TAYLORSVILLE, Utah (ABC4) – Matt isn’t alone. He knows this. But it doesn’t make his rent any easier to pay.
“I was devastated,” said Matt.
That devastation, he says, came in the form of a letter — a notification that his 2-bedroom apartment in Taylorsville would cost him more than $300 per month extra if he wanted to renew his lease.
Now, Matt plans to head back home to Missouri. He moved to Utah a few years ago and loves it here. But the apartment he left behind in Missouri, he says, is currently available. And it’s renting for half of what he’ll need to pay here.
His current employer in Utah has told him that he can work remotely.
“It’s hard to give up, it’s gonna hurt,” said Matt. “I think I’ve just pretty much become a statistic. I’ve become one of those people affected.”
With home prices in Utah up by roughly 25 percent year over year, apartment rent is up too. According to a recent report, vacancy rates in Utah have never been lower, either.
“Frankly, the problem with apartment prices is supply we just don’t have enough supply,” said Paul Smith with the Utah Apartment Association. “If we had more apartments and homes, the prices would not go up as much.”
Smith says landlords see their own costs rising with inflation, as well.
“It’s much more expensive to operate an apartment than it has been in the past,” said Smith.