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Rising Rent Prices Prove Hopeful for Utah Economy

Hendricks and Partners released their second quarter Utah Apartment News Report, which shows promising trends for the beehive state's economy.

Rent prices are bouncing back, the report stated, "If you are a tenant looking for an apartment, you may have already missed some of the lowest rents."

The report compared rates and trends from the second quarter of 2009 with second quarter of 2010. This years second quarter rent rates are between $750 and $800, after taking a dip below $750 during second quarter of 2009.

The report stated to expect gradually improving conditions as lost jobs are being replaced throughout the state.

According to the report, Utah job growth is back in the positive since July 2009, with a one percent increase, accounting for approximately 12,200 jobs being added to the state economy.

Compared to the national unemployment rate of 9.5 percent, Utah's unemployment rate is currently at 7.2 percent.

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