BUSINESS + ECONOMY

Utah rental prices continue to soar

Sep 26, 2022, 8:51 AM

apartments for rent...

Apartments for rent in Sugar House on Wednesday, July 13, 2022. (Jeffrey D. Allred, Deseret News)

(Jeffrey D. Allred, Deseret News)

SALT LAKE CITY — Utah rent prices skyrocketed more over the two last years than they did in the decade prior.  A report from the Kem C. Gardner Institute shows rent went up more than 10% percent a year over the last two years.

These figures display a big bump from the usual 2.6% percent yearly increase between 2010 and 2020. Senior Research Fellow, Dejan Eskic wrote the study and noted that the narrowing path to homeownership is making the rental market more competitive.

This year, the average rent in Salt Lake County for a two-bedroom apartment will set renters back an average of $1,618 a month. This is an increase from $1,278 in 2020. The same apartment in 2010, carried a cost of $983 a month. 

The report also broke rental costs down by zip code. The zip code 84123 saw rents increase by $528, a rate of 42.2% between the first quarter of 2020 and 2022.

South Jordan zip code 84095 showed the highest rental cost in Salt Lake County.  The city also showed a significant jump in monthly rent between the first quarter of 2020 and 2022. The average rent went from $1,320 to $1,709 a month.

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Utah rental prices continue to soar