Real Estate

Report: nightly rentals account for 43% of Park City’s total housing stock

PARK CITY, Utah — The Kem. C. Gardner Policy Institute at the University of Utah recently released an updated short-term rental inventory report, which aims to provide an account of the size of the nightly rental market and how it relates to the total housing supply.

According to the report, Park City proper has the highest number of short-term rentals of any city in the state with 3,922 total listings. It’s a 12.6% increase compared to the year prior.

Snyderville ranks second in the state, with 1,764 total listings — a one-year growth rate of 16.7%.

Roughly 23.3% of Summit County’s total housing is listed as a short-term rental, up from 21% in 2020.

Kem C. Gardner Policy Institute

Statewide, nightly rentals account for approximately 1.6% of total housing units, a slight increase from the previously reported 1.4%.

In 2019, there were 14,782 nightly rentals across Utah. In 2021, the total number of listings are 18,743, a two-year increase of 26.8%.

Kem C. Gardner Policy Institute

Nightly rentals in Summit, Washington, Salt Lake, Rich, and Grand counties account for two-thirds of the growth seen between 2020 and 2021.

“Academic research indicates a relationship with increasing STR supply leading to a decrease in affordability and housing options as supply is occupied by visitors rather than full-time residents,” notes the report’s author, Senior Research Fellow Dejan Eskic.

Eskic utilized the rental data provider Transparent, which pulls listings from Airbnb, VRBO, and booking.com. The program eliminates duplicates. He noted that the reported listings are likely an undercount.

Full accounting of city and county STR listings:

Kem C. Gardner Policy Institute
Kem C. Gardner Policy Institute

 

 

You May Also Like
TownLift Is Brought To You In Part By These Presenting Partners.
Advertisement

Add Your Organization

1,215 views