Katie McKellar with the Deseret News outlines the market conditions driving rent increases in Utah:
From 2000 to 2018, average rent in Salt Lake County was more than twice the rate of inflation. For example: In 2000, the average rent for an apartment was $647. If rent increased at the same rate as inflation, the average rent for an apartment in Salt Lake County would be approximately $850 in 2018, nearly $300 cheaper than the actual 2018 average, according the policy institute’s June 2019 report.
Meanwhile, vacancy rates stay low. In Salt Lake County, vacancy rates have gone from nearly 9% in 2009 and are lingering around 4.5%, according to a 2020 multifamily market report by CBRE. Vacancy rates are similar in Utah and Weber counties, and even lower in Davis County, at about 3.5%.
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