The median rent in Utah costs $1,504, which is higher than the average rent of $1,249 in the U.S., according to an Earnest study.
The study ranked the state as the eighth most expensive place to rent properties nationwide. California landed on top of the list with a median rent of $1,901. Four cities in the state ranked on the top five least affordable places for renters.
Utah County Market
Cushman & Wakefield predicts that an apartment boom in Utah County will continue in the near future, driven by a strong job market and demand for properties. Rents in the county have now become more expensive than Salt Lake County. Be prepared to pay $1,142 as the average rent for all types of units in Utah County.
Bonneville Multifamily Capital notes that a multifamily construction loan could help developers and investors with tight budget launch their next projects to maximize the benefits of the current situation.
Data from several verified loan applicants within a three-year period served as the basis for the study’s findings. As housing will take up almost one-third of the expenses for the average American’s lifetime, the price may be more or less expensive depending on where you plan to rent a property.
The study noted that your educational attainment indirectly influences your housing expenses. Those with Associate’s degrees or lower tend to pay less for rent, while people with an MD or JD likely pay more. California may be the most expensive state for renters, but residents in South Dakota spend the most percentage of their income on median rents alone at 24.8%. In Utah, people allot 18.7% of their income on rents, which are rising in some counties.
Affordable rental housing remains an issue, especially for low-income households in the U.S. Do you prefer renting an apartment to buying your own home?