The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1909-11-21
RENTS TOO HIGH;
BUILDINGS NEEDED
Realty Men Say Twice as Many
Business Places Are
Required.
HOMES ARE VERY SCARCE
ADVANCE ORDERS ARE NOW ON
BOOKS OF Rem tai AGENCIES.

That building activity in Salt Lake IL
not increasing faster than the growth Of
the city justifies; III fact, that it is not
increasing half fast enough to meet rem
tai demands, is the belief Of many local
real estate dealers. Not only is this true
OF residence buildings, but OF business
structures also.
Rents in Salt Lakes business district
are becoming Abnormal, and conditions
unparalleled anywhere Ia America are
developing. For instance the lessee or
one Main street store site has been Of
tered as nigh as $4,000 premium for the
mere privilege of b9ing allowed to pay
the enormous rent. This offer was made
by other business men DESTROYS Of Occu-
plying the location. Another lessee has
refused 1850 premium for his lease.
On State street and other less central
portions OF the business district cOrre-
spondngly high premiums are being of
fered, with the result: that the local busi-
ness rental market has developed an alb
normal strength. To remedy this, it Is
claimed, fully as many again buildings in
the business district would be necessary
to place the rental market on a normal
proper basis.
Similar conditions are growing Up In
the residence sections. Every apartments
house now in process Of building is said
TO be rented from cellar to roof. OF
those completed, the owners have tenanE
lists OF those who wish to occupy apart
ments as soon as a vacancy IS made, De-
tached houses, built for rental purposes.
most every section OF the city the rental
demand is far greater than the supply
The prospective demand from outsiders.
contemplating residence in Salt Lake, IL
so great that no matter how big a build
ing boom might be started here there
would be no danger Of any structure,
erected for business or residence purposes,
going untenanted.
The result of this. ever Increasing de-
mand, naturally, entails a big increase IN
rental values, Rates at present are in
most cases p per cent greater than they
were five years ago. In favored sections
the Increase is nearer 10 per cent.
Why Rents Are High,
Speaking about rents, Walter G. Tut
tie, Of the futile Bros. company, said
yesterday:
1.-THE business section Of the town. so
far as store space is concerned, could be
doubled without exceeding the citys
needs. Fully as many again apartment
houses as have been erected within the
last year or two could be built in the resi-
dence section without being empty. Th8
city needs a building boom much bigger
than it has ever pet experienced. Ie
would be an utter fnQpOssibility 10 exceed
the demand. 1t must come and naturally
it will come, but until the business sec
ton of the city is extended considerably
rents viii continue to be abnormal.
In fact In all Of my twenty-five years
Of experience in the. real estate business
I have never met with nor heard Of such
conditions as exist in. Salt Lake today, re-
garding rentals. The landlords are tbs
true plutOcrats at present. Their indie
pendence is unlimited. They can boost
the rent as often as they desire and still
have tenants on their waiting lists. The
offering of such iminerse premiums for
leases is ample illustration Of this con-
ditiOn.
IN the residence section the increase IN
rents is justified as the general character
Of apartment houses and homes has been
greatly improved. Ramshackle buildings
are no longer seen IN the residence pOr-
ton to any extent. They are being re-
placed rapidly by modern structures and
naturally they are worth more IN rents.
Also the general capacity of detached
homes built for renting is from two to five
rooms greater than the general class Of
buildings of five years ago.
This wonderful growth Of the city Is
not temporary, judging from the thous-
ands of inquiries from prospective citi-
zens. 7 have on my lists orders which
will not go into effect until next July, so
eager are people to secure desirable
homes before any further aggravation OF
present conditions. Many of our custom
ers are now residents Of other cities and
they have ordered homes several months
in advance Of their coming here, so as to
be sure of a location upon arriving"