PROVO, Utah — A new report from a Utah-based property management company finds five Utah counties saw rent prices soar over the last 18-months.
Chase Harrington, the president, and COO of Entrata said it’s all down to supply and demand — low supply, high demand.
Harrington tells the Deseret News, the research shows Utah County had the largest increase in rental prices of 66%, Davis County to the north came in lower with its rent prices up by an average of 59%.
Harrington said there are several factors contributing to rise:
- Utah was the fastest-growing state in the country over the last 10 years
- The tech sector at the ‘Silicone Slopes’ made Utah County the fastest growing area in the state
- The pandemic accelerated the increase in demand as more people fled larger cities and moved to more rural parts of Utah
- Millineals are now driving the rental market and they want more flexibility in their lives
Harrington said the last point is what is driving the number of people choosing month-to-month renting up 330% overall in the last year. With Utah County seeing the brunt of that with an astounding 660% increase in monthly leases.
He said younger renters want more flexibility as they move to the next phase of their lives. And the uncertainty of the pandemic reduces long-term rental contracts.
The research also uncovered rents are being paid later and later. With delinquent rents up 357% over the last two years.
The pandemic is what spurred the major changes to Utah’s real estate and rental markets, said Harrington. Affordable housing is becoming more and more elusive.
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