One big thing
Short-term rentals are significantly impacting Utah’s housing market, especially in tourism-heavy counties.
Why it matters
The surge in short-term rentals is exacerbating Utah’s housing crisis, particularly in areas reliant on tourism, potentially making housing unaffordable for local residents.
Go deeper
A new report from the Kem C. Gardner Policy Institute reveals a dramatic increase in short-term rentals (STRs) across Utah:
- STR listings jumped 39.4% between 2021 and 2023, adding 6,625 new listings
- The state now averages 23,428 STR listings monthly
- 83.1% of STRs are within 10 miles of a state or national park, national monument, or ski resort
Key findings
- Over 60% of all STR listings are concentrated in Summit, Salt Lake, and Washington counties
- Summit County leads with STRs representing 23.8% of their total housing in 2023
- Salt Lake County’s STR listings equate to only 1.1% of total housing, illustrating the stark urban-tourism divide
Reasons for concern
- In Summit County, for every 10 new residential units added between 2022 and 2023, there was an increase of 14.2 new STR listings
- Grand County saw a similar trend, with 10.3 new STR listings for every 10 new residential units
- This suggests a potential loss of existing housing to the short-term rental market in tourism-heavy areas
Good and bad
While STRs boost tourism and local economies, they also present challenges:
- Increased visitor spending and tax revenue
- Potential loss of long-term housing options for residents
- Pressure on local infrastructure and services
Bottom line
As Utah continues to attract visitors, balancing tourism benefits with community housing needs will be crucial for sustainable growth.
