SALT LAKE COUNTY, Utah (ABC4) – The demand for rental properties in Salt Lake County is at the highest experts say they’ve ever seen, making finding a place even more competitive and expensive.
A new study from the Kem c. Garner institute at the University of Utah showed apartments in Salt Lake County at only a two percent vacancy.
They say this demand is a result from the housing crisis.
“A housing shortage and high home prices have led to what our author in our report calls the tightest apartment shortage in our recent history,” Natalie Gochnour director of the Kem C. Gardner Policy Institute says.
And potential renters are feeling the effects.
“I’ve applied at like five different places in the past month and a half, two months, and I’ve been denied for all five,” Brytanny Lawson says.
Lawson, a single mother of two kids, says she’s been looking for a two-bedroom apartment in Salt Lake City for a year and half.
She says finding a place within her price range, amidst this rent increase, is extremely difficult.
“At this point, I’m just- I’d rather get in anywhere, just to get an apartment,” Lawson said.
The study does show some hope.
It says by 2024 there’s a 5.7 percent rental vacancy expected, lessening demand.
But since the increase is coming from new apartments being built, experts say pricing won’t go down.
“We’re gonna see a lot more high-end housing, which I think is going to change our market for sure,” Mark Jensen, executive vice president of Colliers International, says.
Lawson hopes more landlords will see the person behind the application.
“Just more people willing to work with people in my situation, where I have kids, where I have responsibilities and I have to find a place,” Lawson says.