BUSINESS + ECONOMY

Apartment vacancy rates in Salt Lake area at all-time low

Sep 13, 2017, 6:45 AM | Updated: 7:25 am
Spenser Heaps, Deseret News...
Spenser Heaps, Deseret News

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.

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team. here.

Today’s Top Stories

Business + Economy

a mock-up of a bus that will be included in the new ogden bus system...
Alexandrea Bonilla

New electric bus system coming to Ogden

UTA PR Specialist James Larson said the new all-electric bus system combines the speed and efficiency of a TRAX system with the capacity of a city bus.
20 hours ago
a businessman is pictured looking at something, men in the workforce...
Chris Jacobs

Men without college degrees leaving the workforce, according to new study

The study claims social status is likely a driving factor in men without degrees leaving the workforce because pay often indicates social status.
20 hours ago
Thousands of previously banned Twitter users have begun to have their accounts restored to the plat...
Clare Duffy, CNN Business

The mass unbanning of suspended Twitter users is underway

Twitter accounts that had previously been banned are beginning to be restored to the platform, according to a independent analysis.
20 hours ago
holiday deals...
Matt Egan, CNN

Shoppers are dipping into savings and going into debt. That could cause a holiday hangover

The problem, however, is that many Americans' paychecks are not keeping up with stubborn inflation.
20 hours ago
county library...
Elizabeth Weiler

Members of the council explain the Salt Lake County library tax

SALT LAKE CITY — The Salt Lake County Council is approving a budget that includes a property tax increase for the Salt Lake County library system.  The Salt Lake County Library is funded through property taxes paid by Salt Lake County residents. Over 60% of people have library cards according to Salt Lake County government.  […]
2 days ago
a man is pictured playing call of duty...
The Associated Press

FTC sues to block Microsoft-Activision Blizzard $69B merger

The FTC’s complaint points to Microsoft’s previous game acquisitions where Microsoft made some game titles exclusive despite assuring it wouldn't.
2 days ago

Sponsored Articles

Spicy Homemade Loaded Taters Tots...
Macey's

5 game day snacks for the whole family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...
Sorenson

The best tools for Deaf and hard-of-hearing workplace success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Team supporters celebrating at a tailgate party...
Macey's

8 Delicious Tailgate Foods That Require Zero Prep Work

In a hurry? These 8 tailgate foods take zero prep work, so you can fuel up and get back to what matters most: getting hyped for your favorite
christmas decorations candles in glass jars with fir on a old wooden table...
Western Nut Company

12 Mason Jar Gift Ideas for the 12 Days of Christmas [with recipes!]

There are so many clever mason jar gift ideas to give something thoughtful to your neighbors or friends. Read our 12 ideas to make your own!
wide shot of Bear Lake with a person on a stand up paddle board...

Pack your bags! Extended stays at Bear Lake await you

Work from here! Read our tips to prepare for your extended stay, whether at Bear Lake or somewhere else nearby.
young boy with hearing aid...
Sorenson

Accommodations for students who are deaf and hard of hearing

These different types of accommodations for students who are deaf and hard of hearing can help them succeed in school.
Apartment vacancy rates in Salt Lake area at all-time low