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Rents are up in Salt Lake City

Rents are up in Salt Lake City

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SALT LAKE CITY (AP) -- Rents are up in Salt Lake City from this time last year, and it's a trend found in most cities in the West.

That's according to the research firm RealFacts. It says apartment rents climbed by at least four percent from last year in 13 of the 20 major Western markets. As of March 31, the average rent in Salt Lake City was $731. That's 7.2 percent higher than last year at this time.

A robust job growth and a slump in home sales are being blamed for the rising prices. Foreclosures have also been rising, prompting lenders to tighten their lending standards.

Experts say with more people leasing instead of buying, apartment landlords have been able to raise rent more easily.

(Copyright 2007 by The Associated Press. All Rights Reserved.)

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