What’s the problem?
Utah’s rapid population growth is projected to continue—and so are its housing costs. Despite a flurry of recent development and new construction, demand is expanding faster than supply can keep up. This, in turn, is leading to the lowest vacancy-for-homes rate in the nation, as well as making it increasingly difficult for many to find and afford a quality home.
In fact, almost every year over the past decade, Utah’s rental prices have shot up 5% to 7% a year with the average rent for a 1-bedroom apartment in Salt Lake City sitting at $1,771.* Likewise, the cost of purchasing a home in Utah has skyrocketed with median home prices increasing by 15.4% in 2020 and even further in 2021.**