8/12/2023 0 Comments Flux apartments rent price![]() ![]() ![]() And in Salt Lake City, where Akerlow says about 50 percent of the city's residents are renters, this means that a good number can't afford where they're living. Once housing costs exceed 30 percent of one's income, this housing is considered unaffordable. According to Mike Akerlow, director of the city's Housing and Neighborhood Development Division, more than 50 percent of the city's renters pay more than 30 percent of their income on housing. But $500 more a month? This amount was surprising, depressing and, ultimately, far more than I could afford.Īs I waded into the rental market, I found several things to be true, including the fact that renting in Salt Lake City was no longer a game that I could play. ![]() Like my neighbors, I anticipated that a rent hike, courtesy of new ownership, was imminent. Other tenants interviewed said they had plans to vacate in the near future.įor me, the $850 I was paying for a spacious two-bedroom place, replete with the masonry walls and other charms of the SULA, but lacking amenities like washing machines and off-street parking, was hiked to $1,350 per month. And, just like many American cities, Salt Lake City is experiencing a wave of prosperity for some, while many others are being minced by the jaws of basic market economics.Īt the SULA-whose new owners, SEPR Real Estate LLC, did not respond to requests to comment for this story-four of the seven tenants moved out upon being notified that their rents would, in some cases, double, and in other instances, be raised by around 40 percent. Rather than reporting on the city's housing issues from the bureaucratic heights of cold numbers and statistics, this story is one of a single real estate deal in a single city that is, apparently at the same time, growing into and out of itself. And it also became a metaphor of sorts for Salt Lake City's housing crisis, where rental vacancy rates are at a scant 2.5 percent, homelessness is on the rise and because housing demands exceed supply, prices are soaring. The sale of the SULA, a name that no one seems to know the exact meaning of (Dick believes it could be an acronym for Single Unit Lease Agreements, while Robyn likes to think it is a term for a water bird), sent a wave of change through the lives of many who called the place home. And his daughter, Robyn Raybould, 62, who has acted as de-facto maintenance manager for years, has long been looking forward to the day when she could move out of state to be closer to her grandchildren.Īnd so, by the accident of age and time's relentless passage, the Rayboulds sold their proud building last summer, a building where, for the past two years, I have lived with my family. It has been a decade since Dick, 88, has been permitted to stand atop a ladder and perform maintenance work on the building. His brother would accept the building as payment for the debt only if Dick agreed to rebuild the burned-out apartment-a challenge he accepted, and one that earned him an ownership stake in the building and a long career as an accidental landlord and maintenance man. Water remained on the floor, and it needed to be rebuilt, which is where Dick fit in. 66 had been charred by fire sometime that winter. In January of 1974, Dick's brother told him that he was owed $10,000-an amount that could not be paid in any currency besides the seven-unit, red brick apartment that has, since 1909, been anchored between First and Second Avenue.Īpartment No. in the Avenues neighborhood of Salt Lake City. It was by accident that Dick and Jean Raybould came to own the SULA apartment building at 60 E St. ![]()
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