Apartment vacancy rate falls in area as house prices rise

The apartment vacancy rate for the greater Salt Lake area for the three months ended March 31, fell to 5.7 percent, down from 6.8 percent in the same quarter in 2005, according to a report by Hendricks & Partners.

Salt Lake's apartment vacancy rate was lower than that of Boise, which reported a 6.2 percent vacancy rate.

Colorado Springs, Colo., ended the first quarter at 10.6 percent. Denver was at 7.4 percent.

The report noted that Salt Lake's rapid house-price appreciation is benefitting local apartment properties, reducing vacancy rates and increasing rent growth.

Average rents for all apartment types in the Salt Lake area in the 12 months ended March 31 climbed to $657, up 1.8 percent from $646 compared to the same 12-month period a year earlier.