The median rent in Salt Lake City fell by 1.5% over the course of October, and has now decreased by a total of 5.4% over the past 12 months, according to the Apartment List report for November.
Salt Lake City’s rent growth over the past year has fallen behind both the state (-3.2%) and national averages (-1.2%
Ten months into the year, rents in the city have fallen 1.2%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to October 2022 rents had increased 5.7%.
Across the Salt Lake City metro area, the median rent is $1,445 meaning that the median price in Salt Lake City proper ($1,262) is 12.7% lower than the price across the metro as a whole.
Metro-wide annual rent growth stands at -4.3%, above the rate of rent growth within just the city.
The table below shows the latest rent stats for 5 cities in the Salt Lake City metro area that are included in the Apartment List database. Among them, South Jordan is currently the most expensive, with a median rent of $1,878. Salt Lake City is the metro’s most affordable city, with a median rent of $1,262. The metro’s fastest annual rent growth is occurring in South Jordan (-1.0%) while the slowest is in Salt Lake City (-5.4%).
Apartment List methodology
Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD.