Thousands of new apartments are going up all across Salt Lake County, but demand remains at historic levels and that means the rents keep rising.
After nearly 12,500 apartments were built in the past four years, there are now 6,650 units under construction in Utah’s most populous county, with more than half of those in Salt Lake City. Another 66 projects are proposed countywide that, if approved, would involve another 9,700 dwellings.
Yet the combined trends of new residents moving to Utah, continued expansion of the state’s job markets and low unemployment have led to the tightest sustained market conditions for rental apartments in Salt Lake County’s history, said Kip Paul, vice chairman of investment sales with Cushman & Wakefield in Salt Lake City.