Salt Lake City metro area sees one of the country's steepest rent price increases

5/14/2022 3:45:00 AM

Salt Lake City metro area sees one of the country's steepest increases in rent price

Salt Lake City metro area sees one of the country's steepest increases in rent price

Whether renting or buying, it’s a tough time to find a place to live right now in Salt Lake City.

Out of all large U.S. metros, Salt Lake City experienced the 3rd largest rent increase in the past three years.“It’s a hard time for landlords, too," said Paul Smith, the executive director of the Utah Apartment Association." It’s stressful to raise rents, it’s stressful to not be able to get employees."

Smith says Salt Lake City is booming for good reason.He says our economy is doing well, people are moving here for jobs, but we aren’t building enough rental units to keep up with demand.READ: Leaders praise growth of downtown Salt Lake CityBut part of the problem is a lot of the new construction is luxury, high-end development, which is out of most people's price range.

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SALT LAKE CITY — Whether you're renting or buying, it’s a tough time to find a place to live right now in Salt Lake City — or to continue to afford where you’re at.What is your zip code? * Meine Antwort About how long does it take you to get to downtown Salt Lake City from where you live? Meine Antwort How do you usually get to downtown Salt Lake City? Driving Public transit (FrontRunner, TRAX, UTA bus) Walking, bicycling or other human-powered transport (if you live close enough) I have never been downtown.There are problems in the area but there is also great potential for improvements.SALT LAKE CITY — Two men in their mid-20's are in the hospital recovering after being shot in the legs in Taylorsville.

That’s because the SLC metropolitan area saw one of the sharpest increases in rent since the pandemic. Out of all large U.g.S.m. metros, Salt Lake City experienced the 3rd largest rent increase in the past three years. “It’s a hard time for landlords, too," said Paul Smith, the executive director of the Utah Apartment Association. at 4545 Atherton Drive near the basketball court.

" It’s stressful to raise rents, it’s stressful to not be able to get employees. My neighborhood is one of the most exciting places in Salt Lake City and we have an incredible future." Smith says Salt Lake City is booming for good reason. He says our economy is doing well, people are moving here for jobs, but we aren’t building enough rental units to keep up with demand. READ: Leaders praise growth of downtown Salt Lake City But part of the problem is a lot of the new construction is luxury, high-end development, which is out of most people's price range. This is unfortunate and unacceptable. Inflation is also playing a critical role in the sharp increase. A drone and helicopter response was triggered to try to track down others involved in the shooting.

“The main reason rents are going up in Utah is because prices keep going up," Smith said."It’s very hard for landlords to find maintenance, appliances, paint, carpet — they’re all going up in price.75 million of state mitigation funding will finally allow us to dedicate public safety resources directly around the Homeless Resource Centers. Rent is going up dramatically, but only half as much as home prices." Still, it’s more affordable in most cases to rent in Utah. “It’s becoming more affordable to rent," Smith said. Our neighborhood has inherent advantages including public transit, walkability, great freeway access, wonderful restaurants and bars, diverse housing types and affordability and, of course, the Salt Lake Bees.m.

"Prices are up for homes 50 percent in Salt Lake County in two years; rents are only up about 25-30 percent." Smith says only about 9 percent of rent goes back to the landlord’s pocket. The other 91 percent goes to costs, like maintenance. Realization of this plan will make us a community that urban designers around the world will study and try to re-create. His suggestion for struggling renters is to find ways to increase their income, consider getting a roommate, and most importantly, be patient. “Not only are people moving to the outskirts, they’re also being creative, renting basement apartments, rooms in people’s houses — there are options out there, you just have to be creative,” said Smith. Individuals involved with the shooting fled the scene and officers could not locate the suspects.

Supply is a problem across the nation. Government investment, however, can only do so much. The U.S. has an estimated shortage of nearly 4 million housing units. On the other hand, only amplifying the negative means people won’t visit and support our businesses, organizations will leave, and we will see more vacant buildings and more crime. The two large metros that beat out Salt Lake City for the steepest increases? Our neighbor to the south, Las Vegas, is the runner-up.

Coming in first place: Sacramento. The full study can be viewed online here. But being unsheltered is not a crime. .