent construction as well as 2020 Sept 398
COVID-19 seems to have produced a “wait and see” attitude Source: Ivory-Boyer Construction Data Base, University of Utah and
regarding new development, Table 7. Construction Monitor

Green on Campus Drive, Orem

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Apartment Development Timeline

From 1996 to 2019, From 1996 to 2020, there were sixty apartment communities completed in Utah
County totaling 10,389 units. The development history shows several well-defined periods of apartment
construction, with each period individually defined by a concentration of construction activity by specific
apartment asset class, Table 8. The 1996-1999 period featured six market-rate projects with a total of 1,038
units to meet growing rental demand. The second period of construction, lasting from 1999-2001, saw
developers take advantage of state tax credits, delivering four tax credit projects totaling 624 units.

TABLE 8
Development Timeline of Apartment Communities in Utah County - 1996-2020
Year
Apartment Community City Completed Units Type
Country Springs Orem 1996 164 Market Rate
Cortland Ridge Orem 1997 144 Market Rate
Pinnacle at Canyon View Orem 1998 228 Market Rate
Thorneberry Pleasant Grove 1998 180 Market Rate
Village Park Orem 1998 192 Market Rate
Oakhurst Orem 1999 128 Market Rate
Bay Harbor Provo 1999 60 Tax Credit
Mayflower Lehi 1999 192 Tax Credit
Boulder Point Provo 2001 96 Tax Credit
Boulder Springs (Rehab) Provo 2001 276 Tax Credit
Wolverine Crossing Orem 2002 258 Student
Summerwood Orem 2002 69 Student
Ventana Orem 2002 104 Student
Village on the Park Orem 2002 72 Student
Winter Haven Orem 2002 32 Student
Pleasant Springs Pleasant Grove 2004 252 Market Rate
Green Grove Pleasant Grove 2007 168 Tax Credit
Aldara Saratoga Springs 2011 240 Market Rate
Sienna Villas Orem 2012 81 Market Rate
Crest Haven Lehi 2013 344 Market Rate
Seasons at Traverse Mountain Lehi 2014 260 Market Rate
Viewpointe Pleasant Grove 2014 288 Market Rate
Residences at Mayfield Pleasant Grove 2014 214 Market Rate
Outlook Springville 2014 260 Market Rate
Concord at Geneva Vineyard 2014 304 Market Rate
The Alloy Vineyard 2014 324 Market Rate
Lofts at Ivory Ridge Lehi 2015 45 Market Rate
The Boulevard Orem 2015 84 Market Rate
St. Francis Apartments Provo 2015 42 Senior Tax Credit
63 Apartments Provo 2015 41 Tax Credit
Start-Up Crossing Provo 2015 101 Tax Credit
Seniors on Main Street Springville 2015 26 Senior Tax Credit
Parkway Lofts Orem 2016 332 Market Rate
Parq on Center Orem 2016 168 Market Rate
The Boulevard Orem 2016 111 Market Rate
Canyon View Crossing Orem 2016 180 Market Rate
Grove Crest Villas Pleasant Grove 2016 162 Senior Market Rate
Residences at Monteval Orem 2016 131 Market Rate
Midtown 360 (renovation) Orem 2016 268 Market Rate
Avalon Senior Living, Phase I Lindon 2017 90 Senior Market Rate
Aston at University Place Orem 2017 238 Market Rate
Liberty Center Provo 2017 120 LIHTC/Mkt Rate
Central Park Station Provo 2017 59 LIHTC

2020 Utah County Apartment Market Report / 9

2020

TABLE 8 (continued)
Development Timeline of Apartment Communities in Utah County - 1996-2020
Year
Apartment Community City Completed Units Type
Sun Canyon Villas Orem 2017 84 Market Rate
Aston at University Place Ph II Orem 2017 241 Market Rate
Promenade Place Orem 2018 120 Student
Art City Center Springville 2018 41 Market Rate
College Place Station Provo 2018 71 Student
The Fields at Timpanogos American Fork 2018 192 Market Rate
The Meadows at American Fork American Fork 2018 270 Market Rate
The Vine Vineyard 2018 468 Market Rate
Rivulet American Fork 2018 252 Market Rate
Parc on Fifth American Fork 2019 252 Market Rate
The Devon Orem 2019 129 Market Rate
Flats at Riverwoods Provo 2019 218 Market Rate
Mill Point Apartments Vineyard 2019 420 Market Rate
The Exton Orem 2020 70 Market Rate
High Line Square Provo 2020 67 Market Rate
Palladium Provo 2020 36 Market Rate
Lehi Tech (leasing) Lehi 2020 330 Market Rate
Total 10,389
Source: Cushman & Wakefield

The third period, a single year in 2002 following the Coming out of the Great Recession, Utah County
collapse of the dot-com bubble, was completely has seen an explosion of development. From 2011
dominated by the development of student rental to September 2020, new apartment development
housing. Over the course of 12 months, five student included forty-three apartment communities
rental projects where developed, totaling 535 units totaling 7,774 units. The recent boom in apartment
and 2,638 beds. This student housing frenzy was development and the volatility over time is shown in
driven by the rapid growth of Utah’s largest college, Figure 1. Development has been concentrated in
Utah Valley University. After the student housing specific cities with Orem and Vineyard accounting
rush, supply and demand seemed to be in for nearly half of all new units. Orem accounts for
equilibrium as only one apartment project was 28.8%, (2,237 units) of newly developed units while
developed from 2004 to 2011: a tax credit Vineyard follows it up at 19.5% (1,516 units), Figure 2.
apartment community in Pleasant Grove.

FIGURE 1
Development Timeline of Apartment Projects in Utah County

2,000

1,650

1,500

1,089

1,000

500

0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Units

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FIGURE 2
Apartment Development by City, 2011 to 2020

28.8%
American Fork -
Vineyard - 1,516 units, 19.5% 966 units, 12.4%

OF ALL APARTMENTS
Lehi - DEVELOPED SINCE 2011
979 units, 12.6% ARE LOCATED IN OREM
Springville -
327 units, 4.2%
Lindon -
Saratoga Springs - 90 units, 1.2%
240 units, 3.1%

Provo -
755 units, 9.7%

Orem - 2,237 units, 28.8%

Pleasant Grove - 664 units, 8.5%

The Devon, Orem

2020 Utah County Apartment Market Report / 11

2020

UTAH COUNTY:
DEMOGRAPHIC & EMPLOYMENT TRENDS

Strong Demographic Growth

Since 2010, the average annual growth rate of the Utah TABLE 9
County population has been 2.6%. This is the highest Change in Population & Households Utah County
population growth rate of the four Wasatch Front counties Percent Percent
and is significantly higher than the state’s 1.7% growth rate Year Population Change Households Change
over the same period. The 2019 (July) population estimate 2000 371,811 3.7% NA NA
2001 385,671 3.0% NA NA
for the county is 651,409 encompassing about 187,750
2002 397,190 2.3% NA NA
households, Table 9. Since 2010, the number of households
2003 406,158 2.5% NA NA
has been growing at 3.2%. At this growth rate, the number 2004 416,220 3.5% NA NA
of households is currently increasing by 6,000 households 2005 430,697 4.1% NA NA
annually, further showcasing the 2006 448,296 4.7% NA NA
TABLE 10 demand for additional housing 2007 469,574 3.8% NA NA
Net In-Migration
units in Utah County. 2008 487,615 3.5% NA NA
2009 504,801 2.8% NA NA
Year Net In-Migration
An important component of the 2010 518,872 2.7% 141,327 NA
2010 -481 2011 532,753 2.3% 145,795 3.1%
demographic change in Utah
2011 3,759 2012 544,892 1.7% 149,984 2.8%
County is net in-migration. Since
2012 2,688 2013 554,401 2.3% 153,377 2.2%
2014 net in-migration has acceler-
2013 -474 2014 567,208 3.2% 158,078 3.0%
ated from 3,100 individuals to 2015 585,694 3.7% 164,270 3.8%
2014 3,157
almost 9,000 in 2019, Table 10. 2016 603,362 3.0% 170,273 3.5%
2015 8,987
This high level of net in-migration is 2017 617,735 3.4% 175,751 3.2%
2016 8,117
reflected in the strong population 2018 633,582 2.4% 181,355 3.2%
2017 4,980 2019 651,409 2.4% 187,750 3.5%
and household growth rates of
2018 6,857 AAGR 2.6% 3.0% 3.2%
recent years and helps drive the an-
2019 8,937 AAGR = Average Annual Growth Rate
nual demand for owner occupied Source: Governor’s Office of Planning and Budget.
Source: Kem C. Gardner Policy Institute,
University of Utah and renter occupied housing.

Extraordinary Employment Growth

Since 2011, job growth in Utah County has increased at
a fierce velocity. Growing at an average annual rate of
5% over the last 8 years, the market featured 266,837
jobs by the end of 2019, dropping unemployment to
2.4%, the lowest unemployment rate for the county
since 2007 and one of the lowest in the country.
Although COVID-19 pushed unemployment for Utah
County up to 7.9% in April 2020, as of December 2020
it has fallen back to 3.2%, one of the best in the state.

2.6%
AVERAGE ANNUAL GROWTH
RATE OF POPULATION

Parc on 5th, American Fork

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APARTMENT PIPELINE:
NEW CONSTRUCTION AND PROPOSED PROJECTS
Apartment Projects Under Construction

In Utah County, there are currently 15 market-rate apartment communities under construction totaling
2,775 units. Nearly thirty percent of these units (795 units) are for student housing at Utah Valley
University. American Fork ranks second with 20 percent of the units under construction (492 units),
Table 11 and Figure 3.

TABLE 11
Apartment Communities Under Construction - Autumn 2020
Apartment Community Address City Units Type
Meadows Apartments 697 West Pacific Drive American Fork 142 Market Rate
Millpond Pioneer Crossing and I-15 American Fork 214 Market Rate
Meadows at American Fork 700 West 200 South American Fork 80 Market Rate
Eagle Heights Village 2600 East Eagle Mountain Blvd Eagle Mountain 80 Market Rate
The Vue at Traverse Mountain Sunrise Way and Mountain View Lehi 154 Market Rate
Lehi Tech 1350 East 200 South Lehi 330 Market Rate
Parkview Towns 1638 West Wildwood Drive Lindon 120 Market Rate
The Green on Campus Drive* 499 West 960 South Orem 513 Market Rate
The HUB* 1421 West 800 South Orem 282 Market Rate
Arbors on the Avenue 5072 North University Avenue Provo 68 Market Rate
Mill Race at Provo Station 508 South University Avenue Provo 276 Market Rate
400 Element 61 West 400 South Provo 108 Market Rate
Apple Grove 100 North Center Street Santaquin 60 Market Rate
Village on 4th 550 West 400 South Springville 96 Market Rate
Lincoln Square 400 North Mill Road Vineyard 252 Market Rate
Total 2,775
*Student housing in Orem = 795 Units. Source: Cushman & Wakefield

FIGURE 3
Number and Percent Share of Apartment Units Under Construction by City

Vineyard - 252 units, 9.1%

28.6%
American Fork -
Springville - 96 units, 3.5% 436 units, 15.7%
Santaquin - 60 units, 2.2%
OF APARTMENTS UNDER
Eagle Mountain -
80 units, 2.9% CONSTRUCTION ARE
Provo - IN OREM, DUE TO UTAH
452 units, 16.3% VALLEY UNIVERSITY

Lehi - 484 units, 17.4%

Lindon - 120 units, 4.3%

Orem - 795 units, 28.6%

2020 Utah County Apartment Market Report / 13

2020

Proposed Apartment Projects

There are twenty-five apartment communities proposed in Utah County, comprimising a total of 7,148
units. Nearly half (47%) of the proposed apartment units are in American Fork. Lehi ranks second in
proposed units with 1,391 units, Table 12 and Figure 4. It is very unlikely that all twenty-five proposed
projects will be developed over the next three to four years. Financing costs, as well as material and labor
costs along with neighborhood opposition and changing market conditions, will prevent the development
of some of these proposed projects.

TABLE 12
Proposed Apartment Communities in Utah County
Apartment Community Address City Units
Patriot Station American Fork FrontRunner Station American Fork 125
Ritchie Group 860 East Quality Drive American Fork 513
Castlewood 850 West 250 South American Fork 350
Rockwell Ranch 1000 West 360 South American Fork 432
Neighborly Ventures 250 south 1000 West American Fork 240
Edgewater 1155 West 200 South American Fork 668
Lakeshore Landing 900 West 350 South American Fork 477
Savage Phase II 620 South 600 East American Fork 196
Bach 740 East 620 South American Fork 338
Dublin Farms Eagle Mountain Eagle Mountain 128
The Vue at Traverse Mountain II Sunrise Way and Mountain View Lehi 154
Traverse Mountain 3815 Traverse Mountain Blvd. Lehi 317
Lehi Block 2377 North 1200 West Lehi 232
Vista at the Point 9812 West Airpark Road Lehi 304
Holbrook Farm 2100 North Redwood Road Lehi 384
Lindon Ridge 45 South Main Street Lindon 103
David Wright 831 South State Orem 400
Midtown 360 South Tower 350 South State Street Orem 144
Village to the West 1140 West 950 North Orem 100
The Apartments on the Pleasant Grove Boulevard Pleasant Grove 200
Boulevard
Blue Sky 105 East Center Street Provo 131
East Bay Provo Provo 331
Mix at River's Edge 2250 North University Parkway Provo 293
Concord Crossing 800 West Pony Express Pkwy Saratoga Springs 252
Ridgeline Parkway Apartments Spanish Fork Parkway and Hwy 51 Spanish Fork 336
Total 7,148
Source: Cushman & Wakefield

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FIGURE 4
Number and Percent Share of Proposed Apartment Units by City

46.7%
Spanish Fork - 336 units, 4.7%
Saratoga Springs - 252 units, 3.5%

Provo -
755 units, 10.6%
OF ALL PROPOSED UNITS
ARE IN AMERICAN FORK

Pleasant Grove -
200 units, 2.8% American Fork -
3,339 units, 46.7%
Orem -
644 units, 9.0%

Lindon -
103 units, 1.4%

Lehi - 1,391 units, 19.5%

Eagle Mountain - 128 units, 1.8%

RENTAL MARKET OUTLOOK

There are 2,775 units under construction in Utah County, including 795 units for student housing. Since
2010, the number of renters in Utah County has increased at an annual rate of 3.2%, which includes both
student and non-student renter households. At this rate of growth, an increase in demand of about 1,800
renter households annually, the units currently under construction could fall short of demand over the next
two years.

Although the gap in demand and supply could be closed by some of the smaller proposed projects coming
online, our analysis estimates do not indicate an oversupply of units in the next 12-24 months. Subsequently,
given the current low vacancy rate, rental rates are likely to increase by 3%-5% in 2021.

Utah County’s extraordinary employment and population growth is driving demand for new amenitized
apartment communities, and as Silicon Slopes continues to rise to the national stage as one of the
hottest tech hubs in the country, the demand for housing will rise with it.

Flats at Riverwoods, Provo High Line Square, Provo

2020 Utah County Apartment Market Report / 15

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© 2021 Cushman & Wakefield. All rights reserved. The information contained within this report
is gathered from multiple sources believed to be reliable. The information may contain errors or
omissions and is presented without any warranty or representations as to its accuracy.
Cover photo: The Exton, Orem, Utah

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