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Study: Rents in Salt Lake expected to rise in 2007
May 7, 2007

Landlords in Salt Lake City are expected to raise rents between 2 and 3 percent in 2007, says a report issued by Marcus & Millichap, a real estate investment brokerage based in California. The report forecasts that in 2007 asking rents will increase 2.4 percent in Salt Lake and effective rents, the rent actually paid after factoring in free rent and other incentives, will increase 2.7 percent. In Salt Lake, renters are expected to pay an asking rent of $683 in 2007, up $16 from 2006.

“Salt Lake City is one of the more stable apartment markets in the Western United States. … Investors in search of lower-risk, revenue-generating investments are expected to continue to channel capital into Salt Lake City,” the report said.

Nationally, rents are expected to increase about 5 percent, reflecting a growing demand for apartments as foreclosures rise and people struggle to afford homes. The Marcus & Millichap report forecasts that at the end of 2007, the average rent in the U.S. will have increased by 14 percent since the end of 2004. The national rent payment in 2007 is expected to be $943, or 60 percent of the median mortgage payment of $1,566.

The complete 2007 National Apartment Report is available on the Marcus & Millichap Web site.

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