The Salt Lake County rental market continues to set historic records. Homeownership remains cheaper than renting in many areas across the Wasatch Front, with a traditional 30-year fixed rate mortgage.
Homeownership provides many benefits beyond the financial ones. If you are one of the many renters out there who would like to evaluate your ability to buy this year, let’s get together to find your dream home.
National Key takeaways:
The national average rent reached an all-time high of $1,409 in July 2018, up by 2.8 percent ($39) year over year, and by 0.2 percent ($3) month over month, according to Yardi Matrix data.
Rents increased in 88 percent of the nation’s biggest 252 cities (including newly added Queens, NY and Honolulu, HI), stayed flat in 11 percent of cities, and dropped in only 2 cities (Brownsville, TX and Norman, OK).
The Permian Basin, Florida, and Maricopa County are home to the biggest ups and downs.
Rents climb evenly for all unit types
Seasonal demand and increased activity are offsetting the wave of new apartments opened this year so far, translating into an even, but moderately strong yearly growth across all apartment sizes. Studio apartments cost on average $1,242, 2.7% more than last year, one-bedroom apartments go for an average price of $1,274, up 2.8% over the year, two-bedroom units charge on average $1,493 per month, also up 2.8% over the year, and three-bedroom apartments go for $1,719 per month on the average, a 2.7% increase.
Salt Lake City Rental Market Trends
The average rent for an apartment in Salt Lake City is $1,088, a 1% increase compared to the previous year, when the average rent was $1,077.
Studio apartments in Salt Lake City rent for $802 a month, while 1-bedroom apartments ask on average $988 a month; the average rent for a 2-bedroom apartment is $1,153.
The average size for a Salt Lake City apartment is 861 square feet, but this number varies greatly depending on apartment type. A studio averages 413 sq. ft., while a one-bedroom apartment offers a more generous square footage: 685. 2-bedroom apartments in Salt Lake City have an average size of 978 sq. ft.
The most affordable neighborhoods in Salt Lake City are Jordan Meadows, where the average rent goes for $954/month, Rose Park, where renters pay $954/mo on average, and Westpointe, where the average rent goes for $954/mo. If you’re looking for other great deals, check out the listings from Taylorsville ($982), Poplar Grove ($989), and South Salt Lake ($990), where the asking prices are below the average Salt Lake City rent of $1,088/mo.
The most expensive neighborhoods in Salt Lake City are Downtown Salt Lake City ($1,213), Central City ($1,269) and Sugar House ($1,275).