May 2022 Salt Lake City Rent Report

Welcome to the May 2022 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 increase sharply over the past month

Salt Lake City rents have increased 0.8% over the past month, and are up sharply by 18.3% in comparison to the same time last year. Currently, median rents in Salt Lake City stand at $1,135 for a one-bedroom apartment and $1,451 for a two-bedroom. The city’s rents have been increasing for 20 straight months – the last time rents declined was in August 2020. Salt Lake City’s year-over-year rent growth lags the state average of 19.7%, but exceeds the national average of 16.3%.

Salt Lake City rents more affordable than many large cities nationwide

As rents have increased sharply in Salt Lake City, a few large cities nationwide have seen rents grow more modestly. Salt Lake City is still more affordable than most large cities across the country.

  • Salt Lake City’s median two-bedroom rent of $1,451 is above the national average of $1,319. Nationwide, rents have grown by 16.3% over the past year compared to the 18.3% rise in Salt Lake City.

  • While Salt Lake City’s rents rose sharply over the past year, many cities nationwide also saw increases, including New York City (+31.8%), Miami (+26.6%), and Phoenix (+23.3%).

  • Renters will find more reasonable prices in Salt Lake City than most large cities. For example, San Francisco has a median 2BR rent of $2,761, which is more than one-and-a-half times the price in Salt Lake City.