Posted 12/29/2023, 1:00:49 PM
Rents Fall for Apartments but Keep Climbing for Houses as Utah Struggles with Affordable Housing
- Rents for apartments have come down slightly but rents for single-family homes continue to increase
- Higher interest rates have slowed home buying, with sales down 15% from last year
- Cost and affordability are driving more apartment construction rather than condos and townhomes
-Momentum is building for smaller, dense housing options that more Utahns can afford
- Zoning laws that allow more units per acre enable construction of less expensive housing