Apartment vacancy rate falls in Salt Lake City for second quarter

The apartment vacancy rate for the greater Salt Lake area for the three months ended June 30 fell to 5.3 percent, down from 6.5 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 Colorado Springs, Colo., which reported a 10.3 percent vacancy rate. Denver ended the second quarter at 6.9 percent.

The report noted that the Salt Lake area saw apartment absorption totaling nearly 3,800 units over the past 12 months, with apartment completions totaling 800 units.

Average rents for all apartment types in the Salt Lake area in the 12 months ended June 30 climbed to $669, up 2.9 percent from $650 compared to the same 12-month period a year earlier.