Apartment rental rates rise in SLC, report says
Apartments and houses in the community originally developed by the Walt Disney Co. jumped more than 18 percent during the past 12 months an increase six times greater than that of the Orlando metropolitan area overall, according to an August report released Monday by Zillow. The company tracks rental rates and home values throughout the country. The Celebration rental market may have gotten a price boost by the opening of new apartment complexes, Jodi Meyers, office manager for Century 21 in Celebration. “A lot of people want to move in here, and they rent before they buy just to see how they like it,” said Meyers, who has rented in Celebration for about 10 years.
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But what happens when that so-called landlord takes off with your money? The market remains very tight despite the development of new units, said Kip Paul, executive director of investment sales for Cushman & Wakefield Commerce. Vacancy rates for studio, one- and two-bedroom one-bath units declined over the past year while vacancy rates for two-bedroom, two-bath and three-bedroom units increased slightly, he added. The report showed that all types of apartment units experienced increases in average rental rates. The Salt Lake City apartment market is growing stronger each year and vacancy rates continue to remain low year over year, Paul said. Market conditions for property owners will continue to be favorable over the next year, although vacancy rates may see a slight rise due to the completion of several new apartment communities over the year. Vacancy rates will remain below 5 percent, Paul predicted, while a slight uptick will likely occur with the completion and lease-up of several new apartment communities.
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