- The national average rent reached $1,442 in May 2019, up by 2.5% ($35) year over year, and by 0.3% ($5) month over month, according to Yardi Matrix data.
- Clearfield, UT renters saw the highest annual rent increase in May, reaching $1,037 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 May went up by 2.5% year-over-year
Average rent prices went up by 2.5% year-over-year in May and reached a $1,442 monthly average. Nationally, rents maintain a strong month-over-month growth, but the annual increase is the slowest we’ve seen in 18 months. Residential rents are rising steadily across cities, with the third month in a row sprouting a 0.3% month-over-month jump. Compared to last May, renters pay $35 more on average, according to the latest Yardi Matrix data on apartment market trends
Renting in Utah’s cities in May 2019
The average rent in Utah’s largest cities is generally lower than the national average rent. The fastest-growing rents in May were in Clearfield, where rental apartment prices increased by 8.2% over the year, meaning $79 more per month. Ogden apartments saw the second-highest annual increase, jumping by 6.3% — $53 more expensive than the same month last year. The slowest rising rents were in Riverton, where rent prices decreased by 3.3% y-o-y.
Of the cities analyzed, Provo apartments are the state’s most expensive for renters, with the $1,424 average rent coming close to the national average, followed by apartments in South Jordan, where rents are $1,307 on average. On the other hand, the cheapest city to rent an apartment is Ogden, with an average rent of $901.
Among the largest cities in Utah, Salt Lake City and West Jordan were hot on their heels behind Provo, with average rents reaching $1,209 and $1,160 respectively. As far as the fastest rent increase, Salt Lake City and West Valley City came in 2nd and 3rd after Provo, with changes of 4.8% and 3.1% respectively.
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.
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