Salt Lake City rents have remained flat over the past month, however, they are up slightly by 1.8% year-over-year, according to the August report from Apartment List.
Currently, median rent stands at $875 for a one-bedroom apartment and $1,085 for a two-bedroom.
Salt Lake City’s year-over-year rent growth leads the state average of 1.7%, as well as the national average of 1.6%.
Ogden rents increased significantly over the past month
Ogden rents have increased 0.4% over the past month, and are up slightly by 1.2% in comparison to the same time last year.
Currently, median rents in Ogden stand at $695 for a one-bedroom apartment and $891 for a two-bedroom. Ogden’s year-over-year rent growth lags the state average of 1.7%, as well as the national average of 1.6%.
Salt Lake City 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 moderate rent growth. Salt Lake City is still more affordable than most large cities across the country.
- Salt Lake City’s median two-bedroom rent of $1,085 is below the national average of $1,191. Nationwide, rents have grown by 1.6% over the past year compared to the 1.8% rise in Salt Lake City.
- While Salt Lake rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.7%), Dallas (+2.1%), and New York (+1.8%).
- Renters will find more reasonable prices in Salt Lake City than most large cities. For example, San Francisco has a median 2BR rent of $3,126, which is more than two-and-a-half times the price in Salt Lake City.