News Release

October 23, 2024 (Salt Lake City) – Short-term rental (STR) growth accelerated dramatically across the United States as the COVID-19 pandemic shifted consumer behaviors, thus increasing their market demand. A new report from the Kem C. Gardner Policy Institute summarizes the recent trends in the growth of STRs across Utah. The purpose of the report is to provide state and local leaders with an account of the size of the STR market and how it relates to the total housing supply.

“The number of short-term rentals (STRs) in Utah steadily increased over the past decade as Airbnb, Booking.com, and VRBO platforms became popular,” said Dejan Eskic, senior research fellow at the Gardner Institute. “Overall, STRs account for approximately 1.9% of our housing stock in 2023. However, while this number seems relatively low, the rise of short-term rentals in Utah disproportionately impacts the state’s tourism areas, affecting housing affordability and accessibility in these communities.”

Key findings from the report include the following:

Rapid Growth –The average number of monthly STR listings increased by 39.4% from 16,803 in 2021 to 23,428 in 2023. At the state level, STR listings account for approximately 1.9% of all residential units. While this figure is relatively low, it continues to rise

County Focus – Over 60% of all STR listings in Utah are in three counties:  Summit County, Salt Lake County, and Washington County. In 2023, Summit County averaged 6,443 STR listings per month, Salt Lake County 4,869, and Washington County 3,128 listings.

Concentration – Summit County leads the state with STRs as a share of total housing units with approximately 23.8% of the total housing listed as STRs. Grand County’s STRs account for 18.7% of the housing stock, while Salt Lake County STR listings equate to 1.1% of the county’s total housing units.

Housing Loss – Tourism counties like Summit and Grand are losing existing housing to STRs. Between 2022 and 2023, there was an increase of 14.2 new STR listings in Summit County for every 10 new residential units added. In Grand County, there were 10.3 new STR listings for every ten new residential units added.

National Parks and Ski Areas – Tourism is a major driver of the growth and concentration of STRs. In 2023, 83.1% of STRs were located within 10 miles of a state park, national park, or national monument. Additionally, 24.9% were located within a ¼ mile of a ski resort, and nearly half of all listings are within 10 miles of a ski area.

Neighborhood – At a neighborhood level, STRs tend to be in areas with higher housing prices and household incomes, higher rates of homeownership, and a higher number of single-family homes.

Types of Homes Occupied – Approximately 40.8% of STRs occupy apartment-style units, with 39.2% occupying single-family homes. Additionally, 13.1% of STRs are in townhomes.

The full report is now available online.

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