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Utah Rent Report – March 2020

  • The average monthly rent in Salt Lake City was $1,244 in March, $37 more than one year prior.
  • Provo apartments are the most expensive in the state, renting for $1,442, while apartments in Ogden have the cheapest rents, $963 per month. 
  • The national average rent in March 2020 was $1,474, up 2.9% 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 $1,244 on average in March. Rents in the largest Utah city saw a year-over-year increase of 3.1%, or $37, compared to this time last year and a month-over-month decrease of 0.4% ($5) compared to February.

Renting in Utah in March 2020

The average rent in Utah cities is lower than the national average rent. The fastest growing rents in March were in Ogden, where rental apartment prices increased by 7.5% year-over-year, or $67. Herriman apartments saw an increase of 7.4% ($94) compared to this time last year. On the other hand, in Orem prices decreased by 1.0% ($12) compared to last March.

Provo apartments are the state’s most expensive for renters, with an average rent of $1,442, followed by apartments in Logan, where the average monthly rent is $1,414. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Ogden, with an average apartment rent of $963, the only one under $1,000.

The March national average rent went up by 2.9% year-over-year

The national average rent was $1,474 in March, having gone up by 2.9% ($42), in stark contrast to February’s 3.2% yearly rise. This is the first time since 2016 that we see a deceleration from February to March (when the rental season is supposed to kick off), as the new coronavirus pandemic is beginning to take its toll on the economy and the apartment market. 

Under normal circumstances, interest for apartments goes up this time of year, and rent prices would be expected to pick up speed in March. But as more and more states urge social distancing, both landlords and residents have begun seeing the effects of the pandemic. Google Trends shows a decrease in searches for apartments, as interest in other home-related subjects — such as home disinfection or home office setups — has skyrocketed.

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

Fair use and redistribution

We encourage you and freely grant you permission to reuse, host, or repost the images in this article. When doing so, we only ask that you kindly attribute the authors by linking to RentCafe.com or this page, so that your readers can learn more about this project, the research behind it and its methodology.

Sanziana Bona
Sanziana Bonahttps://www.rentcafe.com
Sanziana Bona is a content marketing writer for Yardi Corom, a cloud-based software solution designed for commercial tenants and corporate occupiers and Yardi Kube, an all-in-one coworking management platform. She covers many commercial real estate related topics including FASB/IFRS compliance, lease accounting, coworking and flexile spaces, and more. You can connect with Sanziana via email.

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