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The state estimates it has a housing shortage of more than 50,000 dwellings of all kinds, including many thousands of apartments, duplexes and other rental properties. Census Bureau, thanks to a relatively high, though slipping, birthrate and in-migration boosting its population by 17.6% over the past 10 years.Īll those young adults, newly minted families and workers relocating here for jobs need places to live. Utah ranked as the fastest-growing state in the past decade and the fourth fastest in the past year, according to the U.S. vaccination rates climb as 2021 unfolds and the pandemic eases, rents along the Wasatch Front probably will return to that steeper incline. cities for rental rates.īut, assuming U.S. Utah’s capital ranks 61st most expensive among the top 100 U.S. There is some good news, in a way: Market watchers expect those annual rent increases to slow to about 3% from the impact of nearly a year of COVID-19 disruptions and landlords being less aggressive on leasing.Īccording to a January 2021 report by the popular apartment rental website Zumper, rents on a one-bedroom apartment have dipped or stayed flat month over month in Salt Lake City, Provo, Orem, Ogden and Sandy after years of increases.Īverage monthly rents ranged from $780 in Ogden to $1,340 in Sandy, the website said, and state’s median rent was $988. Between that trend and a similar escalation in home prices, experts say Utah is in a crisis. In turn, that has led landlords to steadily boost rents by an average of 5% to 7% a year without much worry their units will sit empty.
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In the case of apartments, single-family housing and other home types that make up the state’s 300,000 or so rentals, that housing gap has pushed down vacancy rates by historic standards. Utah’s housing market has been out of balance in many ways for at least nine years, with overall home construction lagging behind unrelenting demand, for rentals and homes for sale.