Salt Lake City rents have declined 0.2% over the past month, but have increased slightly by 1.8% in comparison to the same time last year, according to the latest report from Apartment List.
Currently, median rents in Salt Lake City stand at $873 for a one-bedroom apartment and $1,083 for a two-bedroom.
This is the second straight month that the city has seen rent decreases after an increase in June. Salt Lake City’s year-over-year growth leads the state average of 1.7%, as well as the national average of 1.5%.
Ogden rents increased slightly over the past month
Ogden rents have increased 0.2% over the past month, and are up marginally by 0.8% in comparison to the same time last year.
Currently, median rents in Ogden stand at $697 for a one-bedroom apartment and $893 for a two-bedroom.
This is the second 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 1.7%, as well as the national average of 1.5%.
Salt Lake City 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 $1,083 is below the national average of $1,191. Nationwide, rents have grown by 1.5% over the past year compared to the 1.8% increase in Salt Lake City.
- While Salt Lake City’s rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.7%), Dallas (+2.0%), and New York (+1.7%).
- Renters will find more reasonable prices in Salt Lake City than most large cities. For example, San Francisco has a median 2BR rent of $3,133, which is more than two-and-a-half times the price in Salt Lake City.
Last month’s report:
Salt Lake City Rents Declined Over The Past Month
Methodology:
Apartment List is committed to making rent estimates the best and most accurate available. To do this, they use reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from their listing data. They use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
