The apartment vacancy rate in Salt Lake County rose to 6.8 percent in the third quarter, up from 4.3 percent compared to the same quarter one year ago, according to the CB Richard Ellis Apartment Report. 
“Over the past year the apartment vacancy rate has substantially increased, but it appears to be stabilizing going into the fourth quarter,” said Seth Rossow, multi-family investment specialist at CB Richard Ellis. “In 2010, the vacancy rate will again rise as new apartment buildings come on-line.”

Currently, there are 13 apartment projects with a combined 3,103 units under construction in Salt Lake County. In the past 12 months eight apartment communities having a combined total of 1,713 units have been completed. Compared to the previous 10 years, an average of 600 apartment units have been completed annually in Salt Lake County.

The average apartment rental rate (in communities with more than 100 units) in Salt Lake County was $794 in the third quarter, down 3.2 percent compared to $820 in the same quarter a year ago. The highest rent on the average two-bedroom unit was found in the northeast submarket at $932 per month, the lowest average two-bedroom rent was found in the northwest submarket at $765 per month.

The CB Richard Ellis Apartment Report tracked 131 apartment communities encompassing 29,679 units.