2009 Greater Salt Lake Area Apartment Market Report

The apartment vacancy rate in Salt Lake County at mid-year 2009 was 7.2 percent, a significant increase over the 4.6 percent rate reported at mid-year 2008. The recession and job losses have made for a very difficult rental market. Employment in Salt Lake County is down over 20,000 jobs in the past year. Managers report that job losses have been the principal cause of higher vacancy rates. Salt Lake County has 98,000 renter households. If 4,000 of these households lose their jobs - not unlikely given the level of job loss - and move back with family or friends, the vacancy rate rises by 4 percent…..

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