The overall apartment vacancy rate in Salt Lake County at mid-year was 5.2 percent, a modest decline from one year ago when the rate was 5.7 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 increased demand for rental units due to a rising number of households unable to qualifty for home ownership. All types of apartment units experienced increases in average rental rates. The combined average monthly rental rate for all types of units is $754, an increase of 4.7 percent from the average rate of $720 in 2010. Rental rates, on a square foot basis, have increased from $.85 in 2010 to $.88 in 2011, a 3.5 percent increase.
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