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2011 Greater Salt Lake Area Apartment Market Report

The overall apartment vacancy rate in Salt Lake County at mid-year was 5.2 percent, a modest decline from one year ago when the rate was 5.7 percent. Vacancy rates for all types of units have declined over the past year with the exception of studio units. The improvement in vacancy rates is a result of increased demand for rental units due to a rising number of households unable to qualifty for home ownership. All types of apartment units experienced increases in average rental rates. The combined average monthly rental rate for all types of units is $754, an increase of 4.7 percent from the average rate of $720 in 2010. Rental rates, on a square foot basis, have increased from $.85 in 2010 to $.88 in 2011, a 3.5 percent increase.

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2010 Greater Salt Lake Area Apartment Market Report

The overall apartment vacancy rate in Salt Lake County at mid-year 2010 was 5.7 percent, a modest decline from one year ago when the rate was 7.2 percent. Vacancy rates for all types of units have declined over the past year with the exception of studio units. The improvement in vacancy rates is a result of continued reductions in rental rates as apartment owners struggle to keep and attract tenants. All types of apartment units experienced decreases in average rental rates. (All rental rates reported reflect the rent discounts currently offered by the apartment communities surveyed.) The combined average monthly rental rate for all types of units is $720, a decline of 2.7 percent from the average rate of $740 in 2009. Rental rates, on a square foot basis, have dropped from $.87 in 2009 to $.85 in 2010, a 2.3 percent decline.

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2009 Greater Salt Lake Area Apartment Market Report

The apartment vacancy rate in Salt Lake County at mid-year 2009 was 7.2 percent, a significant increase over the 4.6 percent rate reported at mid-year 2008. The recession and job losses have made for a very difficult rental market. Employment in Salt Lake County is down over 20,000 jobs in the past year. Managers report that job losses have been the principal cause of higher vacancy rates. Salt Lake County has 98,000 renter households. If 4,000 of these households lose their jobs - not unlikely given the level of job loss - and move back with family or friends, the vacancy rate rises by four percent. 

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