March 9, 2022 (Salt Lake City) – Salt Lake County’s housing shortage and high home prices have led to the “tightest” apartment market in the county’s history, according to research released today by the Kem C. Gardner Policy Institute. In 2021, the vacancy rate dropped below 2%, and rental rates increased by double-digits.
“2021 was truly an unprecedented year for Salt Lake County’s apartment market,” said James Wood, Ivory-Boyer Senior Fellow at the Gardner Institute and lead author of the study. “Builders and developers have responded to the imbalance of rental units and renters with a record number of developments under construction and proposed, with growth projected to stay strong in the coming years.”
Permits Issued for Apartment Units in Salt Lake County, 2000-2021
Key highlights from the study include the following:
Unprecedented apartment boom – From 2000 to 2010, the number of permits issued for apartment units in Salt Lake County totaled 11,600 units, an average of ab