Houses vs. apartments — they’re both on the rise in Utah
Housing » Can both prosper in a rebounding economy?
By TONY SEMERAD |
The Salt Lake Tribune
Apartment developers already are bringing a record number of new dwellings to market in and around Salt Lake City in a kind of boom in multifamily units, particularly downtown.
They’ve been spurred by falling vacancy rates for apartments, which, according to the U.S. Census Bureau, closed 2013 at around 6.7 percent statewide, down from 8.3 percent just five years ago. Local analysts say the number has dipped as low as 5 percent in recent months.
At least 3,274 apartments are under construction across Salt Lake County and another 5,674 have been proposed for this year, according to EquiMark, which tracks Utah’s multifamily-housing markets. In downtown Salt Lake City alone, one analyst said, nearly twice as many apartments are proposed or being built now as were constructed in the prior decade.