A look at rising rents amid an explosion of new apartments in Salt Lake County.
Tenants still will be paying at least 10% more a year for a while. There will be plenty of high-end units, but low-income earners will keep struggling.| March 9, 2022, 8:58 p.m.The latest snapshot of Salt Lake County’s apartment market might look attractive to developers and real estate investors, yet for average renters, it might be more dire than ever.
One in 3 Utahns rent, and exploding prices on houses for sale give them little choice, Wood noted. With sky-high construction costs, rising interest rates and other economic trends, “we’re worried about affordability.” While a traditional supply and demand analysis suggests new apartment construction eventually would slow rising rents, Lofgren said, “just the opposite is happening.”
A decade ago, the investment broker said, $500 million in investment sales of apartment complexes in Salt Lake County was considered a breathtaking one-year record.That, in turn, is having a pronounced effect on existing and less-expensive rental housing, sometimes referred to by policy experts as “naturally occurring” affordable housing.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Abducted Illinois woman rescued by deputies in Lake County barnA 41-year-old woman who was abducted by her ex-partner was rescued by Lake County Sheriff's deputies early Friday morning in a barn in Unincorporated Mundelein.
Read more »
New bill seeks to restore federal SALT deductions capped under 2017 tax actBlue-state Democrats have been fighting since 2017 to repeal a key provision of President Trump’s tax plan that penalized high-cost California filers.
Read more »
Porter-backed bill seeks to restore SALT deductions capped under 2017 tax actRep. Katie Porter, D-Irvine, co-sponsored the latest effort to roll back a provision of the Trump tax plan.
Read more »
How a Salt Lake City nonprofit gathered $7M in medical supplies for Ukraine in just 2 daysUtah resident Shaimaa Alwassiti knows what it’s like to live in a war zone. So when she saw the news about Russia invading Ukraine, she felt compelled to act.
Read more »
Lake County health officials mark 2-year ‘annimisery’ of COVID-19, the lives lost and heroism of medical personnel“This is not something to be celebrated,” Lake County Department Director Mark Pfister said. “COVID-19 has caused much misery the last two years. The No. 1 issue are the deaths. There was misery for health care and other workers who endured many changes.”
Read more »