Utah Population Climbs to 3.3 Million People, Net In-Migration Surge

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Nearly 35,000 people (net migration) moved into Utah, almost 10,000 more than last year’s estimate.

By The Kem C. Gardner Policy Institute

Population estimates for July 1, 2021, released today by the Kem C. Gardner Policy Institute, indicate the state added approximately 71,936 people since the 2020 census, reaching an estimated 3,343,552 Utahns. From July 1, 2020, to July 1, 2021, the population grew by 58,729 people. This annual growth rate of 1.8% is the highest since 2017. “Utah started the decade with a year of solid growth, averaging 160 new residents per day,” said Emily Harris, Senior Demographer at the Gardner Institute and lead author of the report. “The state also experienced the second-highest recorded net migration and the lowest natural increase since 1975. This year’s estimates indicate a slight rebound as Utahns move through a global pandemic and attempt to find a new normal.” Key results from the report include the following: Natural Increase – Since July 1, 2010, Utah has experienced an annual decline in natural increase due to annual births decreasing while annual deaths increase. National trends during this same period depict a declining fertility rate significantly impacted by the Great Recession. Utah’s total fertility rate (TFR) fell from 2.45 in 2010 to below replacement level (1.99 in 2019), moving from the highest TFR in the nation to the third highest. Net Migration – Utah’s 2021 net migration is 34,858, almost 10,000 more than last year’s estimate. This estimate is the highest net migration since 2005 and is the 7th consecutive year that net migration has been above 20,000. Net migration contributed 59% of Utah’s population growth over the past year, up from 49% of state growth the year before. Region and County-Level Results – Iron County had the fastest growth at 6.2%, followed by Tooele County (4.1%), Washington County (4.0%), and Utah County (2.9%). Utah County had the highest natural increase, net migration, and population growth in the state, far exceeding Salt Lake County’s 0.8% growth. One-third of statewide growth between July 1, 2020 and July 1, 2021 came from Utah County residents. Salt Lake County contributed 15.9% of growth and Washington County was responsible for 12.5% of growth. Davis, Weber, Cache, Iron, and Tooele counties contributed between 7.7% and 5.1% each to the state’s growth. Garfield County was the only county to lose population in 2021. Impacts of COVID-19 – Although the anticipated impacts of COVID-19 on births were not apparent in the data, the significant increase in deaths changed how the state and many counties grew. Net migration became the driver of growth statewide, increasing by 15% over the previous year and driving growth in three-quarters of counties. While net migration varies annually in Utah, natural increase (outside of a global pandemic) typically does not. Once COVID-19 related deaths subside, there is an expectation that natural increase will stabilize. Utah began the decade with a year of robust population growth, the second-highest recorded net migration, and the lowest natural increase since 1975. Utah’s population growth started to moderate in 2018, but this year’s estimates indicate a rebound as Utahns move through a global pandemic and start a new economic cycle. The Greater Salt Lake and Southwestern regions continue to expand and attract migrants from inside and outside Utah, fueling 97.3% of the state’s growth. Although the anticipated impacts of COVID-19 on births were not apparent in the data, the signicant increase in deaths changed how the state and many counties grew. Net migration became the driver of growth statewide, and drove growth in three-quarters of counties. While net migration varies annually in Utah, natural increase (outside of a global pandemic) typically does not. Once COVID-19 related deaths subside, there is an expectation that natural increase will stabilize. Natural increase will likely continue the trend of gradual decline experienced before the pandemic as the population continues to age and fertility rates decrease.

EQUITY REAL ESTATE

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Brighton Town Ordinance Regulates Short-Term Rentals

Selling real estate in Brighton? The new ordinance allows nightly rentals, but owners must meet specific conditions to comply.

By The Town of Brighton

In April of 2021, the recently formed Town of Brighton passed an ordinance regulating short term rentals. A short-term rental is defined as “any dwelling or condominium or portion thereof that is available for use or is actually used for accommodations or lodging of guests for a period of less than thirty consecutive days, wherein guests pay a fee or other compensation for said use.” This definition and other regulations for short term rentals can be found at: brighton.municipalcodeonline.com. The majority of the regulations were already in place under the Salt Lake County Code. However, the Town added regulations to help ensure that short term rentals will be good neighbors, and also made it an easier process to be licensed. The underlying requirements of where short-term rentals can occur are still in place. Brighton Town Code requires the following conditions before it may be used as a short-term rental: • Sewer connection and year-round culinary water (septic tanks/fields, or holding tanks are not allowed); • Land Use Permit (“FCOZ permitted use”); • Business license; • Two off street, year-round vehicle parking spaces, plus one for each bedroom over two bedrooms; • Inspection and compliance with building and fire codes including adequate egress from bedrooms; reinspection every three years; • Compliance with short term rental regulations such as minimum of 2 nights duration of rental, no more than 15 occupants, restrictions on noise, property cleaning, prohibition of holding special events including weddings, snow removal, etc. • No short-term rentals are permitted in an accessory dwelling unit. For more information, the regulations are listed in the Town code in the link above, or on the Town website at: https://www.brighton.utah.gov/administration/page/ short-term-rentals. That page advises property owners of the short term rental regulations and explaining the process to obtain a Land Use Permit, business license, and regulations covering short term rentals. The goal of the Short-Term Rental Ordinance is to allow property owners, residents, and visitors to enjoy the wonderful Town of Brighton and be good neighbors. Please help us in meeting this goal and feel free to contact us with any questions or concerns.

Erich Telford Director of Operations

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HOUSING WATCH

Salt Lake County Home Sales Fall for the Fifth Consecutive Month

Home sales in Salt Lake County in October fell 23% compared to sales in October 2020, according to UtahRealEstate. com. It was the fifth consecutive month of falling sales year over year. Despite the recent slowdown, home sales from January through October were down just 7% compared to the same 10-month period in 2020. This year is on track to be one of the top five years for sales. Salt Lake home sales reached a high in 2020, when more than 19,200 homes were sold. The median sold price of all homes sold in October climbed to $475,000, up 23% compared to median price of $387,000 in October 2020. The median price of a single-family home was $542,250, up 24% year over year. Multifamily home prices increased to $394,200, up 23% year over year. “Higher prices and limited inventory have slowed sales,” said Matt Ulrich, President of the Salt Lake Board of Realtors®. “While sales have recently slowed, multiple offers are commonplace on most properties. Home prices continue to rise.” A typical home in Salt Lake County sold in just eight days in October, the same number of days in October 2020. Total sales volume in October increased to $822.5 million, down 3% from $850.9 million in October 2020. Nationally, total existing-home sales fell 5.8% from a year ago (6.73 million in October 2020), according to the National Association of Realtors®. In October, first-time buyers were responsible for 29% of sales, up from 28% in September and down from 32% in October 2020. NAR’s 2021 Profile of Home Buyers and Sellers – released earlier this month – reported that the annual share of first-time buyers was 34%. Individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes in October, up from both 13% in September and from 14% in October 2020. All-cash sales across the United States accounted for 24% of transactions in October, up from both 23% in September and from 19% in October 2020.

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