Every September the Utah Apartment Association brings together economic experts to present how the rental housing market and Utah economy are doing.
The following are info and charts “we think you will find interesting,” says the Utah Apartment Association.
Jobs and Unemployment
Utah unemployment rate is the lowest in the country at 5.5 percent vs 11.2 percent nationally.
In the COVID-19 shutdowns, Utah lost fewer jobs as a percentage than only one otherstate at 2 percent vs 7.5 percent nationally.
Housing Construction and Demand
Since March, Utah has had the best six months for new home/apartment construction in history.
As a state we are still low 53,000 housing units, meaning more demand than supply which is driving production and prices.
Utah Economy Recovery
Those predicting a V shaped recovery have been right so far, particularly in Utah.
The Utah economy is recovering well, fastest in country and rental housing is in a good position due to the rental assistance we have received, a high rent collections rate due to low unemployment, and continued supply and demand imbalance.
Salt Lake City Rents Increased Slightly Over The Past Month