26 Studio Apartments for rent in Salt Lake City, UT
February 2020 Salt Lake City Rent Report
Welcome to the February 2020 Salt Lake City Rent Report. Salt Lake City rents increased over the past month. In this report, we'll evaluate trends in the Salt Lake City rental market, including comparisons to similar cities nationwide.
February 2020 Salt Lake City Rent Report
Welcome to the February 2020 Salt Lake City Rent Report. Salt Lake City rents increased over the past month. In this report, we'll evaluate trends in the Salt Lake City rental market, including comparisons to similar cities nationwide.
Salt Lake City rents held steady over the past month
Salt Lake City rents have increased 0.1% over the past month, and are up slightly by 1.9% in comparison to the same time last year. Currently, median rents in Salt Lake City stand at $879 for a one-bedroom apartment and $1,090 for a two-bedroom. Salt Lake City's year-over-year rent growth lags the state average of 2.1%, but exceeds the national average of 1.6%.
Salt Lake City rents more affordable than many large cities nationwide
As rents have increased slightly in Salt Lake City, a few large cities nationwide have also seen rents grow modestly. Salt Lake City is still more affordable than most large cities across the country.
- Salt Lake City's median two-bedroom rent of $1,090 is below the national average of $1,193. Nationwide, rents have grown by 1.6% over the past year compared to the 1.9% rise in Salt Lake City.
- While Salt Lake City's rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.7%), Dallas (+2.4%), and Seattle (+1.8%).
- Renters will find more reasonable prices in Salt Lake City than most large cities. For example, San Francisco has a median 2BR rent of $3,090, which is more than two-and-a-half times the price in Salt Lake City.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start 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, comparing only units that are available across both time periods 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. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.