Wednesday, February 10, 2016

Rental Blues

97 percent of all rental housing is leased out.

Posted By on February 10, 2016, 4:00 AM

The current vacancy rate for apartments in Salt Lake City is at a low 3 percent, according to the Utah Apartment Association, meaning that 97 percent of all rental housing is leased out. And it's probably even worse if you have a dog or cat.

For those of you that are looking to rent, but haven't had much luck lately, here's a rundown of apartment buildings in Salt Lake City currently under construction or in the planning phases:

• 165 units on 200 East between 100 and 200 South, by Cowboy Partners developers.

• 277 units on 100 South between 500 and 600 West (called Alta Gateway), by Hunter Group developers.

• High-end apartments on the former Carriage for Hire site at 400 West between 200 and 300 South—adjacent to the light rail station.

• 165 units on 400 West between 400 and 300 South, by Garbett Homes.

• About 200 units planned on the former Sizzler property at 400 East and 400 South.

• 110 units on 600 West just south of the North Temple Viaduct, by Kier Construction.

• 158 units at 260 S. 500 East.

• Salt Lake County announced the sale of its property at 600 S. State to Wasatch Development, which plans for a mixed development of homes and offices/retail.

That adds up to 1,800 units under construction in or near the downtown core, which adds to the 2,000 or so which have been completed in the past three years. If you head a little farther south from downtown, there are more plans:

• The Ritz Classic bowling lanes formerly at 2265 S. State are now forever closed. The 4.11-acre piece of land is scheduled to have 289 units built there in the next year or two.

• The Habits bar/property has been sold to the same buyer who built Lotus Residential on South Temple. He purchased the bar at 832 E. 3900 South and another piece of property at 3723 S. 900 East, and is planning about 60-70 townhomes similar to ones he built on the corner of 1700 South and 900 East.

The Salt Lake Tribune called me recently to ask if I knew of any new condo projects going up in Salt Lake City. Well, there aren't really any to talk about, except the Paragon Station on 300 West and 200 South that is in the construction stage right now. Lenders have been very tight on their monies for condo developers but much looser on funds for apartment projects. If you were thinking of buying, lack of inventory is almost as bad as it is with rentals. The average price of a home in Salt Lake County in 2015 was $248,000; Utah County $222,000; Davis County $229,000 and Weber County $170,000.

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