Utah
Utah rent prices among fastest-rising in nation
Utah ranks third within the nation for fastest-rising lease after neighboring states Idaho and Nevada — this in keeping with Stessa.com, a rental property administration web site.
Whereas most areas have seen elevated housing and rental costs, the precise costs and the speed of enhance fluctuate largely by geography.
Stessa discovered that Utah has seen a 22.2 % enhance in lease since 2019, proper behind Nevada with a 26.0 % price and Idaho at 24.1 %.
“These states have skilled excessive inhabitants development in recent times,” the location mentioned. “Bolstered partly by staff leaving higher-cost states like California and Washington in the hunt for extra reasonably priced markets—however who’ve elevated prices of their new places within the course of.”
A current Unaffordable Utah report by KSL TV’s Ladd Egan confirmed how Salt Lake County’s rental market is about as tight because it’s ever been. The lease enhance of 10.1% from 2020 to 2021 is the second-highest enhance on file.
In 2021, the typical lease was $1,301 in Salt Lake County, a big enhance from 2010 when the typical lease was $720, in keeping with a brand new report from the Kem C. Gardner Coverage Institute on the College of Utah.
Stessa additionally ranked giant metro areas by fastest-rising lease, and Salt Lake Metropolis got here in third behind Las Vegas and Sacramento.
SLC lease elevated 24.6 % from 2019 to 2022, with the median lease growing practically $300 from $1,184 in 2019 to $1,475 this yr.
Utah’s house shopping for frenzy calming down, costs stay excessive
Different Utah communities made the location’s lists for small and mid-size metros with probably the most lease enhance since 2019.
Logan is listed seventh on the record of small metros, with an 26.7 % enhance in lease.
Provo and Ogden made the highest 15 for mid-size metros with the very best lease enhance.
Stessa says Ogden-Clearfield is tenth with 23 % and the Provo-Orem space is thirteenth with 21.8 %.
The location listed Alaska as the one state to have decreased in lease prices since 2019.
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