| Show s DESERET NEWS The Salt Lake Tribune SAT March 7 1992 G 111 Low rent s are leading to more new home buyers M Kyle Miller has seen it throughout the years What is happening in the real estate market today however is adding a new twist to the home lowest vacancy I've seen in the market since 1977-7- 8 We essentially do not have any vacancies We manage more than 200 single family homes and nothing is available business Where once there was a glut on the market today Where once there few are there in was a lag building today it is booming Where once many people looked first to renting today they are buying Miller is presidentprincipal broker in Miller Real Estate Inc with special branches in new homes existing homes and rentalmanagement properties Looking at the rental market he points out that "This is the "One reason it's tight right now is because a lot of people are coming into the market and demand for housing is high Renters are having a difficult time finding adequate housing in the Salt Lake area and I don't see much of a change in the of rentals near future" ' One good barometer he adds is the "homes for rent" section of the newspaper "There's nothing to rent as compared to a few years ago when there were a lot of properties" What this is doing is pushing renters into the existing home and new construction markets Would-b- e renters are now benot so coming homeowners much by preference but out of necessity These new buyers are also finding that because of low interest rates and the affordability of the homes on the Utah market they are able in many cases to get into a new home for less than they would have to pay for rent According to Miller '' I' '''- ir' k' 1 - - - 't 01 - sold We're buildirit homes ranging from $70000 too $225000 and right now sortie of the homes are being sold before the framing starts People are looking at the foundations and buying" heesays Miller Real Estate Inc is a full they're can't find adequate rental property" Miller builds both custom and spec houses Currently he is - in six locations Sandy Murray West Jordan South Jordan Cottonwood and Summit County building -- service company working in residential real estate with a staff of 60 fulltime agents -- 7'Th - i' I ' ell 1fri 1 1 ' get homes finished before As Miller says "We've enjoyed a substantial increase in new home construction because people are coming in and - 1 ' I Homes in those areas are going as fast as foundations are being dug "We try to keep four to five homes on the market at all times but we're having a hard time doing that We can't evqn '- cs4 :it - i 0i -1 A ! i low the Aoi05 - ict - i - in past six to 10 months rental rates have risen from 5 to as much as 20 percent in some cases "aad it looks like it is going to increase as long as supply is low and demand is high" What this has done also is stimulate new home business 4vAt e'r 4 " 4 I A 3200 SO FEET DRAPER COTTACE botreern I baths teem floor roe roan over hell-etr- e $04000 lot 13ros Bo Fort Strove (reb Om) NIL$ 14060 1111 KARPAKIS ' IT'S FAIRLY APPROVED! 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