SALT LAKE CITY (ABC4) – A new high-rise apartment building is being built in downtown Salt Lake City creating new questions about the cost of rent in the Utah housing market.

These renderings show the plan for the new 42 story luxury apartment building that just broke ground this week downtown.

Some Utah housing experts say the luxury apartments could pose an issue for Utah’s already tight housing market, inspiring other landlords to drive up rent prices to keep up with current costs.

Others argue the apartments meet the growing demand for high-end housing in Salt Lake City, it’s the latest development in what’s been an expensive year to find and afford a home.

Joining Good Morning Utah to share what to expect for Utah’s housing market for 2022 is Ryan Kirkham with Summit Sotheby’s and Utah realestate.com.

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