Salt Lake City rents have increased for the third straight month and have increased 0.7% over the past month, and have increased slightly by 1.7% in comparison to the same time last year, according to a report from Apartment List for June.
Currently, median rents in Salt Lake City stand at $880 for a one-bedroom apartment and $1,090 for a two-bedroom.
This is the third straight month that the city has seen rent increases after a decline in March. Salt Lake City’s year-over-year rent growth leads the state average of 1.5%, 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, 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 $1,090 is below the national average of $1,190. Nationwide, rents have grown by 1.6% over the past year compared to the 1.7% increase in Salt Lake.
- While Salt Lake rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.8%), Dallas (+1.9%), and Atlanta (+1.8%).
- Renters will find more reasonable prices in Salt Lake than most large cities. For example, San Francisco has a median 2BR rent of $3,100, which is more than two-and-a-half times the price in Salt Lake City.