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LAYTON -- The real estate market may be in a slump, but parts of Davis County are experiencing record numbers when it comes to new home construction, with the demand for new rental homes continually increasing.
Developers admit there is still some risk involved in the real estate market, especially with slow job growth. However, hundreds of new apartments are going up around the county.
In Farmington, more than 300 apartments are under construction, with an additional 600 apartments being built across the street.
At Park Lane Village, construction is in high gear, with developers expecting to open up the community next March.
"Bringing 324 units online at once is a big undertaking," said developer Ernest Willmore."
Willmore hopes to draw people to the Farmington apartment complex, providing renters with luxury and convenience.
"We're right next to almost a million square feet of retail going up," Willmore said. "We're at the confluence of Highway 89, the Legacy Freeway and Interstate 15, plus a TRAX station right here."
But the Farmington apartment complex is just one of many similar projects in Davis County.
We're definitely seeing the housing dynamic change. A lot of people, whether it's through lifestyle changes or for other reason, are choosing to rent as opposed to own.
–Ben Hart
"We're having record requests for multi-family housing," said Economic Development Administrator Ben Hart of Layton.
Hart said the rush to build apartment complexes is bigger than ever as people look for more affordable housing.
"We're definitely seeing the housing dynamic change," Hart said. "A lot of people, whether it's through lifestyle changes or for other reason, are choosing to rent as opposed to own."
There are more than 500 units currently in construction or the permitting process in Layton, with a few hundred more in the planning stages. But the bottom line is the developers could have a lot of competition, even if more people are looking to rent as they bear through a rough real estate market.
"The economy makes us nervous, we're nervous," Willmore said. "We hope that we can fill them. We expect to, but we're still nervous."
If the projects are successful, they could bring an economic surge to struggling areas, but only time will tell.
"With the economy being as bad as it is it's really hard to know."
Most neighborhoods take about three to five years to build, whereas an apartment complex takes about one of two years.
Email: manderson@ksl.com
