Salt Lake City Rent Report: October 2024

Welcome to the Apartment List October 2024 Rent Report for Salt Lake City, UT. Currently, the overall median rent in the city stands at $1,312, after falling 1.2% last month. Prices are now down 2.1% year-over-year. Read on to learn more about what’s been happening in the Salt Lake City rental market and how it compares to trends throughout the broader Salt Lake City metro area and the nation as a whole.

Salt Lake City rents are down 1.2% month-over-month and down 2.1% year-over-year

The median rent in Salt Lake City fell by 1.2% over the course of September, and has now decreased by a total of 2.1% over the past 12 months. Salt Lake City’s rent growth over the past year has is similar to the state average (-2.1%) but has fallen below the national average (-0.7%).

Salt Lake City rent growth in 2024 pacing similar last year

Nine months into the year, rents in Salt Lake City have risen 0.1%. This is a similar rate of growth compared to what the city was experiencing at this point last year: from January to September 2023 rents had increased 0.0%.

Salt Lake City rents are 12.2% lower than the metro-wide median

If we expand our view to the wider Salt Lake City metro area, the median rent is $1,495 meaning that the median price in Salt Lake City proper ($1,312) is 12.2% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -2.2%, below the rate of rent growth within just the city.

The table below shows the latest rent stats for 9 cities in the Salt Lake City metro area that are included in our database. Among them, Draper is currently the most expensive, with a median rent of $1,939. South Salt Lake is the metro’s most affordable city, with a median rent of $1,268. The metro's fastest annual rent growth is occurring in Draper (1.5%) while the slowest is in Murray (-4.4%).

You can also use the map below to explore the latest rent trends in the Salt Lake City metropolitan area.

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.