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Rent is up, but Wasatch Front apartment market still red-hot

Rent is up on the Wasatch Front, but a new report finds the apartment market is still red-hot in 2019. Photo: Getty Images

Rent may be rising but the apartment market is still red-hot along the Wasatch Front, according to a new report out this week.

The Salt Lake office of commercial real estate firm CBRE releases its Greater Salt Lake Area Multifamily Market Report semiannually. It looks at the rental market across a four-county region that includes Davis, Salt Lake, Utah and Weber counties.

According to the report, the average monthly rent on the Wasatch Front is now $1,157, an increase of about five percent. CBRE says people who are moving into the state find that to be a bargain, as it’s less than they paid in other places.

Out-of-state developers are reportedly interested in investing here because they see the growth, which is brisk. The population is growing at a robust pace and analysts say the apartment market is fueled by employment growth and a strong economy.

Overall, the report found the rental housing market is keeping up with population growth and meeting demand. For the third year in a row, vacancy rates for rental units are at 3.9%.

Contributing: Jasen Lee, Deseret News