Salt Lake City April rents are flat month-over-month and down 2.6% year-over-year, according to the May report from Apartment List.
The overall median rent in the city stands at $1,310, roughly the same as April.
So far this year, Salt Lake City rent growth is pacing similar last year. Four months into 2024, rents in Salt Lake City have risen 0.3%. This is a similar rate of growth compared to what the city was experiencing at this point last year as from January to April 2023 rents increased 0.5%.
Salt Lake City’s rent growth over the past year is similar to the state average (-2.1%) but has fallen below the national average (-0.8%).
Salt Lake City rents are 12.5% lower than the metro-wide median
Across the Salt Lake City metro area, the median rent is $1,497 meaning that the median price in Salt Lake City proper ($1,310) is 12.5% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -2.1%, above the rate of rent growth within just the city.
The table below shows the latest rent stats for 9 cities in the Salt Lake City metro area that are included in the Apartment List database.
Among them, Draper is currently the most expensive, with a median rent of $1,911. South Salt Lake is the metro’s most affordable city, with a median rent of $1,280. The metro’s fastest annual rent growth is occurring in Millcreek (2.1%) while the slowest is in South Salt Lake (-6.0%).
