71%...Really?
A recent study from the Gardner Policy Institute revealed that 71% of Utah households were priced out of the median-priced home market by the spring of 2022. The average median home price in Utah eclipsed $500,000 in February 2022. That figure is even higher in Salt Lake and Utah Counties. These stunning statistics have obviously turbo-charged the demand for multifamily units in Utah. So, the fact that asking rents in Salt Lake County increased by 11.00% annually between 2020 and 2022 really isn’t that surprising.
To put a finer point on the rent increase statistics, average monthly asking rents increased by $274 between 2010 – 2020 (2.6% annually) vs. $321 between Q1/2020 – Q2/2022 (11.00% annually).
Finally, there are approximately 24,249 apartments under construction along the Wasatch Front. Of that total, 13,957 (57.6%) are being built in Salt Lake County. And of that total, 54.2% (7,564 units) are under construction in Salt Lake City.