Competition doubles for certain housing rentals in Salt Lake City
Sep 24, 2024, 7:29 PM | Updated: 7:37 pm
FILE: A sign reading “For rent” in Salt Lake City on Saturday, Feb. 10, 2024. The latest Rental Competitive Report from Rent Cafe showed that available rentals in Salt Lake City had nine people competing for it. (Megan Nielsen, Deseret News)
(Megan Nielsen, Deseret News)
SALT LAKE CITY — According to the latest Rental Competitive Report from Rent Cafe, there is more competition for housing rentals in Salt Lake City.
This year, about nine people compete for each available rental, per the report.
In 2023, the same agency reported that five people competed for each available rental in Salt Lake City.
According to Rent Cafe, report data is gleaned via telephone surveys from “competitively-rented (market-rate) large-scale multifamily properties.” They contain 50 or more units.
Additionally, the company said that “fully-affordable properties are not included in the survey and are not reported in rental rate averages.”
The lack of available housing enhances the problem. The rental report found less than a one percent increase in housing units in Salt Lake City so far this year. That’s even less than 2023.
Salt Lake City isn’t the only area experiencing this problem. Rent Cafe reported that all areas of the United States have fewer places to rent and higher competition among renters. For example, in Chicago, the Rent Cafe study found that 20 people are competing for each available rental.
Simone Seikaly contributed.
