Salt Lake City rents have increased 1.0 percent over the past month according to the latest report from Apartment List.
Rents in the city have increased slightly by 0.7 percent year-over-year.
Currently, median rents in Salt Lake City are $927 for a one-bedroom apartment and $1,185 for a two-bedroom.
This is the second straight month that the city has seen rent increases after a decline in December of last year. Salt Lake City’s year-over-year rent growth lags the state average of 3.1 percent, but exceeds the national average of -0.8 percent.
West Valley City rents also increase sharply
West Valley City rents have increased 1.1% percent over the past month, and are up moderately by 2.9 percent in comparison to the same time last year.
Currently, median rents in West Valley City are $1,056 for a one-bedroom apartment and $1,245 for a two-bedroom.
This is the second straight month that the city has seen rent increases after a decline in December of last year.
West Jordan rents declined slightly over the past month
West Jordan rents have declined 0.2 percent in February.
However rents are up by 1.6 percent year-over-year.
Currently, median rents in West Jordan are $1,156 for a one-bedroom apartment and $1,408 for a two-bedroom.
Apartment rents trending up nationally
“This month’s data represents the clearest indication yet that rent prices are rebounding in markets across the country,” Apartment List said in the report. “For comparison, in the previous three years, the average month-over-month rent growth in February was 0.3 percent. In other words, the month’s increase was more than double the prior-year average for this time of year.
“The data continue to exhibit significant regional variation, but the days of plummeting rents in pricey coastal markets appear to be coming to an end, with cities such as San Francisco and Seattle experiencing positive month-over-month growth for the first time since the start of the pandemic.”
National Rent Index Shows Largest Monthly Jump Since June 2019