SALT LAKE CITY - Jesse Escalera was searching for an apartment in Salt Lake City when he discovered the Nest at Rio Grande. Escalera expressed satisfaction with the aesthetics, pricing, and proximity to his family's residence, located just eight minutes away. The Nest is part of an affordable housing program, allowing individuals earning less than $52,000 annually to rent a studio apartment for $899 per month. Escalera, who moved in October and works in cleaning short-term rentals, is currently paying $1,000 plus an additional $95 for Wi-Fi for a one-bedroom unit. This cost represents about two-thirds the price of similar market-rate apartments. However, the occupancy rate at the Nest is only around 40%. Tyler Howland, a partner at B3 Real Estate, noted that Salt Lake City is currently experiencing a situation where housing supply has surpassed demand. He highlighted that while rent prices are not necessarily decreasing, landlords are increasingly offering concessions to attract tenants. These concessions include incentives such as two months of free rent and airline credit vouchers to help lower the effective rental cost. Howland attributed this imbalance to the introduction of new apartment developments, which include both affordable units and those priced at market rates. He indicated that while the current market conditions do not seem to be driving down base rental prices, the incentives offered may not remain long-term due to ongoing demand for housing in Salt Lake City. Howland cautioned against expecting significant declines in rental prices unless an unforeseen event occurs. For current residents in Salt Lake City apartments, Howland advised that it may be a beneficial time to negotiate with landlords or consider exploring other housing options based on the available concessions.