HOUSING + HOMELESSNESS

Rental prices on the rise in Utah, experts weight in

Jun 16, 2023, 6:30 PM | Updated: Jun 17, 2023, 10:12 am

Rental rates...

A for rent sign is pictured in the Avenues in Salt Lake City on Friday, July 16, 2021. Rental prices in Utah have jumped 36% in the last three years, costing Utahns more than ever. Here's what experts have to say(Scott G Winterton/Deseret News)

(Scott G Winterton/Deseret News)

SALT LAKE CITY — Rental prices in Utah have jumped 36% in the last three years, costing Utahns more than ever.

David Eccles School of Business Senior Research Fellow Dejan Eskic says a huge component of rental prices, is supply and demand.

“We’re seeing less construction activity for both for sale and rental units,” Eskic says. “While at the same time, we’re still growing.”

Additionally, he says many young adults are also being priced out of the home-buying market, increasing the number of renters.

According to data compiled by real estate firm Ruby Homes, Utah is the eighth most expensive state in which to rent a home.

Gary Gygi with Gygi Capital Management says you should only be spending about 30% of your paycheck on rent.

“Everything has gone up and mortgage or rent is such an important component of your monthly budget,” he says.

Based on average monthly income, Utahns are spending about 50% of their paycheck on rent, handing over $2,000 a month.

Devin Oldroyd contributed to this article.

Related stories

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Housing + Homelessness

Governor Spencer Cox poses with first lady Abby Cox, former child Natalie Clark, and Utah Foster Ca...

Eric Cabrera

Gov. Cox, Utah Foster Care calls on Utah to step up and become foster parents

Utah is facing its lowest number of foster families in 25 years. So Gov. Cox issued a call to action.

3 hours ago

housing unit growth in Utah...

Carter Williams, KSL.com

Utah leads nation in housing unit growth, so why did privately owned units drop?

Housing unit growth is Utah is the highest in the United States, however private home ownership has plummeted.

6 days ago

FILE: Crossroads Urban Center is pictured in Salt Lake City on Wednesday, Dec. 1, 2021. Advocates f...

Ashley Fredde, KSL.com

Advocates urge officials to include affordable housing in new sports and entertainment district

Crossroads Urban Center wants Salt Lake officials to mandate deeply affordable housing in a new sports and entertainment district.

7 days ago

A "For sale" sign in front of a home in North Salt Lake. Home listings for sale went up 23% in Apri...

Tammy Kikuchi

Home listings for sale in Utah went up almost 23% in April

Deanna Devey with the Utah Association of Realtors shared insights of new listings for homes, the total supply of homes and the number of closed sales all increased in April.

11 days ago

Utah wants homes to go to owners not renters. Grey homes are pictured in Lehi, Utah....

Eric Cabrera

U.S. Census Bureau ranks Utah number 1 in housing growth for third year in a row

Census data ranks Utah at the top for housing growth three years in a row. Utah's housing units have increased by 2.5%.

12 days ago

a neighborhood in murray -- Salt Lake City Planning Division recommends zoning changes for single-f...

Peter Johnston

Salt Lake City planners recommend changes in how single-family neighborhoods get zoned

A report from the Salt Lake City Planning Division recommends zoning changes for single-family neighborhoods to help address the city's housing issues.

18 days ago

Sponsored Articles

a doctor putting her hand on the chest of her patient...

Intermountain Health

Intermountain nurse-midwives launch new gynecology access clinic

An access clinic launched by Intermountain nurse-midwives provides women with comprehensive gynecology care.

Young couple hugging while a realtor in a suit hands them keys in a new home...

Utah Association of Realtors

Buying a home this spring? Avoid these 5 costly pitfalls

By avoiding these pitfalls when buying a home this spring, you can ensure your investment will be long-lasting and secure.

a person dressed up as a nordic viking in a dragon boat resembling the bear lake monster...

Bear Lake Convention and Visitors Bureau

The Legend of the Bear Lake Monster

The Bear Lake monster has captivated people in the region for centuries, with tales that range from the believable to the bizarre.

...

Live Nation Concerts

All the artists coming to Utah First Credit Union Amphitheatre (formerly USANA Amp) this summer

Summer concerts are more than just entertainment; they’re a celebration of life, love, and connection.

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

Rental prices on the rise in Utah, experts weight in