Salt Lake City Rents Increase Sharply Over The Past Month

Salt Lake City Rents Increase Sharply Over The Past Month

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 in Salt Lake City compared to national rents