Rent prices in SLC on the rise, but declining nationally

Utah Housing Crunch

Real estate prices have grown exponentially, Vector illustration design concept in flat style

SALT LAKE CITY (ABC4) – A recent study by Apartment List, a popular apartment search platform, reveals the country’s first measurable rental price decline since 2020. Though national rental market prices still remain high as a result of the 2021 18% jump, costs were confirmed to have fallen a total of 0.2% last month.

However, despite the nationwide decrease, residents in Salt Lake City actually experienced a 0.7% increase in rent last month.

The annual rent growth in Salt Lake City is 19.4%, compared to the 0.4% annual increase at this time last year. 

Since the start of the pandemic, rents in Salt Lake City have risen 19.5%. 

As of today, the median rent in Salt Lake City for a one-bedroom apartment is $1,088, and $1,391 for a two-bedroom apartment. 

Large cities across the nation have been experiencing exceptionally high declines in rent. Even some of America’s most popular cities to live in are being affected. Chicago, San Francisco, and Riverside, CA, endured the most dramatic rent decline in the U.S. this month. 

In terms of 2021, New York City had the fastest rent growth (32.8%), while Oakland, CA, had the slowest rent growth (-1.0%).

For a closer look at the nation’s rent trends, check out the full report here

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