SALT LAKE CITY, Utah (ABC4 News) – In a recent study done by Zumper, Salt Lake City was ranked 48th most expensive city to rent, but several other surrounding cities have higher rental prices.
According to Zumper, Salt Lake City’s price of a one-bedroom unit was $1,070, while two bedrooms are $1,370. Their study also indicated the national one-bedroom rental price is $1,233, and two-bedroom rentals are $1,477.
Their study, however, appears to be low compared to RentCafe’ which shows Salt Lake City has gone up 7% in one year with an average rental of $1,166.
South Salt Lake is reported to have had the highest percentage increase with one-bedroom rentals going up 8% in one year to $1,068, Kearns is up 6% to $1,098 and West Valley City is also up 6% to $1,072.
According to this same study by RentCafe, the most expensive places to rent in the Salt Lake Valley are Riverton and Herriman. Both are above the national average with Riverton rentals being $1,261 and Herriman’s being at $1,246.
Sandy comes in as the 3rd highest in the valley at $1,214. You can read their full report here.
There is a difference in rankings, however, when it comes to purchasing a home.
In a report by homesnacks.net, they list the top most expensive places to live based on real estate in Utah as Alpine, Heber City, Ivins, Salt Lake City, Cedar Hills, Washington, Provo, Murray, Santa Clara and St. George.
Homes.com bases their ranking on the prices of homes currently available for sale. Listing Park City at the top followed by Holladay, Snyderville, Draper, Orem, Bountiful, Salt Lake City, Cottonwood Heights, Springville and Millcreek.
Homes.com says Park City is 424% above the national average price of homes for sale with their average price being $2,379,814.
Increases in rent can be attributed to many factors such as potential buyers choosing to rent instead of own, creating more competition in the rental space, influxes in college graduates and young professionals moving out on their own, and property owners and developers building and renting at higher prices due to supply and demand.
Zumper’s report covers 100 cities nationwide, with data aggregated from over one million active listings, and includes a National Rent Index for one and two-bedroom units.
What others are clicking on:
- Woman killed after crash in Box Elder County
- Your Voice, Your Vote: Beaver and Millard Counties
- Utah to host statewide virtual job fair Thursday
- Utah leaders ride bikes for homeless youth
- Police investigate domestic violence homicide in Midvale