Staggering Rental Rates in Utah: What Will Make it Affordable?

Utah is in a tough spot with housing. Rent is high, and there just aren’t enough places to live. To compound the problem, wages have not climbed anywhere near the same rate.

Good Economy and Healthy Lifestyle are Attractive

The strong Utah economic growth in Utah along with the beautiful outdoor lifestyle continue to attract thousands every year. This gives landlords the ability to charge more, leaving renters stuck paying higher prices—or struggling to find a place at all.  

While building more homes could help, it’s not that simple.  The combination of high construction costs and interest rates prices many out of the market, forcing them to pay high rent instead.

Many of the homes that are being built are getting snapped up by people moving from states with a higher cost of living. All of this contributes to soaring rents, leaving many renters struggling and making the problem worse. 

This Won't Last Forever  

The good news is that conditions will change. A drop in interest rates could reshape the housing market quickly. Governor Cox plans to construct 35,000 homes for first time buyers. As housing is addressed things could turn around in the near future.

Right now, if you’re looking for a rental in Utah, you’re probably competing with a large number of people for the same place. Even if you can afford it, finding something available is a challenge.  

Read More: Californians Moving to Utah Are In For Some Startling Realizations

Until economic conditions change in favor of lower interest rates, renters are stuck dealing with the high cost of housing.