Rental rates rise in sluggish housing market

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OGDEN, Utah (AP) -- A new report shows the sluggish housing market is driving up the rate of rental properties in northern Utah.

The report from Commerce CRG's Northern Utah office shows the cost of an average Weber County apartment rose 12.7 percent in the last six months of 2007 to $685. In Davis County rents rose 4.5 percent to $714.

At the same time, apartment availability is at an all-time low. According to the report, the vacancy rate is less than 2 percent in both counties.

Commercial property rental rates are also rose. In Davis County, commercial space is leasing for about $14.87 per square foot, per year, up 15 cents from 2006. In Weber County lease rates are $14.55 and increase of $1.37 per square foot.