LOCAL NEWS

Utah rent prices among fastest-rising in nation

May 25, 2022, 8:00 PM

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Utah ranks third in the nation for fastest-rising rent after neighboring states Idaho and Nevada — this according to Stessa.com, a rental property management site.

While most areas have seen increased housing and rental prices, the actual prices and the rate of increase vary largely by geography.

Stessa found that Utah has seen a 22.2 percent increase in rent since 2019, right behind Nevada with a 26.0 percent rate and Idaho at 24.1 percent.

“These states have experienced high population growth in recent years,” the site said. “Bolstered in part by workers leaving higher-cost states like California and Washington in search of more affordable markets—but who have increased costs in their new locations in the process.”

A recent Unaffordable Utah report by KSL TV’s Ladd Egan showed how Salt Lake County’s rental market is about as tight as it’s ever been. The rent increase of 10.1% from 2020 to 2021 is the second-highest increase on record.

In 2021, the average rent was $1,301 in Salt Lake County, a significant increase from 2010 when the average rent was $720, according to a new report from the Kem C. Gardner Policy Institute at the University of Utah.

Stessa also ranked large metro areas by fastest-rising rent, and Salt Lake City came in third behind Las Vegas and Sacramento.

SLC rent increased 24.6 percent from 2019 to 2022, with the median rent increasing nearly $300 from $1,184 in 2019 to $1,475 this year.

Utah’s home buying frenzy calming down, prices remain high

Other Utah communities made the site’s lists for small and mid-size metros with the most rent increase since 2019.

Logan is listed 7th on the list of small metros, with an 26.7 percent increase in rent.

Provo and Ogden made the top 15 for mid-size metros with the highest rent increase.

Stessa says Ogden-Clearfield is 10th with 23 percent and the Provo-Orem area is 13th with 21.8 percent.

The site listed Alaska as the only state to have decreased in rent costs since 2019.

Are Californians To Blame For Utah’s Surging Home Prices?

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Utah rent prices among fastest-rising in nation