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Vacancy Rates Up; Rent Prices Down

Vacancy Rates Up; Rent Prices Down

Posted - Jul. 8, 2003 at 8:09 a.m.



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(Salt Lake City-AP) -- Vacancy rates in Utah apartment buildings are way up. It's good news for renters because some landlords are lowering their prices and offering incentives to fill those empty units.

During the first six months of this year, the vacancy rate in Salt Lake area rental units rose to nine-point-five percent.

That's up from nine-point-three percent the same time a year ago.

But some analysts think the tide may be turning. At one point last year, vacancies were up to ten-point-nine percent, the highest level since 1988.

The average monthly rent for the first half of the year has fallen as well -- down 16 dollars to 633 dollars per month. That's a drop of nearly four percent from the same time last year.

(Copyright 2003 by The Associated Press. All Rights Reserved.)

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