The Utah Apartment Association tells us that the vacancy rate for apartments in Salt Lake City right now is 3%. That means that 97% of all rental housing is leased out. That blows if youâ€™re looking for a place to hang your hat, and itâ€™s probably even worse if you have a cat. Most landlords do not like animals as renters which seems odd to me since most people have a cat or dog, right?
Hereâ€™s a rundown of apartment buildings in Salt Lake City currently under construction or in the planning phases as of March, 2016:
-165 units on 200 East between 100 & 200 South/Cowboy Partners developers
-277 units on 100 South between 500 & 600 West called â€˜Alta Gatewayâ€™/Hunter Group developers
-the former â€˜Carriage for Hireâ€™ site at 400 West between 200 & 300 South-high end apartments adjacent to the Light Rail station there
-165 Units on 400 West between 400 & 300 South/Garbett Homes
-about 200 units planned for the former Sizzler Steakhouse property at 400 East and 400 South
-110 units on 600 West just south of the North Temple Viaduct/Kier Construction
-158 Units at 260 So. 500 East
-Salt Lake County announced the sale of its property at 600 So. State to Wasatch Development, which plans for a mixed use development of homes and offices/retail
The numbers add up to @ 1800 units under construction in or near the downtown core, which adds to the 2000 or so which have been completed in the past three years here. If you head out a little further south from downtown thereâ€™s more plans:
-The Ritz Classic bowling lanes are now closed forever. The 4.11 acres is scheduled to have 289 units built there in the next 1-2 years
-The â€˜Habitsâ€™ bar/property has been sold to the same buyer who built the Lotus apartments on South Temple. He purchased the bar at 832 E. 3900 South and another piece of property at 3723 So. 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 us recently to ask about all the new condo projects going up in Salt Lake that we knew about. Well, thereâ€™s arenâ€™t really any to talk about except the Paragon Station on 300 West and 200 South that is in construction stages 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; David County $229,000 and Weber County $170,000.