Utah continues to experience rapid growth, with Californians leading the influx of people moving to the state. Based on data from the Census Bureau compiled by the Utah Rental Housing Association, there were more than 91,000 new move-ins in 2022. Out of this number, over 18,000 individuals, accounting for approximately 20%, relocated from California. The second highest migration point was from Washington state, with over 8,800 people, representing a little over 9% of the total move-ins. The remaining top 10 states contributing to Utah’s population growth are Idaho, Texas, Arizona, Colorado, Nevada, Florida, Oregon, and New York, with varying numbers of new move-ins.
Utah exemplifies the fundamental economic concept of supply and demand through its notable growth and soaring rental rates. The influx of new residents intensifies the need for housing, consequently leading to an increase in prices.
According to a 2022 study conducted by the Kem C. Gardner Policy Institute, statistics revealed that the average monthly cost of an apartment in Salt Lake County was $939 in 2010.
Utah exemplifies the fundamental economic concept of supply and demand through its notable growth and soaring rental rates. The influx of new residents intensifies the need for housing, consequently leading to an increase in prices.
According to a 2022 study conducted by the Kem C. Gardner Policy Institute, statistics revealed that the average monthly cost of an apartment in Salt Lake County was $939 in 2010.
In 2020, the monthly rent stood at $1,213. However, by 2022, it had risen to $1,534, indicating a $321 increase over the course of two years. In contrast, the average rent for the same type of apartment had only increased by $135 from 2000 to 2010.
During 2010, the average cost of renting an apartment in Davis County amounted to $864 per month. Fast forward to 2022, and the rent had reached $1,452 per month.
Moving on to Utah County, the average rent in 2010 was $1,000 per month. By 2022, it had climbed to $1,475 per month.
Weber County, known for its affordability among the four major counties along the Wasatch Front, had an average monthly rent of $821 in 2010. However, in 2022, this cost had risen to $1,380 per month.
To provide a comprehensive overview, between 2020 and 2022, all four counties experienced an average rent increase of at least $260 per month, with most being closer to $300.
In contrast, during the ten-year period from 2000 to 2010, the average rent in these four counties only increased by a modest range of $91 to $135 per month.
In 2020, the monthly rent stood at $1,213. However, by 2022, it had risen to $1,534, indicating a $321 increase over the course of two years. In contrast, the average rent for the same type of apartment had only increased by $135 from 2000 to 2010.
During 2010, the average cost of renting an apartment in Davis County amounted to $864 per month. Fast forward to 2022, and the rent had reached $1,452 per month.
Moving on to Utah County, the average rent in 2010 was $1,000 per month. By 2022, it had climbed to $1,475 per month.
Weber County, known for its affordability among the four major counties along the Wasatch Front, had an average monthly rent of $821 in 2010. However, in 2022, this cost had risen to $1,380 per month.
To provide a comprehensive overview, between 2020 and 2022, all four counties experienced an average rent increase of at least $260 per month, with most being closer to $300.
In contrast, during the ten-year period from 2000 to 2010, the average rent in these four counties only increased by a modest range of $91 to $135 per month.
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