The median rent in Salt Lake City fell by 0.4% over the course of August, and has now decreased by a total of 0.9% over the past 12 months, according to the September report from Apartment List.
Salt Lake City’s rent growth over the past year has is similar to both the state (-1.7%) and national averages (-0.7%).
Eight months into the year, rents in the city have risen 1.6%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to August 2023 rents had increased 0.4%.
Rents in the city are 11.8% lower than the metro-wide median
Across the metro area, the median rent is $1,510 meaning that the median price in Salt Lake City proper ($1,333) is 11.8% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -1.5%, below the rate of rent growth within just the city.
The table below shows the latest rent stats for 9 cities in the metro area that are included in the Apartment List database.
Among them, Draper is currently the most expensive, with a median rent of $1,932. South Salt Lake is the metro’s most affordable city, with a median rent of $1,270. The metro’s fastest annual rent growth is occurring in Draper (1.0%) while the slowest is in Murray (-4.9%).
