Teton County’s apartment rental market constricted to a point last year that hasn’t been seen since 2008. Last year, the vacancy rate fluctuated between 1 percent and 1.6 percent, according to a new report published by the state Community Development Authority. In 2011, that rate was hovering around 10 percent.
Managers at two large apartment complexes in Jackson said they’ve seen their vacancy rates drop gradually over the last year. “It seems like everything is coming back,” said Aspen Meadows Apartments property manager Sean Ryan.
Aspen Meadows increased its rent for a one-bedroom apartment, albeit slightly, in response to growing demand. A one-bedroom, deluxe apartment is going for $880 per month. Last year, the complex charged $825. The occupancy rate at Blair Apartments increased to 83 percent. During the same time last year, it was at 70 percent.
The county’s vacancy rate was the lowest in the state at the end of 2012. The state average was 4.2 percent, although central Wyoming communities had an average rate of 1.9 percent. Landlords in the southeastern corner of the state reported a vacancy rate of 2.7 percent. The vacancy rate survey comes in a bundle of economic data that seems to show that the valley’s economy is slowly on the mend.