Apartments in Downtown Salt Lake City

Salt Lake City:
May Rent Report

Welcome to the May 2024 Salt Lake City Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the May 2024 key findings and figures for the Salt Lake City rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Salt Lake City and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Salt Lake City average rent prices in the chart below.

May Prices: Salt Lake City vs. Surrounding Areas

Rent Prices in Salt Lake City and Surrounding Areas

Rent prices have increased in Salt Lake City over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 2 of the Salt Lake City suburbs increased last month. On the other hand, 5 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

• Rent increased in Draper, UT, Cottonwood Heights, UT .

• Rent decreased in Murray, UT, Holladay, UT, West Valley City, UT, North Salt Lake, UT, Sandy, UT.

• 7 suburbs are currently priced higher than the city of Salt Lake City.

Data set for Salt Lake City and suburbs

Methodology

Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.