Salt Lake City’s rental market is less competitive than it was last year, but prospective tenants still face a bigger challenge finding an apartment than in other Western cities.
A RentCafe study looked atdata for 137 markets based on occupancy rates, the number of renters applying for an available unit, vacancy dates, the percentage of renewed leases and the share of new apartments. It used those metrics to calculate a Rental Competitivity Index.
Thousands more units are coming available in the next few years as construction wraps up on new complexes. That will lead to a more renter-friendly market, Ressler said.Salt Lake City’s competitive score decreased from 75 to 64 based on changes in the metrics RentCafe examined. Ressler pointed to occupancy rates as a key metric and said it shows how developers are compensating for a growing population by building more apartments.
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