The median rent in Salt Lake City rose by 0.3% over the course of February, according to the March report from Apartment List.
Currently, the overall median rent in the city stands at $1,324, roughly the same as last month. Prices remain down 1.1% year-over-year.
Rent growth in 2024 pacing similar last year
Two months into the year, rents in the city have risen 0.3%. This is a similar rate of growth compared to what the city was experiencing at this point last year: from January to February 2023 rents had increased 0.5%.
Rents are 11.2% lower in city than the metro-wide median
Across the metro area, the median rent is $1,491 meaning that the median price in Salt Lake City proper ($1,324) is 11.2% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -2.4%, below the rate of rent growth within just the city.
The table below shows the latest rent stats for 8 cities in the metro area that are included in our database. Among them, Draper is currently the most expensive, with a median rent of $1,887. Salt Lake City is the metro’s most affordable city, with a median rent of $1,324. The metro’s fastest annual rent growth is occurring in West Valley City (0.6%) while the slowest is in Murray (-5.1%).
