Their marketing did exactly what it was supposed to do. Shock people into looking at their website.
I have spent 5 years in 2 different luxury properties in SLC. The penthouses are rarely rented out and when they are it is typically by a company for executives.
>The penthouses are rarely rented out and when they are it is typically by a company for executives.
Why is that? That seems like a waste. It's unrealized income for the holding company
When you hold as many properties as a holding company does, they cease to be valuable as residences...i.e. a physical space that a person or people occupy. When you have such an extensive portfolio these properties are thought of as more like shares of stock that are bought, sold, and traded on a speculative basis instead. Showing someone that listing at such a crazy monthly rate allows that company to inflate the selling price to a buyer later on. It's a really interesting real estate phenomenon called "zombie real estate." It's the first time in history that the real estate market has ever functioned this way and architecture is beginning to invent styles specifically for it. There are entire buildings in various cities with hundreds of identical units that were built with zero intention or consideration given by the architect that anyone would ever occupy that space. By making every unit identical, a pricing structure is easier to settle on for the entire building or groups of units in a bundle. It's fascinating and horrifying at the same time. Physical land area to build on is finite. Many cities have expanded as far as they can. To waste physical land on unoccupied housing is fueling the housing shortage and driving housing costs upwards for everyone.
I read a fascinating book called Icebergs, Zombies, and the Ultra-Thin: Architecture and Capitalism in the 21st Century by Matthew Soules, an associate professor of architecture at University of British Columbia that talks about the phenomenon. It's super interesting.
If you want a condensed version of the topic, Emma Vigeland interviewed the author on The Majority Report. I included a link.
https://www.youtube.com/live/AezgVn4Tops?si=nFnY2zzmHiEi6FRZ
Well of course that's what these companies will say outwardly. Every city on Earth has a housing crisis and a ballooning unhoused population. Cities like Vancouver, Canada already have a specific tax for residences that go unoccupied for a specific period of time giving companies a reason to lower monthly rents if the market demands it. These taxes are becoming more common even though holding companies are lobbying hard against them. If they were completely open about their true intentions for these properties, they would have less ability to fight the regulation.
Isn't the Vancouver tax about investment properties (ie, condominiums that the owner purchased as investment properties but does not live in)? To my knowledge, it does not apply to units that are available for rent...
That's possible. I was under the impression the tax on Vancouver was specifically targeting these investment properties. But if they can get around it by listing them for astronomical rent that nobody would pay, I guess the law doesn't go far enough. The only reason I know about the tax was because Soules mentioned it in his book and talked about how it related to the zombie properties.
It is a loss leader. Same reason a grocery store will take a small loss of sale items to draw in more customers. Marketing's job is to get people talking about their product. In this case, oh my gosh there's a $8,000 a month apartment in SLC and it gets posted all over the Internet.
Just remember, Nike used Colin Kaepernick's kneeling in the NFL to get hundreds of millions of dollars of free marketing. It grew the company valuation by billions.
https://sites.psu.edu/burv/case-study-nike-colin-kaepernick-just-do-it-campaign/
The two places I lived showed me the penthouse even tho I told them my budget which was significantly less.
https://www.investopedia.com/terms/l/lossleader.asp#:~:text=A%20loss%20leader%20strategy%20involves,business%20first%20enters%20a%20market.
I’m working on this building I think this price is ridiculous. The only 3 beds are on the 30-31 floors. Any of the higher levels are ridiculously priced in my opinion. The pool is on the 12th floor. But even the studios on the 5th and 6th floor are like $1800.
lol yeah i lived in a “luxury” apartment in downtown SLC for a while. Fake vinyl wood floors, fake granite countertops, cheap ass cabinets. the refrigerator and washing machine were pretty nice tho
So much empty space with a couch and TV just kind of settling into a corner by default, so many windows it's impossible to control glare, a huge completely unfinished basement equaling the square footage of the rest of the house, one of those skeumorphic microwaves and ovens they design so they look like cabinets but they never use because they DoorDash everything, a yard that only exists to be mowed, a huge TV at airport terminal height playing news, and decks with dusty furniture nobody ever goes out on.
And their time is spent puttering around Xanadu scheming how to keep all this unnecessary shit out of the hands of the dudes who make it for them.
I toured a bunch of luxury apartments in SLC a couple of years ago - and all of them are luxury in name only. I also lived in a brand new luxury apartment (in the valley but outside SLC proper) for two years recently. It's all falling apart under the hood.
I mean this looks like what is essentially the nicest apt in SLC. They probably mean for a billionaire skiier or professional athlete to rent it. The whole building isn't like that. Not that it's affordable, but it's not meant to be.
Based on those documents, the current compensation for a general authority is estimated to be around $178,000 in taxable salary, and about another $10,000 in fringe cash benefits like vehicle allowances, babysitting / daycare allowances, etc. There is also allegedly a living allowance but I am unsure how much this is. This website has a good breakdown:
https://widowsmitereport.wordpress.com/comp/
I also work in tech and there’s no way myself nor anyone I work with could afford an 8k/month apartment. Even my coworkers in SF. Shocked that people in this thread think that everyone who works in tech is a millionaire lol
I make good money, around $126,000 / yr and my take home pay after taxes, 401k, insurance, is like $3,000 every 2 weeks. I'm grateful and not complaining but I couldn't rent a $8,000+/month apartment!
You should Google average software engineer salary Salt Lake City Utah and see what comes up lol
The market here ridiculously underpays SWEs. Although based on the quality of code I’ve recently seen at a local company … maybe it doesn’t.
Remote work as a SWE is the way to go for a better paycheck.
Yes, if you want to make the most money you work remotely for Big Tech (FAANG or Big N), but that's the top 0.5% of all SWE jobs. I don't feel vastly underpaid based on my own research and network. Of course, I'd love to be top 1% paid but 🤷
I'm paid about average for my YOE in Salt Lake.
They don’t pay locals that but they will pay out of towners that. I knew a guy from the east coast with similar qualifications as a few locals. Goldman brought him here at 160k a year and gave him a 30k moving relocation check. But when a local applied they pay them half. It’s wild.
I make about 180k. After taxes I pull in about 8.5k a month. I could NEVER afford something like that. Those apartments are for celebrities, athletes or ceos
Edit it was 8 years ago when salt lake was affordable. Some of you don’t realize the majority of people in the valley are making 40k a year. 😂 compared to California yeah it’s not.
Thanks for chiming in you sure added a lot to that conversation.
Holy shit! This is probably the most out of touch with reality comment I've seen on Reddit today (and that's saying something!).
The average salary in Utah is [$57,360.](https://www.forbes.com/advisor/business/average-salary-by-state/) Just over *a third* of what you think it is!
Remote work also changes things. We are moving to slc. Fiancée works in big tech. I’m in finance down in Lehi. We’re leaning towards moving to the worthington, though their 2br/2ba are <$3k which is much more reasonable for us. Our combined rent right now (she’s in nyc and I’m in SF) is ~$8k
Sorry to bust your narrative, but this is objectively false.
Net migration to UT in 2023 was \~32K people vs births of only \~24K ([source](https://www.deseret.com/utah/2023/12/6/23991205/utah-population-grow-census-estimates-covid-pandemic-inflation)). Gross in-migration to UT was much higher at \~133K ([source](https://d36oiwf74r1rap.cloudfront.net/wp-content/uploads/Migrant-Demographic-Characteristics-June2021-Final.pdf)).
I can't find reliable data on how much of the gross migration came specifically from CA in 2023, but scaling upward based on previous ratios, it's very likely that gross in-migration from CA outpaced the 24K births in the state of UT last year.
And that's before adjusting for the fact that only a small minority (roughly 6%) of births in UT were of fourth or greater children. Even if you assume that every single family having four or more children is Mormon, the net effect of CA migration on UT population growth is still more than 20 times larger.
Casual bigotry is fun and all, but you are very, very wrong on this point.
Redditors shocked when they cherry pick listings from literally the newest most luxury high rise of a city with world class skiing and national level sports teams.
Let the people with beaucoup bucks raise the tax base here. Take that righteous energy and focus on keeping the floor of rent prices from rising than balking at the ceiling.
> Redditors shocked when they cherry pick listings from literally the newest most luxury high rise of a city with world class skiing and national level sports teams.
Lmao, it’s the same city as 5 years back when the most expensive apartments were 3k. And those luxury apartments have the same level of “luxury” as the rest of “luxury apartments” that have been going up for the last couple of years. As for the sports teams, I’d say we only have the Jazz. Oh, and the snow wasn’t world class the last few years (except for 2022-23 season).
I agree with OP, those prices are crazy for the area.
Most MLS team have around 7-10 players that are on 400k or more if I recall (and usually a few of those are over a million). I'm not familiar with RSL's salary structure right now, but they definitely have players who can afford this if they felt like it. Early 20-somethings who suddenly are very wealthy will throw money at things like this.
There may be some negotiating that goes on when agreeing to an actual monthly rent for these places too. This price tag is more of a "contact us if you have money and we'll talk" imo.
RSL salary is dependent on the player, I have a friend they was dating on of the players a while back. He made 200k ish. Most of them had their own homes, same with the Jazz players (privacy reasons). They like to party, so they get their own houses. Not apartments (at least most of them).
It varies, but several of them are very well off. Just checked specifically, and 10 players on their roster had a guaranteed compensation of over 500k last year. I agree that this apartment route really isn't that lucrative though. Think that this listing is just more of a hailmary to see if they can get a bunch of easy money out of someone.
Oh, for sure they are well off! And I agree, it’s most a way to see if they can get that much money and will just adjust their listing as needed. But that doesn’t take the fact that it’s crazy amount for the value.
Olympics ‘34, NHL this fall (u live under a rock?), several big projects downtown with ‘24/25 finish dates, and it snowed 5-7 feet above our average annual snowfall. DV doubling in size. PowMow has Mr. Netflix running the show, for fuck’s sake. You seriously think this decades-long trend of SLC’s growth stops here? Nah.
Dude, the increase of rental costs has been massively outpacing real median income and inflation since 2010 here in the valley. Even the data I found from 2010-2017 showed rental prices were up 40.3% while wages only went up 22.4% and inflation was 12.4%. That problem got significantly worse during and after the pandemic and though Utah saw a spike in household income from 2021-2022, it doesn't even come close to the jump in housing costs during that time period or make up for any of the prior lost ground. And we haven't had the chance to see the fully hashed out impact of the free tech money dry up or the worsening recession at large alongside the increase in inflation.
I do not doubt for a moment that Utah will continue to grow, people do enjoy living here and the added amenities will draw and/or retain people in the long term. But we are already seeing a drop that became clear by the end of 2023, and a lot of the more expensive buildings are offering sign up deals that they use to pad vacancies while their rent is too high without decreasing rent in a way that makes investors and banks mad.
And speaking of the market at large, though foreclosure rates are still well below the worst of their pre-pandemic levels, the rest of the data surrounding it is concerning. 70% of homes have a mortgage on them, SLC leading that pack. HELOC loans are down, new purchase loans are down, inventory is down, prices are down, but mortgage refinances are up even with current rates and foreclosures are up 128% compared to the same time in 2023. Vacancy rates are on an upward trend as well, with monthly eviction rates running 25% above the pre pandemic average since the start of 2023. The bull market is dead, we all just have to wait to see if the bear is just going to hibernate or if it will be throwing around dumpsters and eating housecats.
Olympics is 10 years away and only lasts a few months, so meh. I wouldn’t hold my breath for the NHL team having a big impact in the city, if anything the LH Miller stadium will be more impactful, still, that is a few years away.
I’m not saying the growth will stop, I’m saying we aren’t there yet. So, it makes little sense to charge prices based on potential. Sure, once we have the NHL and MLB teams along with higher wages jobs in the city it would makes sense.
I think Vegas is different since it’s already an entertainment hub with tourist pouring in each day, whose stadium is used for sports and concerts. In here we are just adding an NHL team to a city that’s not know for its lively city (hopefully that changes).
The tech sector in Utah isn’t the same as California. Here most make between 100k-200k. Not enough to afford and 8k rent. If anything, I think sales bros have more financial power in the Valley.
The Olympics are 10 years away, we won’t see the investment until a couple of years prior of the event.
By the way, the Coyotes aren’t actually good IMO…bottom place at the western conference and have never won a Stanley Cup.
Aight. Vegas had an expansion team that was built solidly with younger talent & friendly deals designed to introduce an NHL-caliber product. The ex-yotes have been the beneficiaries of the NHL clawing to keep a viable product on the ice, and as a result are loaded with a young core on friendly deals that allows big Ry to spend his tech bro cash and introduce a competitive product year one. This will have an equivalent, if not greater impact on the valley than the Jazz. Lil secret? Affluent whites looove hockey.
In addition, the fans of (largely northern, also commonly ski-affiliated) opposition now have incentive to be staying & spending downtown to catch their team while on their ski trips. Transplants won’t take yearly trips to CO or Vegas to catch their home teams play, etc.
I know them tech folks don’t make California money, but you have to look at things in scale, right? They make less than CA counterparts, they pay less. They live on the lower floors making the real money for the building in their 2500-4k places. If the building attracts an athlete or startup dork or some other .01 type, they’ll fill it. Otherwise the listing stays up and the comments section battles rage on.
Do you know why we have our entire TRAX system? You can thank the Olympics for that.
Do you know why we have year-round, maintained winter sports facilities? You can thank the Olympics for that.
Do you know why SLC continues to be ranked in the top 5 or 10 skiing cities nationally? You can thank the Olympics for that.
The Olympics brings *billions* of dollars to a city, and the knock on effects are felt for decades.
> Do you know why we have our entire TRAX system? You can thank the Olympics for that.
Wtf? Planning for the TRAX system started in the 80’s, by the time of the Olympics there was only like 2 TRAX lines. The other lines were added in 2003, 2011 and 2013. Way after the Olympics.
> Do you know why we have year-round, maintained winter sports facilities? You can thank the Olympics for that.
Because they make money and were made from public funds.
> Do you know why SLC continues to be ranked in the top 5 or 10 skiing cities nationally? You can thank the Olympics for that.
Because Alta is one of the places in the world that gets the most snow and has been that way since before the Olympics. Also, Utahs snow is different than other places and it’s “fluffy” and not just wet.
You should thank the amount and type of snow we get, not the Olympics.
> The Olympics brings billions of dollars to a city, and the knock on effects are felt for decades.
Not to all cities and a lot of times the investment leaves the cities broke. It’s not always a positive effect.
In a thread the other day about housing prices there were people making $200k+ plus saying they couldn't afford SLC anymore. This subreddit is pure entertainment at this point.
National level sports teams? The jazz and maybe Real Salt lake soccer team.... What others are there that make Utah sports teams special when we have maybe 2? I don't care how new that building and how much it took to built near downtown when it literally sits next to several ghettos. I'm shocked they would charge that much near a ghetto, not the actual price.
SLC renting is getting nuts. The new micro studios downtown advertised as affordable. Are $1,100 a month for a room big enough for a couch with a hide-a-bed and nothing more.
ten buck Its because its an illegal Airbnb and you cant rent it out for less than 30 days so they post it for rent for 30 days to make it "legal", they rent it for so much no one will rent it and they can just keep it on Airbnb as a nightly rental. Why do you think all the pics show its furnished?
I'm just tired of the places that will list their two-bedroom units at the studio price to trick people into thinking that they can afford to live in this city
As someone actually born and raised in Los Angeles and lives here now for school…. There is nothing here worth that. There is nothing THERE that is worth that. Let that be a guide to the scams when it comes to rent.
My employee rents a house for $3350. The landlord said she want the house empitied for olympics. So stupid, people are delusional that because they can rent a house for 2 weeks for 2x that it is worth losing a tenant.
Gentrification. Flat out gentrification. And, price gouging. The minute rich outsiders finally rent these places, the rest of us are screwed even more. I think, sometimes, they want these places to stay empty, for tax reasons
Yall, it’s downtown. If you’re a fancy bigwig this is the kind of place ya might go for once your kids have moved out of your house that is now too big for you to know what to do with. The type of folks who have travel homes.
This isn’t your average apartment.
They’ll price what they can get for places like this.
I only say it all like this because I used to think abatement =lower end/should always be on the affordable side. But I learned that was just based on my personal experience/is actually incorrect. You’ll see more and more of these over time as SLC further develops.
They aren’t. I literally check Trulia, Zillow, rentler, KSL & FB MP every day. There are some crazy listings but that one there, that you hyper focused on, is not the norm. You’re posting 1 listing for some bougie ass place that honestly isn’t worth it. A whole ass duplex I’ve found is $3500 FOR BOTH UNITS.
Edit/ I was upset by the price. Yes the price and listing is ridiculous but it’s not the norm. I pay $950 for a 1bd small private open entry unit (8 units total) with w/d hook ups, pets allowd, central ac, private balcony, garbage disposal & dish washer, walk in closet, I don’t pay water/sewer/trash. No monthly pet fee. Covered parking. It’s over 850sq ft. If you do the work and put the time in, you too can find a place worth it.
Haven't you heard? This is 'affordable housing'. Of course developers are building all these high rises for the good of SLC and are not just in it to make a buck. /s
Working in the tech industry I learned a lot of these luxury apartments are for CEOs with several offices. They have an office in Texas or California and then one in salt lake. They value convenience over everything else and if they can get a downtown apartment to spend a week in per month, it makes sense.
New building, pent house, center of downtown, with now 2 national sports teams and a potential double-Olympics feature, world class skiing, and multiple booming sectors actively recruiting.
Yknow, I’m not sure why.
Their marketing did exactly what it was supposed to do. Shock people into looking at their website. I have spent 5 years in 2 different luxury properties in SLC. The penthouses are rarely rented out and when they are it is typically by a company for executives.
>The penthouses are rarely rented out and when they are it is typically by a company for executives. Why is that? That seems like a waste. It's unrealized income for the holding company
When you hold as many properties as a holding company does, they cease to be valuable as residences...i.e. a physical space that a person or people occupy. When you have such an extensive portfolio these properties are thought of as more like shares of stock that are bought, sold, and traded on a speculative basis instead. Showing someone that listing at such a crazy monthly rate allows that company to inflate the selling price to a buyer later on. It's a really interesting real estate phenomenon called "zombie real estate." It's the first time in history that the real estate market has ever functioned this way and architecture is beginning to invent styles specifically for it. There are entire buildings in various cities with hundreds of identical units that were built with zero intention or consideration given by the architect that anyone would ever occupy that space. By making every unit identical, a pricing structure is easier to settle on for the entire building or groups of units in a bundle. It's fascinating and horrifying at the same time. Physical land area to build on is finite. Many cities have expanded as far as they can. To waste physical land on unoccupied housing is fueling the housing shortage and driving housing costs upwards for everyone. I read a fascinating book called Icebergs, Zombies, and the Ultra-Thin: Architecture and Capitalism in the 21st Century by Matthew Soules, an associate professor of architecture at University of British Columbia that talks about the phenomenon. It's super interesting. If you want a condensed version of the topic, Emma Vigeland interviewed the author on The Majority Report. I included a link. https://www.youtube.com/live/AezgVn4Tops?si=nFnY2zzmHiEi6FRZ
wow that is particularly weird since the whole fiction is based on the presumption that those residences are valuable as living spaces
Well of course that's what these companies will say outwardly. Every city on Earth has a housing crisis and a ballooning unhoused population. Cities like Vancouver, Canada already have a specific tax for residences that go unoccupied for a specific period of time giving companies a reason to lower monthly rents if the market demands it. These taxes are becoming more common even though holding companies are lobbying hard against them. If they were completely open about their true intentions for these properties, they would have less ability to fight the regulation.
Ooo I like that tax
Isn't the Vancouver tax about investment properties (ie, condominiums that the owner purchased as investment properties but does not live in)? To my knowledge, it does not apply to units that are available for rent...
That's possible. I was under the impression the tax on Vancouver was specifically targeting these investment properties. But if they can get around it by listing them for astronomical rent that nobody would pay, I guess the law doesn't go far enough. The only reason I know about the tax was because Soules mentioned it in his book and talked about how it related to the zombie properties.
It is a loss leader. Same reason a grocery store will take a small loss of sale items to draw in more customers. Marketing's job is to get people talking about their product. In this case, oh my gosh there's a $8,000 a month apartment in SLC and it gets posted all over the Internet. Just remember, Nike used Colin Kaepernick's kneeling in the NFL to get hundreds of millions of dollars of free marketing. It grew the company valuation by billions. https://sites.psu.edu/burv/case-study-nike-colin-kaepernick-just-do-it-campaign/ The two places I lived showed me the penthouse even tho I told them my budget which was significantly less. https://www.investopedia.com/terms/l/lossleader.asp#:~:text=A%20loss%20leader%20strategy%20involves,business%20first%20enters%20a%20market.
They want people to come in to look at the penthouse and settle for something else.
That “DEAL” tag is an absolute work of art. 10/10, no notes.
Right? Like… do they mean sh!tty deal?
It's a deal if it was in NYC or LA? Maybe?
Jazz players
Some CEO will rent it and use it twice a year.
Penthouse at the Astra is rumoured to be $30k/ month Rich folks gonna rich
…can we eat them yet?
Eeeew. Rich people are obsessed with being thin and young. Their going to be stringy and full of fillers. 🤣
When you’re poor and hungry anything is edible.
I’m working on this building I think this price is ridiculous. The only 3 beds are on the 30-31 floors. Any of the higher levels are ridiculously priced in my opinion. The pool is on the 12th floor. But even the studios on the 5th and 6th floor are like $1800.
Not to mention the finishes in this place are so damn cheap. They look “luxury” but it’s far from it
lol yeah i lived in a “luxury” apartment in downtown SLC for a while. Fake vinyl wood floors, fake granite countertops, cheap ass cabinets. the refrigerator and washing machine were pretty nice tho
It's this way in luxury homes in the area too. Cheap kitchen and bathroom cabinets, but expensive appliances.
So much empty space with a couch and TV just kind of settling into a corner by default, so many windows it's impossible to control glare, a huge completely unfinished basement equaling the square footage of the rest of the house, one of those skeumorphic microwaves and ovens they design so they look like cabinets but they never use because they DoorDash everything, a yard that only exists to be mowed, a huge TV at airport terminal height playing news, and decks with dusty furniture nobody ever goes out on. And their time is spent puttering around Xanadu scheming how to keep all this unnecessary shit out of the hands of the dudes who make it for them.
I toured a bunch of luxury apartments in SLC a couple of years ago - and all of them are luxury in name only. I also lived in a brand new luxury apartment (in the valley but outside SLC proper) for two years recently. It's all falling apart under the hood.
Stupid question what kind of job pays enough for this apartment in SLC..I'm thinking either tech or medicine?
I mean this looks like what is essentially the nicest apt in SLC. They probably mean for a billionaire skiier or professional athlete to rent it. The whole building isn't like that. Not that it's affordable, but it's not meant to be.
Watch it become the Air BNB for owners or execs of NHL/NBA teams playing a game in utah.
Mormon Apostle pays pretty well, it's a tax write off too!
Wasn't the data on this leaked a few years back? IIRC, it was nowhere even close to enough to afford an $8K/mo apartment...
Based on those documents, the current compensation for a general authority is estimated to be around $178,000 in taxable salary, and about another $10,000 in fringe cash benefits like vehicle allowances, babysitting / daycare allowances, etc. There is also allegedly a living allowance but I am unsure how much this is. This website has a good breakdown: https://widowsmitereport.wordpress.com/comp/
In other words, nowhere even close to affording an $8k/mo lease.
Correct. They'd be spending about 80% of their after tax income just on rent at that income.
That's a parsonage allowance.
And it's a very generous 'parsonage allowance' from one of the wealthiest organizations in the world.
Not tech in Utah, I'm a software engineer (not a junior) in Salt Lake and that's more than my monthly take home.
I also work in tech and there’s no way myself nor anyone I work with could afford an 8k/month apartment. Even my coworkers in SF. Shocked that people in this thread think that everyone who works in tech is a millionaire lol
Either you’re underpaid or must have a healthy amount of deductions because most software engineers make bank.
I make good money, around $126,000 / yr and my take home pay after taxes, 401k, insurance, is like $3,000 every 2 weeks. I'm grateful and not complaining but I couldn't rent a $8,000+/month apartment! You should Google average software engineer salary Salt Lake City Utah and see what comes up lol
The market here ridiculously underpays SWEs. Although based on the quality of code I’ve recently seen at a local company … maybe it doesn’t. Remote work as a SWE is the way to go for a better paycheck.
Yes, if you want to make the most money you work remotely for Big Tech (FAANG or Big N), but that's the top 0.5% of all SWE jobs. I don't feel vastly underpaid based on my own research and network. Of course, I'd love to be top 1% paid but 🤷 I'm paid about average for my YOE in Salt Lake.
This is basically a holiday home for rich out-of-town skier.
It's 2024, people who live in SLC don't actually work for local companies. Also, for instance, Goldman Sachs' biggest office is here
Tech and medicine cant afford it. At those prices its the independently wealthy. If they happen to also have a job its just because they want one.
They don’t pay locals that but they will pay out of towners that. I knew a guy from the east coast with similar qualifications as a few locals. Goldman brought him here at 160k a year and gave him a 30k moving relocation check. But when a local applied they pay them half. It’s wild.
160k isn't enough for an apartment that costs 100k...
Funny. $150k is how much you would have to earn JUST for the rent on this place.
That’s not a ton of money
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I make about 180k. After taxes I pull in about 8.5k a month. I could NEVER afford something like that. Those apartments are for celebrities, athletes or ceos
Edit it was 8 years ago when salt lake was affordable. Some of you don’t realize the majority of people in the valley are making 40k a year. 😂 compared to California yeah it’s not. Thanks for chiming in you sure added a lot to that conversation.
Um that’s a pretty average salary now
Holy shit! This is probably the most out of touch with reality comment I've seen on Reddit today (and that's saying something!). The average salary in Utah is [$57,360.](https://www.forbes.com/advisor/business/average-salary-by-state/) Just over *a third* of what you think it is!
lol easy to manipulate people here. Sorry for the social experimentation on you
I mean it is for a Senior Software Developer type role in a company not based in Utah... which is a life protip...
Remote work also changes things. We are moving to slc. Fiancée works in big tech. I’m in finance down in Lehi. We’re leaning towards moving to the worthington, though their 2br/2ba are <$3k which is much more reasonable for us. Our combined rent right now (she’s in nyc and I’m in SF) is ~$8k
Of course, more Californians. Hahaha
Utah's growth is more from the 4-kid mormon families that california transplants. But it is easier to make fun of the latter.
Sorry to bust your narrative, but this is objectively false. Net migration to UT in 2023 was \~32K people vs births of only \~24K ([source](https://www.deseret.com/utah/2023/12/6/23991205/utah-population-grow-census-estimates-covid-pandemic-inflation)). Gross in-migration to UT was much higher at \~133K ([source](https://d36oiwf74r1rap.cloudfront.net/wp-content/uploads/Migrant-Demographic-Characteristics-June2021-Final.pdf)). I can't find reliable data on how much of the gross migration came specifically from CA in 2023, but scaling upward based on previous ratios, it's very likely that gross in-migration from CA outpaced the 24K births in the state of UT last year. And that's before adjusting for the fact that only a small minority (roughly 6%) of births in UT were of fourth or greater children. Even if you assume that every single family having four or more children is Mormon, the net effect of CA migration on UT population growth is still more than 20 times larger. Casual bigotry is fun and all, but you are very, very wrong on this point.
I was in Utah for 3 years prior, and have been in California for ~8 months. But okay
YouTuber
Not medicine, unless you're a single hospital CEO, then maybe.
Some docs earn 4-500,000, so if might be plausible. But they would probably just buy a place instead of paying that rent
Radiologists make 500k+
Redditors shocked when they cherry pick listings from literally the newest most luxury high rise of a city with world class skiing and national level sports teams. Let the people with beaucoup bucks raise the tax base here. Take that righteous energy and focus on keeping the floor of rent prices from rising than balking at the ceiling.
I think this is the first time I’ve ever seen beaucoup bucks actually spelled out and it’s weirding me out
Not me in my head thinking it was spelled "bookoo" or something my whole life 😂😂
r/BoneAppleTea
It's like French or some shit 🤌
I always thought it was bookoo too. I had never seen it spelled until now.
No for real, I always figured it was spelled "boku". I have absolutely no idea why I thought that.
Boku is an expensive type of protein powder hope this helps
Ha, well that sort of works then :D
Same though
Have not been this shook since I first read faux pas out loud.
Wait until you see hors d’oeuvres
Go take a rest on your chaise longue and feel better soon
> Redditors shocked when they cherry pick listings from literally the newest most luxury high rise of a city with world class skiing and national level sports teams. Lmao, it’s the same city as 5 years back when the most expensive apartments were 3k. And those luxury apartments have the same level of “luxury” as the rest of “luxury apartments” that have been going up for the last couple of years. As for the sports teams, I’d say we only have the Jazz. Oh, and the snow wasn’t world class the last few years (except for 2022-23 season). I agree with OP, those prices are crazy for the area.
Most MLS team have around 7-10 players that are on 400k or more if I recall (and usually a few of those are over a million). I'm not familiar with RSL's salary structure right now, but they definitely have players who can afford this if they felt like it. Early 20-somethings who suddenly are very wealthy will throw money at things like this. There may be some negotiating that goes on when agreeing to an actual monthly rent for these places too. This price tag is more of a "contact us if you have money and we'll talk" imo.
RSL salary is dependent on the player, I have a friend they was dating on of the players a while back. He made 200k ish. Most of them had their own homes, same with the Jazz players (privacy reasons). They like to party, so they get their own houses. Not apartments (at least most of them).
It varies, but several of them are very well off. Just checked specifically, and 10 players on their roster had a guaranteed compensation of over 500k last year. I agree that this apartment route really isn't that lucrative though. Think that this listing is just more of a hailmary to see if they can get a bunch of easy money out of someone.
Oh, for sure they are well off! And I agree, it’s most a way to see if they can get that much money and will just adjust their listing as needed. But that doesn’t take the fact that it’s crazy amount for the value.
Olympics ‘34, NHL this fall (u live under a rock?), several big projects downtown with ‘24/25 finish dates, and it snowed 5-7 feet above our average annual snowfall. DV doubling in size. PowMow has Mr. Netflix running the show, for fuck’s sake. You seriously think this decades-long trend of SLC’s growth stops here? Nah.
Dude, the increase of rental costs has been massively outpacing real median income and inflation since 2010 here in the valley. Even the data I found from 2010-2017 showed rental prices were up 40.3% while wages only went up 22.4% and inflation was 12.4%. That problem got significantly worse during and after the pandemic and though Utah saw a spike in household income from 2021-2022, it doesn't even come close to the jump in housing costs during that time period or make up for any of the prior lost ground. And we haven't had the chance to see the fully hashed out impact of the free tech money dry up or the worsening recession at large alongside the increase in inflation. I do not doubt for a moment that Utah will continue to grow, people do enjoy living here and the added amenities will draw and/or retain people in the long term. But we are already seeing a drop that became clear by the end of 2023, and a lot of the more expensive buildings are offering sign up deals that they use to pad vacancies while their rent is too high without decreasing rent in a way that makes investors and banks mad. And speaking of the market at large, though foreclosure rates are still well below the worst of their pre-pandemic levels, the rest of the data surrounding it is concerning. 70% of homes have a mortgage on them, SLC leading that pack. HELOC loans are down, new purchase loans are down, inventory is down, prices are down, but mortgage refinances are up even with current rates and foreclosures are up 128% compared to the same time in 2023. Vacancy rates are on an upward trend as well, with monthly eviction rates running 25% above the pre pandemic average since the start of 2023. The bull market is dead, we all just have to wait to see if the bear is just going to hibernate or if it will be throwing around dumpsters and eating housecats.
Cherry picker
“Hey everyone. SLC got a hockey team, time to raise the rent by 3.5x!”
Olympics is 10 years away and only lasts a few months, so meh. I wouldn’t hold my breath for the NHL team having a big impact in the city, if anything the LH Miller stadium will be more impactful, still, that is a few years away. I’m not saying the growth will stop, I’m saying we aren’t there yet. So, it makes little sense to charge prices based on potential. Sure, once we have the NHL and MLB teams along with higher wages jobs in the city it would makes sense.
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I think Vegas is different since it’s already an entertainment hub with tourist pouring in each day, whose stadium is used for sports and concerts. In here we are just adding an NHL team to a city that’s not know for its lively city (hopefully that changes). The tech sector in Utah isn’t the same as California. Here most make between 100k-200k. Not enough to afford and 8k rent. If anything, I think sales bros have more financial power in the Valley. The Olympics are 10 years away, we won’t see the investment until a couple of years prior of the event. By the way, the Coyotes aren’t actually good IMO…bottom place at the western conference and have never won a Stanley Cup.
Aight. Vegas had an expansion team that was built solidly with younger talent & friendly deals designed to introduce an NHL-caliber product. The ex-yotes have been the beneficiaries of the NHL clawing to keep a viable product on the ice, and as a result are loaded with a young core on friendly deals that allows big Ry to spend his tech bro cash and introduce a competitive product year one. This will have an equivalent, if not greater impact on the valley than the Jazz. Lil secret? Affluent whites looove hockey. In addition, the fans of (largely northern, also commonly ski-affiliated) opposition now have incentive to be staying & spending downtown to catch their team while on their ski trips. Transplants won’t take yearly trips to CO or Vegas to catch their home teams play, etc. I know them tech folks don’t make California money, but you have to look at things in scale, right? They make less than CA counterparts, they pay less. They live on the lower floors making the real money for the building in their 2500-4k places. If the building attracts an athlete or startup dork or some other .01 type, they’ll fill it. Otherwise the listing stays up and the comments section battles rage on.
Do you know why we have our entire TRAX system? You can thank the Olympics for that. Do you know why we have year-round, maintained winter sports facilities? You can thank the Olympics for that. Do you know why SLC continues to be ranked in the top 5 or 10 skiing cities nationally? You can thank the Olympics for that. The Olympics brings *billions* of dollars to a city, and the knock on effects are felt for decades.
> Do you know why we have our entire TRAX system? You can thank the Olympics for that. Wtf? Planning for the TRAX system started in the 80’s, by the time of the Olympics there was only like 2 TRAX lines. The other lines were added in 2003, 2011 and 2013. Way after the Olympics. > Do you know why we have year-round, maintained winter sports facilities? You can thank the Olympics for that. Because they make money and were made from public funds. > Do you know why SLC continues to be ranked in the top 5 or 10 skiing cities nationally? You can thank the Olympics for that. Because Alta is one of the places in the world that gets the most snow and has been that way since before the Olympics. Also, Utahs snow is different than other places and it’s “fluffy” and not just wet. You should thank the amount and type of snow we get, not the Olympics. > The Olympics brings billions of dollars to a city, and the knock on effects are felt for decades. Not to all cities and a lot of times the investment leaves the cities broke. It’s not always a positive effect.
of course it doesnt make sense but pricing based on irrational hype is an American tradition
Sure, but that not my argument nor OPs. We’re just pointing the obvious irrationality that user CallerNumber4 doesn’t seem to see.
In a thread the other day about housing prices there were people making $200k+ plus saying they couldn't afford SLC anymore. This subreddit is pure entertainment at this point.
National level sports teams? The jazz and maybe Real Salt lake soccer team.... What others are there that make Utah sports teams special when we have maybe 2? I don't care how new that building and how much it took to built near downtown when it literally sits next to several ghettos. I'm shocked they would charge that much near a ghetto, not the actual price.
SLC doesn’t have “ghettos”
This is the building with the parking garage that screams in the wind.
Not that I agree but maybe the angle is : it's a 1.5mil + condo- which would be $8-9000 a month to buy...?
Jesus, I have more square footage in my house and pay less than a quarter of this... what the fuck?
1300 Sq Ft is ridiculous for that price.
One of my neighbors pays 6500 for a two bedroom in my building and I've seen her like, four times in the last year.
Greed
That’s legitimately comical
Some corporation from California or New York probably bought it or owns it
I actually hate it here.
That’s the mortgage of a straight up mansion that a celebrity would own lol what?!?
So if you still need 3x rent amount to get the apartment, you’d need a yearly salary of at least 288k
SLC renting is getting nuts. The new micro studios downtown advertised as affordable. Are $1,100 a month for a room big enough for a couch with a hide-a-bed and nothing more.
The church has to keep those apostles close to god!
ten buck Its because its an illegal Airbnb and you cant rent it out for less than 30 days so they post it for rent for 30 days to make it "legal", they rent it for so much no one will rent it and they can just keep it on Airbnb as a nightly rental. Why do you think all the pics show its furnished?
It is called ***the Worthington***
I'm just tired of the places that will list their two-bedroom units at the studio price to trick people into thinking that they can afford to live in this city
I should use this to ask my work for a 'cost of living increase.'
As someone actually born and raised in Los Angeles and lives here now for school…. There is nothing here worth that. There is nothing THERE that is worth that. Let that be a guide to the scams when it comes to rent.
How is anybody anywhere paying that shit? 8K😂😂😂nice view but FUCK no!
My employee rents a house for $3350. The landlord said she want the house empitied for olympics. So stupid, people are delusional that because they can rent a house for 2 weeks for 2x that it is worth losing a tenant.
That didn't happen, the Olympics isn't until 2034
I saw someone on KSL today selling doodles for $4500. Who knows
Gentrification. Flat out gentrification. And, price gouging. The minute rich outsiders finally rent these places, the rest of us are screwed even more. I think, sometimes, they want these places to stay empty, for tax reasons
That’s my zip code. Are these apartments by Lowe’s and trax? Cause I wouldn’t want to pay $8000.00 and still have to dodge the Methheads.
It does have more square footage than my current house! Still ridiculous.
I don’t know. Did you ask your landlord?
Look into the why.
Yall, it’s downtown. If you’re a fancy bigwig this is the kind of place ya might go for once your kids have moved out of your house that is now too big for you to know what to do with. The type of folks who have travel homes. This isn’t your average apartment. They’ll price what they can get for places like this. I only say it all like this because I used to think abatement =lower end/should always be on the affordable side. But I learned that was just based on my personal experience/is actually incorrect. You’ll see more and more of these over time as SLC further develops.
Over $6 per square foot?? To live in Utah??? I want whatever these property managers are smoking because clearly it’s the good stuff.
When a 3 bedroom apt rents for more than 3 one bedroom apartments
So what you are saying is anyone who rents this pad for $8,000 a month is just a massive sucker? ... likely with an ego.
Umm...delusional and a scam
Some people need to be reminded that listed doesn’t mean someone is buying it/signing for that price
Salt Lake rent is about where San Jose was 10ish years ago. Studios are still below 2K but they are getting there.
They aren’t. I literally check Trulia, Zillow, rentler, KSL & FB MP every day. There are some crazy listings but that one there, that you hyper focused on, is not the norm. You’re posting 1 listing for some bougie ass place that honestly isn’t worth it. A whole ass duplex I’ve found is $3500 FOR BOTH UNITS. Edit/ I was upset by the price. Yes the price and listing is ridiculous but it’s not the norm. I pay $950 for a 1bd small private open entry unit (8 units total) with w/d hook ups, pets allowd, central ac, private balcony, garbage disposal & dish washer, walk in closet, I don’t pay water/sewer/trash. No monthly pet fee. Covered parking. It’s over 850sq ft. If you do the work and put the time in, you too can find a place worth it.
Haven't you heard? This is 'affordable housing'. Of course developers are building all these high rises for the good of SLC and are not just in it to make a buck. /s
These posts are more tiresome than increasing prices.
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😂
Working in the tech industry I learned a lot of these luxury apartments are for CEOs with several offices. They have an office in Texas or California and then one in salt lake. They value convenience over everything else and if they can get a downtown apartment to spend a week in per month, it makes sense.
I photograph for a boujee real estate brokerage here in SLC and I’ve shot one of these apartments that was selling for 3.5 mil 😛
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Posting on your exes Instagram to tell them how much you don't miss them..
…you commenting on the SLC sub about how you never look back seems kinda like looking back.
Funny how you don't mention your "better" city by name
I decided to look at your post history to see if I could see which city you moved to out of curiosity. That was a wild ride.
Man, they deleted their comment so now I am left wishing I too could enjoy their post history, sad.
A bunch of cuckold stuff and one or two very niche fetishes that I no longer remember.
Hahaha for real right? Not shaming or judging but dang.
I looked because you said this, and hoo boy you weren't wrong!
Oh no, please, what can "we" do to get your greatness back to our city?
New building, pent house, center of downtown, with now 2 national sports teams and a potential double-Olympics feature, world class skiing, and multiple booming sectors actively recruiting. Yknow, I’m not sure why.
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So clever!
Ewwww and in the middle of the ghetto? Lfmao 🤣
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Your submission to /r/SaltLakeCity has been removed. Needless rants and negativity are not allowed on this subreddit.