Vacancy Rates Hit 6 Year Low

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Vacancy rates for apartments have fallen to a six year low of 4.7% in the greater Salt Lake area while rent growth has accelerated to a annually adjusted 3.9% according to the mid-year report from EquiMark multifamily investment services. The report is based on data provided by 60,000 rental units in the area.
According to the report, "the economic fundamentals in the Salt Lake Rental market continue to favor apartment owners. Strong job growth, increasing population, low unemployment and escalating single family housing prices have all teamed to create sustainable rent growth and the lowest vacancy rate (4.7%) since 2007."

Utah's employment outlook
Utah holds the top spot for states with the best economic outlook in 2013, according to a new report released by the American Legislative Exchange Council.
“Utah’s economic policies have remained strong, and because of their firm commitment to economic growth and competitiveness, they’ve ranked first in all six editions of our report,” said Jonathan Williams, director of the American Legislative Exchange Council’s Center for State Fiscal Reform and co-author of Rich States, Poor States:

New construction
With a record amount of new units in the construction supply pipeline there is a fear of oversupply in the short term apartment market. 1,573 units have been delivered to the market in the first half of 2013. 2,371 units are currently under construction, and 6,354 additional units are proposed to start construction in the next 12 months. On average, approximately 1,300 new units per year have been absorbed during the last 10 years in Salt Lake County.

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