Orem, UT Rental Market Trends

Orem Rent Report: June 2024

Welcome to the Apartment List June 2024 Rent Report for Orem, UT. Currently, the overall median rent in the city stands at $1,387, after rising 1.3% last month. Prices remain down 1.9% year-over-year. Read on to learn more about what’s been happening in the Orem rental market and how it compares to trends throughout the nation as a whole.

Orem rents are up 1.3% month-over-month and down 1.9% year-over-year

The median rent in Orem rose by 1.3% over the course of May, and has now decreased by a total of 1.9% over the past 12 months. Orem’s rent growth over the past year has is similar to the state average (-1.8%) but has fallen below the national average (-0.8%).

Orem rent growth in 2024 pacing below last year

Five months into the year, rents in Orem have fallen 1.6%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to May 2023 rents had increased 0.6%.

Methodology

Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.

Data Access

Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.

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