SALT LAKE CITY (ABC4) – Utah’s inflated real estate market has left buyers frustrated and sellers with a lot of options. You may be wondering how renters fare in the current market.
Apartment List compiles statistics for rent across the U.S. every month. Here are some insights about Utah rent prices from the May 2022 report.
According to Apartment List, rent in Salt Lake City has increased by 0.8% in the month of April. This marks the 20th consecutive month that rent has increased in SLC; August 2020 was the most recent month in which rent declined in the city.
This data may seem bad, but SLC is still more affordable than most large cities in the U.S. Apartment List shows the median rent for a two-bedroom SLC apartment is $1,436, compared to much higher rates for cities like New York City and Miami.
According to Apartment List, over the course of the past year, SLC rent has increased less than the statewide average, which might surprise some readers. Their data shows that Utah rent on average rose by 19.7% over the last year compared to 18.3% for SLC specifically. Apartment List compares these rates with the average national increase which comes lower at about 16.3%.
This news is bad for Utah renters, but not much worse than for renters across the country. Utah renters looking to buy, however, might not have many options to buy according to ABC4’s reporting.
According to a statistical analysis by Balancing Everything using data from the 2020 U.S. Census, average house mortgage payments in Utah were around $1,500 a month.
It’s safe to assume these averages have gone up in the last two years of Utah’s real estate boom. This data combined with recent ABC4 reporting on younger workers’ saving habits indicates that large down payments are keeping younger workers renting instead of buying in Utah.