Utah Rent Report – January 2020

• The average monthly rent in Salt Lake City was $1,248 in January, $46 more than one year prior.
• Provo apartments are the most expensive in the state, renting for $1,406, while apartments in Ogden have the cheapest rents, $949 per month. 
• The national average rent in January 2020 was $1,463, up 3% compared to the same time last year according to data from Yardi Matrix.

Renting in the largest city in Utah

Apartments in Salt Lake City rented for $1,248 on average in January. Rents in the largest Utah city saw a year-over-year increase of 3.8%, or $46, compared to this time last year and a month-over-month increase of 0.3% ($4) compared to December.

Renting in Utah in January 2020

The average rent in Utah cities is lower than the national average rent. The fastest growing rents in January were in Taylorsville, where rental apartment prices increased by 2.3% month over month, or $24. West Valley City apartments saw an increase of 1.1% ($12) compared to last month. On the other hand, in Layton prices decreased by 0.5% ($5) compared to December.

Provo apartments are the state’s most expensive for renters, with an average rent of $1,403, followed by apartments in Logan, where the average monthly rent is $1,366. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Ogden, with an average apartment rent of $949, the only one under $1,000.

The January national average rent went up by 3% year-over-year

The average apartment rent reached $1,463 in January, up $43 since last year, according to apartment data from Yardi Matrix. Rents grew moderately into the new year, increasing by 3% year-over-year, the slowest pace we’ve seen in 18 months, as the seasonal winddown wears on through the winter.

Rents are likely to maintain an upward streak throughout 2020, as the number of renters continues to rise in the U.S. The demand for apartments is high, including among those renting by choice. 157% more Americans who earn over $150K per year began renting this past decade, shifting from homeownership to a more flexible and comfort-driven lifestyle.

To compare the rental market in Utah with other cities in the U.S., you can also check our national January rent report.

Methodology

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.