Utah
This Utah city has the highest rental rates in the nation
SALT LAKE CITY (ABC4) – Patrons trying to buy a house in Utah know the true property market has been rising steadily over the previous few years.
However that continued surge in actual property prices has additionally affected renters in lots of cities throughout the nation.
In a examine by Stessa, researchers took a more in-depth look into the present U.S. rental market. The report sought to search out the cities with the very best improve in common lease all through the nation.
The examine checked out knowledge from the U.S. Division of Housing and City Growth and the U.S. Census Bureau. To search out the cities with the very best lease will increase, researchers calculated the proportion change in median lease from 2019 to 2022.
Salt Lake Metropolis noticed the third-highest improve in rental charges, skyrocketing 24.8% with a mean fee of $1,475, a pointy rise from $1,189 in 2019.
The Prime 10 U.S. cities with the very best lease will increase from 2019-2022 are:
The examine discovered no section of the rental market was excluded from rising charges — from studios and multi-bedroom flats together with rental houses.
Information reveals models of all sizes noticed costs improve by over 10% for the typical unit between 2019 and 2022.
The western U.S. states with the best lease will increase are Nevada (26.0%), Idaho (24.1%), and Utah (22.2%). States within the southern and central areas noticed will increase as effectively, although they had been typically decrease.
“These states have skilled excessive inhabitants development in recent times, bolstered partly by employees leaving higher-cost states like California and Washington in the hunt for extra inexpensive markets, however who’ve elevated prices of their new places within the course of,” the examine finds.
Consultants say a large number of things contributed to the stark uptick. Because the U.S. economic system rebounds from the COVID-19 pandemic, homebuyers and renters are confronted with obstacles reminiscent of inflation hitting a report 40-year excessive together with skyrocketing dwelling costs and rising mortgage charges which have additionally hit a ten-year excessive in April.
“The spike in dwelling values and now rising rates of interest are placing homeownership additional out of attain for a lot of would-be consumers, conserving extra individuals within the rental market,” researchers say.
For these really shopping for houses, builders and builders are additionally dealing with provide chain points and a decent labor market, compounding points additional.
“The final 12 months has seen a dramatic spike in rental costs because of these elements, with a 17% year-over-year improve in rental prices from February 2021 to February 2022, in line with knowledge from Zillow,” the examine finds.
Provide and demand is a serious impediment dealing with renters at this time, with the examine reporting a scarcity of round 4 million housing models.
“Zoning and density restrictions have made it tougher so as to add housing inventory in lots of places, each for leases and in the true property market,” consultants say. “With rising actual property costs, 70% of the expansion of the rental market since 2009 has come from higher-income earners who may in any other case have purchased a house.”
Exacerbating the difficulty additional are high-income earners who’re compelled to remain within the rental market. Builders usually tend to cater to their wants with luxurious flats, additional isolating accessible housing for center or low-income earners.
When ABC4 spoke to Tonya Basset, head of Homie’s purchase facet agent staff, about whether or not Utah’s actual property market is a “bubble,” Basset believes that is probably not true for at this time’s market.
“I don’t suppose that’s going to occur right here in Utah,” says Basset. “Issues are a lot totally different now than in 2008.” She talked about {that a} comparable crash will probably be prevented by tighter loaning requirements and a dramatic lower in stock for consecutive years in Utah.
Bassett predicts a market crash might occur regularly, as rates of interest slowly rise on new dwelling loans. When requested a few predicted timeline, Basset believes it “will in all probability take greater than a few months,” and up to a couple years for the market to decelerate and equalize.
Whether or not you’re trying to lease or purchase, Basset says Utahns will sadly be dealing with a “brutal market.”
To take a look at the total report on rental charges throughout cities of all sizes within the U.S., click on right here
Utah hosted a group of top-tier football talent over the past weekend, aiming to make an impression and build momentum for the 2025 recruiting class. Among the standout visitors was Jerome Myles, who expressed optimism following his visit.
Myles, a 6-foot-2, 205-pound wide receiver from Corner Canyon High School in Draper, Utah, is highly-regarded, currently ranked as the top athlete in the state, the fifth-best wideout nationally, and the 31st overall prospect in the country.
Landing Myles would be a significant for Utah. His commitment would not only ensure that a dynamic local talent remains in-state but would also provide a substantial boost to their wide receiver lineup by 2025, coinciding with Isaac Wilson’s expected leadership on the team. Reflecting on his visit, Myles told Tyler Harden, “It was a very good visit. They answered the only question I had, so it was pretty successful.”
Cam Rising has option to play an eighth year at Utah
In addition to his visit, Myles has officially accepted an invitation to the 2025 All-American Bowl, marking another milestone in his young career. The prestigious event, which features the nation’s top 100 high school football players, will take place on January 11, 2025, at the Alamodome in San Antonio, Texas, and will be broadcast live on NBC at 1:00 PM ET. Myles’ selection to participate in this East vs. West showdown underscores his status as one of the country’s elite prospects.
Myles would be a transformative piece for Utah’s recruiting class, potentially setting the stage for future successes. His presence in the All-American Bowl will not only provide him with invaluable exposure but also elevate Utah’s profile on a national level, demonstrating their ability to attract and develop premier talent.
The team has released its seven-game exhibition schedule.
(Rick Egan | The Salt Lake Tribune) Lawson Crouse, left, and Clayton Keller answer questions during a news conference introducing the Utah NHL team at the Delta Center, on Wednesday, April 24, 2024.
Mark your calendars, Utah hockey fans.
The state’s new NHL team will play its first preseason game at Delta Center on Sept. 23.
Utah Hockey Club on Thursday released its full preseason schedule for the 2024-25 season. The team will only play once on its home ice during the seven-game slate.
Utah H.C. will debut on Sept. 22 at Wells Fargo Arena in Des Moines, Iowa, against the St. Louis Blues before taking on the Los Angeles Kings in Salt Lake City the next night.
That game will replace the previously scheduled Frozen Fury contest between the Kings and Vegas Golden Knights. That exhibition in Salt Lake City was scheduled before the creation of Utah Hockey Club, and the team says tickets will be refunded at the original point of purchase.
Utah’s third home preseason game, an Oct. 5 contest against the Colorado Avalanche, will be played at Maverik Center in West Valley City because of a conflict at Delta Center.
The team’s complete 2024 preseason schedule is below:
Sunday, September 22
vs. St. Louis Blues in Des Moines, Iowa
5 p.m.
Monday, September 23
vs. Los Angeles Kings
5 p.m.
Friday, September 27
@ Vegas Golden Knights
8 p.m.
Sunday, September 29
@ Colorado Avalanche
5 p.m.
Tuesday, October 1
@ San Jose Sharks
8 p.m.
Wednesday, October 2
@ Anaheim Ducks
8 p.m.
Saturday, October 5
vs. Colorado Avalanche at Maverik Center
Editor’s note • This story is available to Salt Lake Tribune subscribers only. Thank you for supporting local journalism.
SALT LAKE CITY (ABC4) – Happy Summer Solstice, Utah! It’s the longest day of the year in the Northern Hemisphere today with the sun at its highest point in the sky. We will see 15 hours and six minutes of sunlight today with the official sunrise in Utah at 5:56 am and the sunset at 9:02 p.m. The solstice occurs at 2:50 p.m. and it’s going to feel a bit more like summer today in comparison to the beginning of the work week.
Southwest flow is in place today and our daytime highs will climb to the low 90s along the Wasatch Front and triple digits make a return to Washington County. A mix of sun and clouds is expected to start the day for Utah with increasing cloud cover expected in the Four Corners area by this afternoon.
Bottom Line? Temperatures are climbing statewide as a strong southwest flow is in place and moisture increases in eastern Utah on Thursday afternoon.
By Thursday night and into Friday, a surge of monsoon moisture is in the works for eastern Utah, bringing the threat of showers and thunderstorms. We have the low to our west and an area of high pressure to the east, and that amplified southerly flow will pull some subtropical moisture from the Gulf of Mexico into the state.
To take a moment to touch on the Tropics, the first named storm of the season, Tropical Storm Alberto, will usher in moisture in Texas and some of that will get caught up in our southwest flow. This influx in moisture east of I-15 could lead to flash flood concerns for slot canyons and burn scars. The flash flood potential has been upgraded already to the “possible” category for all recreational areas in southern Utah except for Bryce Canyon and Zion National Parks, with wet weather continuing for some overnight.
As more moisture streams into Utah on Friday, the potential for strong thunderstorms becomes more widespread. Subtropical remnants of Alberto could assist in heavy downpours. These Utah thunderstorms could bring damaging winds, hail, and heavy rainfall that could cause flash flooding.
The risk for flash flooding Friday has been upgraded for all popular areas in the Southeast part of the state to probably, with Zion and Bryce Canyon in the possible category. This area includes the National Parks, Grand Staircase, Lake Powell, and the San Rafael Swell. The most vulnerable areas include slot canyons, recent burn scars, normally dry washes, and slickrock. You might want to reconsider your plans if you’re planning outdoor activities, especially along or east of I-15. West of I-15, temperatures will soar, reaching five to 15 degrees above normal, especially in northern Utah.
Moisture should clear out into the weekend and high pressure will build back and strengthen for the latter half of the weekend, allowing temperatures to spike once again. Northern Utah could see temperatures 10-15 degrees above normal. Salt Lake City might hit 100 degrees on Sunday, and flirt with the record of 101 degrees record set in 2012.
Northern Utah will stay mostly dry with only a slight chance of a storm, but southern Utah will see lingering moisture, bringing chances of showers and thunderstorms through Monday east of I-15, increasing the risk of flash flooding. Triple-digit heat is forecast for the next seven days in Southern Utah, and temperatures along the Wasatch remain above average for the long-range as well.
The 4Warn Weather Team will continue to monitor conditions and keep you posted on changing conditions both on our 4Warn Weather app as well as on-air and online, we are Good4Utah!
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