Stellar Rent Performance in Provo
The home of Brigham Young University put some stellar numbers on the board over the last eleven months when it comes to rent performance. In the year-ending March 2022, effective asking rent growth in Provo-Orem, UT pushed to 18.5%, according to data from RealPage Market Analytics. That marked the 11th consecutive month that annual rent growth has remained in double-digit territory for the market, and the first time Provo has seen a string of wins of this length in the entirety of the RealPage Market Analytics data set. Good news for this small market with just under 25,000 existing units. At the same time, Provo’s recent performance ranked notably above the U.S. average (15.6%). This was a win for Provo and a long way from the pandemic-era low recorded in July 2020 when operators cut rents 2.8% year-over-year. Like many markets around the country, a confluence of factors accelerated more recent performances in Provo. Strong demand has supported strong occupancy rebound in the Salt Lake City neighbor, leading to a March 2022 occupancy rate of 98.1%. That rate also speaks volumes compared to the 93.9% showing recorded in March 2020 as apartment market fundamentals stumbled in the midst of the COVID-19 pandemic.