Fewer home buyers = more renters. When the demand for rental units increases, so does the cost of rent. Right now in Salt Lake City, rents are going up, home prices are falling and interest rates are at all time lows.
At some point it makes sense for a renter to become a home owner because the amount of rent per month vs. the cost of home ownership makes it worth while to buy.
I have a friend who told me that she paints every rental she moves into to make it how she wants it. Her landlord is saying, “thank you for the free labor”!
The Salt Lake City real estate market has been declining for over 4 years. As renters get tired of increasing rents, more and more of them will become home owners.
Kevin Coyle
SLC Homes
M: (801) 243-0699
