Why rent prices are dropping nationwide but not in Utah
Jul 20, 2023, 6:00 AM
FILE: Rent signs are placed at a home in Salt Lake City on Monday, July 10, 2023. (Scott G Winterton/ Deseret News)
(Scott G Winterton/ Deseret News)
SALT LAKE CITY — Rent prices are starting to slide in some parts of the country, but Utah’s prices don’t seem to budge.
According to rent.com, in Salt Lake City, a studio or one bedroom apartment is going for an average rental price of about $1,400 a month and two bedroom is at about $1,700 a month, contrasting that with the $1,100 overall average five years ago, it’s easy to see the increase.
But is there hope on the horizon?
KSL investigative reporter Matt Gephardt looked in to renting rates and said, “Pretty much across the country [rent prices] went up and up and up and up, but we’re starting to level off, and in some places, especially out west, we’re coming down.”
Gephardt attributes supply and demand for the decrease in prices, “Washington in particular, and Nevada, are seeing rent prices come down because it’s a supply and demand issue.”
Statewide, Nevada has seen an almost 7.5% drop in rent prices according to findings. Idaho has also seen a 6% drop in rates.
What about Utah?
Well, yes and no. Utah is looking at a 1.41% drop in prices across the state.
Gephardt said that, “In Utah, we have also seen a dip in recent months,” especially comparing it to march of 2022 which Gephardt called the rates, “Holy smokes. High!”.
Any progress is good progress, but Gephardt said, “that slight dip gets us nowhere near back to maybe what is affordable with where people’s wages.”
But this drop doesn’t mean much for Salt Lake City.
“[Salt Lake City is] still pretty hot,” says Gephardt.
Seasonal Trends in renting
There could be a “hack” when looking to move. Gephardt said that, “you see prices go up in when people want to move in spring and summertime, and you see them go down in fall and winter when people are getting settled for school.”
You might want to look into these times to move because, “if you’re not desperate to move today, you wait till fall, you wait to winter, you may have even that much more leverage if you’re if you’re looking to move,” said Gephardt.
Many people move to Utah for opportunities, and we have seen that in Silicon Slopes as many people have moved here. “Utah is a good place to be,” said Gephardt, “and we are reaping the benefits and the consequences.”
Related:
Utah rent prices surge, experts weigh in on potential housing solutions
Utah’s about to become more renter-friendly
