A look at rising rents amid an explosion of new apartments in Salt Lake County.
Sorry, shoppers, but no. Tenants still will be paying at least 10% more a year for a while. There will be plenty of high-end units, but low-income earners will face “a housing crisis every day.”| March 9, 2022, 8:58 p.m.The latest snapshot of Salt Lake County’s apartment market might look attractive to developers and real estate investors, yet for average renters, it might be more dire than ever.
One in 3 Utahns rent, and exploding prices on houses for sale give them little choice, Wood noted. With sky-high construction costs, rising interest rates and other economic trends, “we’re worried about affordability.” While a traditional supply and demand analysis suggests new apartment construction eventually would slow rising rents, Lofgren said, “just the opposite is happening.”
A decade ago, the investment broker said, $500 million in investment sales of apartment complexes in Salt Lake County was considered a breathtaking one-year record.That, in turn, is having a pronounced effect on existing and less-expensive rental housing, sometimes referred to by policy experts as “naturally occurring” affordable housing.
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