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Cushman & Wakefield | Commerce has released its annual apartment market report, which shows that the apartment vacancy rate is at its lowest in13 years. The study was conducted and authored by James Wood, the Director of the Bureau of Economic and Business Research at the University of Utah.
“The Apartment Market in Salt Lake County can best be described as phenomenally strong and solid,” said Kip Paul, executive director of investment sales for Cushman & Wakefield | Commerce.
Rental rates have increased by nearly 2.0 percent over the past year. The combined average rental rate for all types of units is $865. The average rental rate for a two bedroom, two bath unit is $983.
The highlights of this year’s study include:
The forecast for the upcoming year includes: