Utah Rent Report – March 2019

• The national average rent reached $1,430/month in March 2019, a year-over-year increase of 3.2%, according to data from Yardi Matrix.
• Provo, UT renters saw the highest annual rent increase in March, reaching $1,421 per month. 
• Provo apartments are the most expensive among the state’s largest cities, while apartments in Ogden have the cheapest rents. 

The national average rent in March went up by 3.2% year-over-year  

The early beginning of the rental season saw rent prices increase by 3.2% over the year — the lowest annual growth we’ve seen in more than 6 months. Compared to last year’s figure, the March average national rent of $1,430/month is $44 higher. Month-over-month, however, we witnessed a 0.3% rise, or $4 more added to average rent prices. This is consistent to last spring’s growth levels, signaling the end of the sluggish winter season.

Renting in Utah’s cities in March 2019

The average rent in Utah’s largest cities is generally lower than the national average rent. The fastest growing rents in March were in Ogden, where rental apartment prices increased by 8.3% over the year, meaning $68 more per month. Orem apartments saw the second highest annual increase, jumping by 7.1%, $84 more expensive than the same month last year. The slowest rising rents were in Murray, where monthly prices saw an annual change of -0.4%.

Of the cities analyzed, Provo apartments are the state’s most expensive for renters, with an average rent of $1,421, followed by apartments in South Jordan, where the average monthly rent is $1,297. On the other hand, the cheapest city to rent an apartment is Ogden, with an average apartment rent of $891.

Salt Lake City and West Valley City are also among the most expensive large cities to rent in, on a state level, with average rents of $1,196 and $1,077, respectively.

Methodology

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

To prepare the state rent report, we analyzed only cities with a rental stock of at least 2,000 apartments in 50+ unit buildings. To compile the national rent report, RentCafe’s research team analyzed rent data across the 253 largest cities in the U.S., in large-scale apartment buildings with 50 or more units.

Rent data was provided by 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. Rental rate coverage is for Market Rate properties only. Fully Affordable properties are not included in the Yardi Matrix rental surveys and are not reported in rental rate averages.