BUSINESS

Despite the pandemic, rent in Salt Lake City continues to rise

Dec 1, 2020, 3:55 PM
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(File photo: Getty Images)
(File photo: Getty Images)

SALT LAKE CITY — The COVID-19 pandemic isn’t stopping the rising cost of rent in Utah’s capital city. In a new National Rent Report released by Zumper, rent in Salt Lake City (SLC) increased by 2% last month. Overall, SLC ranked 56 out of 100 cities in the nation for the highest rent prices. 

Rent on the rise in Salt Lake

The average cost to rent a one-bedroom apartment in the city runs $1,040. However, Zumper indicated the cost of a one-bedroom apartment in SLC dropped 5.5% for the year.

Rent for a two-bedroom apartment in the city increased by 3.1% for an average of $1,340 per month in November. But unlike one-bedroom apartments, two-bedroom rent rose by 0.8% for the year. 

National rent trends 

Nationally, the one-bedroom median rent remained flat last month at $1,224, while the 2-bedroom median increased by 0.3% to $1,487. Some of the most expensive cities to live in, such as New York City and San Francisco, saw a drop in rent prices.

In the month of November, Laredo, Texas; Madison, Wisconsin; Chesapeake, Virginia; Lincoln, Nebraska; Baltimore, Maryland; and Tulsa, Oklahoma experienced the biggest downward trend in rent. 

The cities that saw the largest rent increase last month were  Indianapolis, Indiana; Cleveland, Ohio; Tucson, Arizona; St. Louis, Missouri; and Newark, New Jersey. 

Since the beginning of the year, San Francisco rent prices have decreased by 22.6%. New York City rents have dropped by 16.8% this year as well. 

Rent stabilization in the future?

However, rent stabilization may happen in the near future. For the third consecutive month, rent decreases in the top seven most expensive cities have slowed. 

Monthly rates for one-bedroom prices in the nation’s top seven rental markets were on average 0.8% points higher than the previous month, making it the highest average growth rate change in these markets all year. The only exceptions to this trend:  is San Francisco and New York City. 

The seven most expensive places to rent a one-bedroom apartment:

  1. San Francisco, California — $2,700
  2. New York City, New York — $2,470
  3. Boston, Massachusetts — $2,150
  4. San Jose, California — $2,090
  5. Oakland, California — $2,000
  6. Los Angeles, California — $2,000
  7. Washington, D.C. — $1,920 

The seven least expensive rent prices for a one-bedroom apartment:

  1. Laredo, Texas — $720
  2. El Paso, Texas — $700
  3. Tulsa, Oklahoma — $650
  4. Lubbock, Texas — $650
  5. Shreveport, Louisiana — $650
  6. Wichita, Kansas — $630
  7. Akron, Ohio — $570

For more information on national rent trends, visit here. 

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Despite the pandemic, rent in Salt Lake City continues to rise