- Rental demand is increasing as homeownership costs rise, Zillow reports.
- Utah renters face $2,500 monthly rent vs. $4,000 to own, Gardner Institute finds.
- Mortgage rates at 7.4% push families to rent; Salt Lake City demand up 7.4%.
SALT LAKE CITY — The increasing costs of owning a home are leading to higher demand for rentals, according to new data from Zillow.
The typical monthly rent payment is $1,932, Zillow recently reported, compared to $3,037 a month for a homeowner. The real estate marketplace company found homebuying costs are rising nearly twice as fast as renting costs.
In Utah, the difference is even more pronounced. For single-family homes specifically, it costs about $2,500 a month to rent versus $4,000 a month to own, according to the Kem C. Gardner Policy Institute at the University of Utah…