GET GEPHARDT

Gephardt Busts Inflation: Rent prices down nationwide but very high in Utah

Nov 29, 2022, 1:14 PM | Updated: 2:09 pm

SALT LAKE CITY — All over the country, the cost of rent is finally starting to go down. But that is not the case here in Utah.

Data from rent.com shows that the rental market is trending downwards. The national rent dipped below the $2,000 mark for the first time in six months. Rent prices are still up from pre-pandemic levels, but they are less up.

They even went down in the last months of summer, a time when rent prices tend to go up, Jon Leckie of rent.com said.

“That gives us hope that this is a little stickier than just sort of a blip,” he said.

But maybe less hope here in the Beehive state.

Nationally, rents have gone up 7.8% between October of last year and October of this year. But in Utah, as a state, we are still up double that to 15.4%.

As for why Utah is not going down, the data suggests people from outside the state have figured out this is a pretty good place to live and are continuing to migrate here in droves keeping demand high.

“Places like New York, from Denver, from Phoenix, now, Atlanta, Los Angeles, Philadelphia, these are all people coming in to Salt Lake City,” Leckie said. “I think that’s having another big effect on why my rents are going up there.”

Rent.com expects prices will continue to decline throughout the fall and winter and then probably pick up again in the spring and summertime.

Now the bad news for those looking to rent a new place: the inflated prices will likely never return to pre-pandemic levels Leckie said.

“I think our rent levels have risen and they’re going to stay that way,” he added.

Though with the moves by the Fed seeming to have their desired impacts, he thinks the price fluctuations will be returning to normal.

“Those year-over-year changes will be more in line with sort of our historical trends,” he said.

KSL 5 TV Live

Get Gephardt

Homeowner Mark Shea tells KSL’s Matt Gephardt he paid someone to build a deck who abandoned the j...

Matt Gephardt

Get Gephardt: Homeowners ask why authorities can’t shut down an unlicensed contractor

Two Salt Lake County homeowners hired and paid someone to build decks for their homes but say he left the jobs unfinished. Turns out, he’s been cited by the state for not having a contractor’s license before.

2 days ago

Matt Gephardt, journalists, looks as paper with a woman...

Matt Gephardt and Cimaron Neugebauer

Get Gephardt: Ticketmaster seizes back purchased seats

Imagine buying tickets to a show, then having the seller refuse to give them to you. That’s what happened to a Utah woman, when she got a refund she didn’t ask for.

3 days ago

Pig-butchering is a devastating combination of romance and crypto scams, and it’s taking Utahns f...

Matt Gephardt and Sloan Schrage, KSL TV

Unmasking the fast-moving pig-butchering scam hitting Utah

Pig-butchering is a devastating combination of romance and crypto scams, and it’s taking Utahns for all their worth.

8 days ago

Utah's lemom law...

Matt Gephardt

Utah’s lemon law: Why the rules could leave you in a financial squeeze

Golf carts, side-by-sides and other recreational vehicles can cost well over $10,000. But if you end up with a lemon, Utah’s law may leave you with a sour taste in your mouth.

9 days ago

Hacker behind a keyboard. (FILE)...

Matt Gephardt

Using AI to tackle your debt

We've seen the power of artificial intelligence used to help navigate all sorts of complex problems: Medicine, education, customer service among many others. Well, it doesn’t get much more complex than Americans grappling with debt.

11 days ago

FILE - A line of unsold 2018 Cooper Clubmen sit in a long row at a Mini dealership, March 30, 2018,...

Matt Gephardt and Sloan Schrage, KSL TV

More people are leasing new cars but does it make sense for you?

Sticker shock is nearly universal for anyone looking for a new car and that has many drivers considering leasing their next car. But is it the right option for you?

18 days ago

Sponsored Articles

Modern chandelier hanging from a white slanted ceiling with windows in the backgruond...

Lighting Design

Light Up Your Home With These Top Lighting Trends for 2024

Check out the latest lighting design trends for 2024 and tips on how you can incorporate them into your home.

Technician woman fixing hardware of desktop computer. Close up....

PC Laptops

Tips for Hassle-Free Computer Repairs

Experiencing a glitch in your computer can be frustrating, but with these tips you can have your computer repaired without the stress.

Close up of finger on keyboard button with number 11 logo...

PC Laptops

7 Reasons Why You Should Upgrade Your Laptop to Windows 11

Explore the benefits of upgrading to Windows 11 for a smoother, more secure, and feature-packed computing experience.

Stylish room interior with beautiful Christmas tree and decorative fireplace...

Lighting Design

Create a Festive Home with Our Easy-to-Follow Holiday Prep Guide

Get ready for festive celebrations! Discover expert tips to prepare your home for the holidays, creating a warm and welcoming atmosphere for unforgettable moments.

Battery low message on mobile device screen. Internet and technology concept...

PC Laptops

9 Tips to Get More Power Out of Your Laptop Battery

Get more power out of your laptop battery and help it last longer by implementing some of these tips from our guide.

Users display warnings about the use of artificial intelligence (AI), access to malicious software ...

Les Olson

How to Stay Safe from Cybersecurity Threats

Read our tips for reading for how to respond to rising cybersecurity threats in 2023 and beyond to keep yourself and your company safe.

Gephardt Busts Inflation: Rent prices down nationwide but very high in Utah