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

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.