Utah rents are expected to keep rising, experts say
People along the Wasatch Front are paying a lot more money for rent than they did a year ago, and experts are saying rent prices in Utah will keep rising.According to data from Apartment List, analyzed by the Kem C. Gardner Policy Institute, double-digit rent increases year over year are widespread throughout the state.
Senior research fellow at the Gardner Policy Institute Dejan Eskic says he expects rents along the Wasatch Front to rise another 10 to 15 percent over the next year. The good news, he says, is there are a thousand units coming to the market soon. He says the new supply should help bog down the prices a bit.
As it currently stands, though, there’s a lot more demand than supply. Maintenance costs are also going up due to labor shortages, which translates to the higher rent costs, according to Eskic.