What are the renting statistics in Utah?
19% of rental households in Utah house Senior Citizens
It is often that that most people that are renters are mostly young families or younger individuals. Over time there has been an increase amount of seniors that are choosing to rent in Utah. “Senior Communities” are becoming a popular place of living with all the amenities for a senior’s lifestyle, while other seniors have a preference of having their own places such as a home or apartment to rent. As seniors age, they want less hassle and more convenience, which is why they turn to renting.
15% of renters in Utah occupy a household of 5 or more…
Utah is known for having big families and leads the nation with the average household size for homeowners, as well as renters. With large family sizes throughout Utah there has become a need for homes and apartments to have a minimum of three bedrooms, and sometimes even more than that, because roughly out of seven tenants, there is one that lives in a home with 5 or more people.
25% of renters in Utah, live alone
It is probable that most large families will most likely own a home over renting a home. Most likely, single individuals, regardless the stage of, life they’re in will most likely rent a home, than own a home. This fact explains that there will always be a market for rentals, and even more in urban areas.
18% of tenants in Utah belong to an ethnic minority
64% of minorities have a higher chance of being a renter than their Caucasian friends. Minorities who become new residents to a state are going to prefer living in an urban area over a rural area. Owning a home for most minorities new to Utah is less of a financial priority. It is crucial for landlords to ensure their Fair Housing practices are up the Utah high industry standards.