As home inventory grows, typically rental rates don't rise as much. This is because people can just as easily buy than rent.
A recent article at Forbes.com suggests that even though Salt Lake's inventory of available homes for sale is growing, rental rates are still rising because job growth is the highest in the nation and is bringing in a "steady stream" of people into the state.
"Job growth also affects renters. Salt Lake City has one of the fastest rates of new construction, but it isn't fast enough to keep up with job growth. A 3.1% uptick in jobs is the highest of any city measured, and the result has been a steady stream of new citizens moving to the city. More jobs, more people and higher wages have lifted prices in both the rental market and sales market there. "
If you will be relocating to the Salt Lake City area in the next 3-6 months, find out why you should hire an Exclusive Buyer's Agent to represent your best interest when looking for and buying a home.
Homebuyer Representation, Inc. is an Exclusive Buyer Brokerage serving Salt Lake and surrounding areas. We do not list homes and we don't represent Sellers. We work for Home Buyers ONLY - to get the BUYER the best price and terms possible on the best home available!
For more information, just call us at (801) 969-8989 or contact us via the link on this page.