Apartment vacancy rates fall in S.L. area

The apartment vacancy rate for the greater Salt Lake area fell to its lowest point in more than five years during the third quarter of 2006, according to a report by Hendricks & Partners.

For the three months ended Sept. 30, the vacancy rate was 3.2 percent, down from 5.8 percent during the same quarter in 2005.

Salt Lake's apartment vacancy rate was lower than that of Boise at 3.7 percent, Denver at 6.7 percent and Colorado Springs, Colo., which reported an 11.3 percent vacancy rate.

The report noted that the Salt Lake area saw apartment absorption totaling 3,874 units in the third quarter, the highest quarterly figure in at least 10 years.

New apartments built in the quarter totaled 412 units, up from 172 units during the same quarter a year earlier.

Average rents for all apartment types in the Salt Lake area in the 12 months ended Sept. 30 climbed to $682, up 4.3 percent from $654 during the same 12-month period a year earlier.