Salt Lake City rents have declined 0.3% over the past month, but have increased slightly by 1.7% in comparison to the same time last year, according to the latest report from Apartment List.
Median rents stand at $870 for a one-bedroom apartment and $1,080 for a two-bedroom.
This is the third straight month that the city has seen rent decreases after an increase in June. Salt Lake City’s year-over-year rent growth leads the state average of 1.6%, as well as the national average of 1.4%.
Ogden rents increased slightly over the past month
Meanwhile, Ogden rents have increased 0.2% over the past month, and are up marginally by 0.7% in comparison to the same time last year.
Currently, median rents in Ogden stand at $698 for a one-bedroom apartment and $895 for a two-bedroom. This is the third straight month that the city has seen rent increases after a decline in June.
Ogden’s year-over-year rent growth lags the state average of 1.6%, as well as the national average of 1.4%.
Rents more affordable than many large cities nationwide
As rents have increased slightly in Salt Lake City, a few large cities nationwide have also seen rents grow modestly. Salt Lake City is still more affordable than most large cities across the country.
- Salt Lake City’s median two-bedroom rent of $1,080 is below the national average of $1,189. Nationwide, rents have grown by 1.4% over the past year compared to the 1.7% increase in Salt Lake City.
- While rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.8%), Dallas (+1.8%), and Atlanta (+1.6%).
Renters will find more reasonable prices in Salt Lake City than most large cities.
Report from last month: