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

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  • JimbobMcSir Salt Lake City, UT
    Sept. 20, 2017 2:31 p.m.

    This article has so many false statistics. Most new developments in Salt Lake City are above $1.80 per square foot. One of the properties you have a picture of for this article charges $2.05 per square foot. For a 1 bedroom apartment.

    A 600 square foot apartment will run you $1200 dollars and a 1000 square foot 2bed 2 bath will run you at least $1900.

    Not to mention rent rates are driven up by mandatory media packages.

    I appreciate the purpose of the article but these stats paint a very inaccurate picture of what's going on in the city.

  • Nunn24 Salt Lake City, UT
    Sept. 14, 2017 12:38 a.m.

    @at long last. . .

    "The onus is on YOU and not the employer."

    How uncanny. And how convenient. Of course it could not possibly be the employer's or landlord's fault. Nor the upper hand they enjoy. After all, the principles of "Free Market" and "Capitalism" are licenses for unchecked, boundless Greed.

  • MacD slc, UT
    Sept. 13, 2017 5:43 p.m.

    I am a Landlord in Salt Lake City.
    I sacrificed and saved for the money to buy a 100 year old
    fixer upper in Salt Lake City. No body wanted it . It was an eyesore.
    Then I busted my rear end fixing it up and spending $50,000 more dollars putting in a new roof, Kitchen, bathroom, electrical system, plumbing,
    and flooring. Why shouldn't I be allowed to rent it for what the market
    allows ?
    Stay in school, get a two year degree from SL Community College and then
    go two more years if you can, at one of the great schools you have in Utah and get your bachelors degree. Then live within your means and save every dollar you can so that when you find a good deal on a house in your price range you can buy it with the down payment you now have saved.
    You should work hard to position yourself to make payments on your own mortgage rather than someone else's mortgage.

  • at long last. . . Kirksville , MO
    Sept. 13, 2017 2:49 p.m.

    Gildas - I am sure there are some greedy landlords, but there is another side to the story. Observing a million dollar house down the block, being rented by folks who just moved out, it is going to cost the owner at least $10,000 to return the property to its' previous condition, possibly it will cost as much as $25,000 because I only see what the condition is from the street. You can throw in another $5,000 to restore the messed up landscaping. Additionally the renters left enough trash in the house to fill a open top dumpster to overflowing.

    Although there are surely greedy individuals in the rental business, there is also much risk involved. My guess is the owner of this house will not rent it again, but put it on the market for sale. Once bitten, twice shy.

  • at long last. . . Kirksville , MO
    Sept. 13, 2017 2:33 p.m.

    Real Maverick - If you don't like what companies are paying, then don't work for them. Go elsewhere. This is not the USSR where you were assigned work, you have freedom to work for whomever you choose (assuming they want you) and can move anywhere in the country without limitations.

    There is no reward to you for complaining, so get on with your life. If you want more money from a job, then make an employer value you enough to pay what you want. The onus is on YOU and not the employer.

  • The Real Maverick Spanish Fork, UT
    Sept. 13, 2017 12:56 p.m.

    Maybe Utah companies, with all of the handouts they get taxpayers, should slap some skin into the system and actually pay their workers? It's unfair that we the taxpayers pay to bring theee companies here then they don't pay us.

  • Pssst LOGAN, UT
    Sept. 13, 2017 10:57 a.m.

    The law of supply and demand is a reality but is the law of the jungle.

    Never-the-less there is nothing to stop those in the renting business from offering homes that will allow them a modest profit and a good price for the renter. We are living in the jungle it seems and there are few if any civilized people in this business.

  • cjb Bountiful, UT
    Sept. 13, 2017 10:02 a.m.

    Re Egyptian Origins

    You mention a wage of $7.50 / hr.

    If you get some secondary education you should be able to easily almost double that.

    Check out Nurse practitioner, x-ray tech, plumber, electrician, construction / construction management l, (automotive technician, in general or at tunex). .. etc, etc.

  • at long last. . . Kirksville , MO
    Sept. 13, 2017 9:24 a.m.

    Despite the attempt by Biskupski to figuratively 'hold back the tides' on the affordable housing issue, the law of supply and demand seems to be functioning. Perhaps we could persuade her to move to Manila, Utah, become mayor, and then work on more affordable housing there?

  • imsmarterthanyou Salt Lake City, UT
    Sept. 13, 2017 8:50 a.m.

    Apartment vacancy may be at an all time low but rent prices are at an all time high making it no worth it to rent. I have rented for years but I'm buying an overpriced house just because of the absurd rents around here.

    Sept. 13, 2017 8:48 a.m.

    @Egyptian Origins

    But you're ignoring all we already do for the working poor. A hypothetical family of 4 with a single minimum wage would get over $1,100/month from SNAP and the EITC alone. Also, you're comparing *minimum* wage earnings to *median* rents, which paints a much darker picture than what a low income family faces.

    I'm not saying it's easy to be poor in the States, and that we don't have more to do to help those in need, but you're overstating the problem.

  • SG in SLC Salt Lake City, UT
    Sept. 13, 2017 8:40 a.m.

    To do an "apples-to-apples" comparison of housing affordability in different metropolitan areas, you really need to look at average salaries & wages, standard deviation from average salaries & wages (or some other relevant variance measure), the ACCRA cost of living index for the different metropolitan areas (or something similar), and relative housing price levels and trends. It would be a fairly complex analysis, but should yield a meaningful comparison of housing affordability.

    I'm not currently aware of the existence of any such analysis, but that doesn't mean there isn't one out there...

  • Thomas Thompson Salt Lake City, UT
    Sept. 13, 2017 8:21 a.m.

    The low vacancy rate suggests that all the new construction of apartment houses going in downtown is a very good thing indeed.

  • Gildas LOGAN, UT
    Sept. 13, 2017 8:13 a.m.

    Too many greedy landlords. People smart to look elsewhere for an apartment or to get into an affordable home of their own.

  • liberal larry Salt Lake City, UT
    Sept. 13, 2017 7:41 a.m.

    Salt Lake City is a little like Seattle and San Francisco, because it is starting to be driven by high education level jobs, and there are geological constraints on growth.

    In the Liberty Park area I used to rent to waitresses, students, now it's engineers, and higher skill workers.

    We will go through more periods of high vacancy, but the trend looks like higher, and less affordable rents!

  • Egyptian origins Salt Lake City, UT
    Sept. 13, 2017 7:02 a.m.

    Come on! Don't let them fool us into thinking that its a great time to rent. Do the math. An average of $1000/month for rent for a single person is still too much to survive with. With an income of $7.50/hour full time job of 40 hours is $300/week; $1200/month. That only leaves $200/month for utilities, food, transportation, communication (both phone and internet), clothing, hygiene, etc., not to mention the taxes that are taken out. Then you see that there is no way for especially a family to survive. Our economic system is crushing our society, forcing adults to move in with their parents, forcing wives to abandon their young children to also work, forcing people to take on multiple jobs, forcing people to rent from apartment tenants, etc. Don't be fooled, there is an economic crisis and all our government does about it is go deeper into debt, just like society has to do, and raise our taxes.

  • chickenlittle Salem, UT
    Sept. 13, 2017 6:06 a.m.

    You need a credit check, first and last month deposit and cleaning deposit. It's easier to save that money and make a mortgage payment. So the monthly payments go into something you own rather then out the window. And wages are much lower here in Utah.

  • Millenial Snow Sandy, UT
    Sept. 13, 2017 1:19 a.m.

    Utah is becoming a big city. Apartments downtown at all sized and for varied incomes is a great idea to take the pressure off of the housing market.

    Not everyone wants a house in the suburbs.

    Sept. 12, 2017 11:49 p.m.

    "As much as our rents have increased here in the past seven or eight years, we are still relatively very affordable when you compare us to surrounding cities (like San Francisco, Denver or Seattle)," he said.

    It is quite comical that San Francisco and Seattle are chosen as surrounding cities, with some of the most expensive real estate west of the Mississippi.

    A better measure would be an average rent vs. average income ratio for SLC and "surrounding cities". I would be surprised if SLC still comes out as "very affordable".

  • birder Salt Lake City, UT
    Sept. 12, 2017 9:17 p.m.

    Salt Lake County may have cheaper rent than San Francisco and Seattle, but our wages here are lower. Teachers, cops, and others making lower wages are forced out of the housing market in much of Salt Lake County.