Salt Lake City Utah rents dropped 1.2% in September, according to the October report from Apartment List.
The overall median rent in the city stands at $1,312, after falling 1.2% last month. Prices are now down 2.1% year-over-year.
Salt Lake City’s rent growth over the past year has is similar to the state average (-2.1%) but has fallen below the national average (-0.7%).
Salt Lake City rent growth in 2024 pacing similar last year
Nine months into the year, rents in Salt Lake City have risen 0.1%. This is a similar rate of growth compared to what the city was experiencing at this point last year: from January to September 2023 rents had increased 0.0%.
Across the metro
Across the metro area, the median rent is $1,495 meaning that the median price in Salt Lake City proper ($1,312) is 12.2% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -2.2%, below 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 Utah metro area that are included in the Apartment List database.
Among them, Draper is currently the most expensive, with a median rent of $1,939. South Salt Lake is the metro’s most affordable city, with a median rent of $1,268. The metro’s fastest annual rent growth is occurring in Draper (1.5%) while the slowest is in Murray (-4.4%).