| Show I Homes and Stores Scarce Rents Rise as Construction on Hits Peak Peal Real Estate Recovery in Full Swing Skilled Labor Shortage Develops EDITORS EDITOR'S NOTE This II It the fourth of a B writs of on ery In Utah written by John V U U. U Terrell Telegram staff taU writer TUn Toda Today's s 's article snide deals with real nal estate and homing By JOHNV TERRELL TERRELLA A man newly arrived in Salt Lake City was trying to rent a ahouse ahouse ahouse house which would meet his his' particular needs There were five in inI his f family mily He wished to live east of the busin business ss center Having I failed to find a suitable home after alter several days days' search he telephoned telephoned tele tele- phoned the Salt Lake Real Estate board for tor help A secretary offered several su and added Of difficult t course its it's to find a ahouse ahouse house at this time There are arc vcr very few in the tho city for rent The boards board's 19 1935 survey of vacancies vacancies cies des offers a revealing explanation V Va Va- VaVa Va- Va Ou- Ou u- u Units Unit cant cant l lied led One family 18 Two and three family family 71 1 9 6 lG g t The survey discloses additional matter having a direct bearing on tho the real estate situation in Salt Lake City Rental prices continued In 1935 the upward trend which started in 1931 1934 The most recent figures of Continued on oa r Ke Four Column Three I. I Steady Upward Climb of Mining Industry Shown in Charts o. o O cV f Q O C N m tom l f r a a tt a a Q C a a a a a 0 00 02 0 a a 2 2000 2225 00 5 5 00 00 O OO I 94 16 OO fl Vl I t 1 L' L j jt y 4 4 0 0 O 0 r. r 39 f t 7 Z 9 t f 71 I 1 14 A OSS 75 1 J PAYROLL PAYROLL I NUMBER OF EMPLOYEES I I Homes and Stores StOles Scarce Rents Rise Construction Hits Peak as Continued from Page One Ore ho the tho National Association of ot Heal Rea Estate Boards show that rents fo for r single single ingle in the United States have hav adva advanced ced to percent percent per cent ent of their 1926 l level vel These rents were at their lowest in 1934 when they hey sank to 62 per cent Apartment Apartment Apartment Apart Apart- ment rents dropped to 50 per cent of tho 1926 level They now stand at per cent However in Salt Lake City rents did id not drop as low as indicated by bythe bythe the he national nal figures 15 to 20 Year Basis Mortgage money is available today today toay to- to day ay for practically all classes of real eal estate The depression years ears made it clear to all that as properties properties prop- prop become older they must of necessity carry arry a smaller pan Therefore loaning agencies are prImarily primarily marily interested in newer types of property Loans are now being made maden on n a 15 to 20 year basis Jis As financial institutions return to the field interest in in- erest terest rates are arc gradually ing ng A 20 per cent vacancy in office space pace in 1933 was reduced to 14 per ent in 1935 The expansion of many fIrms into larger quarters and the opening pening of ot new agencies and new businesses has helped to a absorb the excessive vacancies in local build- build ings Despite the closing of ot many beer parlors p and similar establishments by y the Utah liquor commission the the report shows there has been a definite definite nite ite improvement in the tho occupancy ot of f downtown commercial properties The peak of ot vacancies in the downtown downtown down- down town own district was reached in 1932 when stores stood empty In 1935 there were vacant There aro ro approximately 1100 commercial stores and places of business in the downtown district The vacancy isnow is isnow now about 10 per cent Shows Huge Increase The accompanying building permit permit permit per per- mit chart shows an increase of oi 2517 per cent in 1935 over 1932 Union workmen are benefitIng benefiting benefiting benefit benefit- ing from this expansion and the unions are making malting hay while the sun shines No apprentices are being being being be be- ing accepted thus there is a serious shortage in skilled labor Jabor Persons wishing to build or remodel find they cannot secure union workmen and much of tho the work in prospect is being held up by this situation While there has been some industrial industrial industrial indus indus- trial construction in the past year certain factors have kept this phase of the real estate and building industry in- in industry in from expanding comparably bly with residential construction and business remodeling Fast transportation transportation transportation trans trans- serves tho the ne needs ds Q o pf wholesalers wholesalers wholesalers whole whole- salers ands and retailers Products may maybe maybe maybe be shipped in from points point of origin on short notice to fill orders Remodeling of stores has Increased in increased increased In- In creased materially and several new commercial buildings are being planned ed During times of depression depres depression sion slon removal of old and unusable buildings may be made without any improvement replacing the old This was done low rentals forcing the elimination of improvements which would not provide sufficient income to pay taxes and upkeep on the property In the few years previous to 1935 the demolition of old buildings buildings build build- ings was greater than the new con con- Store Vacancy Down The vacancy of stores in the outlying outlying outlying outly outly- ing districts is lower than at any anytime anytime anytime time during the past five years During the depression the dou dou- I No o of Permits No o. o o of Families Value In Dollars 0 H P 2 0 S' S c z oo z i a 1 p Q o 3 P Q v I 1 I a 3 Year Tear 1923 1323 3 12 6 6 t 3 1924 Ib It 7 76 36 81 80 u 1925 71 73 24 85 52 4 1926 29 23 1 13 58 5 58 2 19 34 15 6 68 1928 55 U 9 J 3 5 1929 1029 18 IH 10 36 1930 22 20 14 40 1403 1931 II III 21 9 42 2 1932 39 4 1 39 t 8 8 1933 1933 44 1 2 44 4 1934 42 42 1935 12 9 1 18 12 Prepared by Salt Lake Real Estate Board f t I The accompanying charts indicate the trends of the mining industry as reflected through payrolls and number number number num num- ber of Relation of recovery in the mining industry to that of other branches of Utah's business is shown in articles of the current series c bUng bling up tip of ot families created excess excess excess ex ex- ex- ex cess vacancies Marriages delayed for economic reasons contributed to the tho adverse condition The low point for marriage issued in Salt Lake county occurred in 1932 Since that time the number has steadily increased The Tho doubling up of ot families which has been decreasing decreasing decreasing ing during the last year greatly effected effected effected ef ef- ef- ef the utilities Telephone gas and electricity revenues dropped Real estate men feel as leaders in other lines that recovery is definite definite definite nite and assured With less than 3 per cent of apartments vacant and less Jess than 1 per cent of single family houses without occupants the need for additional residential construction is clear And with general general gen gen- eral business steadily improving Industrial industrial industrial in In- expansion is inevitable The following table shows the real estate picture in Salt Lake City |
