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.
Read the entire report: Download The 2010 Salt Lake City Apartment Market Report