The Evolving Landscape of Utah’s Short-Term Rental Market

Short-term rental (STR) growth accelerated dramatically across the United States as the COVID-19 pandemic shifted consumer behaviors, thus increasing their market demand. This report summarizes the recent trends in the growth of STRs across Utah and how this growth relates to the total housing supply.

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, it was 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 STR’s are in townhomes.