Apartment vacancy rates in Salt Lake area at all-time low
SALT LAKE CITY, Utah — For the eighth straight year, vacancy rates for rental apartments in the Salt Lake metro area have declined — down to the lowest rates ever.
But the rising cost of apartment rents may squeeze affordability for many average local households.
The vacancy rate is just 2.6 percent. It’s the lowest ever reported by researchers. That basically means apartments in the greater salt lake area are considered fully occupied.
It’s fueling a record-breaking level of construction of new apartment buildings, and it is driving rent higher. Rents have jumped 6.5 percent since 2016 after years of 3 to 5 percent growth in prior years.
All of this is squeezing people and families looking for an affordable place to live.
Read more in the Deseret News here.
Today’s Top Stories
- 8-year-old girl in critical condition after getting injured at Kaysville parade
- Police have arrested a ‘person of interest’ after a mass shooting at July 4th…
- July 4 parade shooting leaves 6 dead, 30 hurt; man detained
- Highland Drive closed in Holladay after fatal crash involving Coke truck
- Fire officials say aerial firework caused brush fire in Saratoga Springs
- UPDATE: Shooting on TRAX platform leaves one dead, one injured
- Deuel Creek Fire starts in Centerville overnight, evacuation order lifted
- Early morning crash on I-15 kills motorcyclist
- Former BYU professor charged with 5 more counts of forcible sexual abuse
- ‘Jingle Bells’ was originally written as a Thanksgiving song