DAVE & DUJANOVIC

Why rent prices are dropping nationwide but not in Utah

Jul 20, 2023, 6:00 AM

Rent signs are placed at a home in Salt Lake City on Monday, July 10, 2023. Rent prices are droppin...

FILE: Rent signs are placed at a home in Salt Lake City on Monday, July 10, 2023. (Scott G Winterton/ Deseret News)

(Scott G Winterton/ Deseret News)

SALT LAKE CITY — Rent prices are starting to slide in some parts of the country, but Utah’s prices don’t seem to budge.

According to rent.com, in Salt Lake City, a studio or one bedroom apartment is going for an average rental price of about $1,400 a month and two bedroom is at about $1,700 a month, contrasting that with the $1,100 overall average five years ago, it’s easy to see the increase.

But is there hope on the horizon?

KSL investigative reporter Matt Gephardt looked in to renting rates and said, “Pretty much across the country [rent prices] went up and up and up and up, but we’re starting to level off, and in some places, especially out west, we’re coming down.”

Gephardt attributes supply and demand for the decrease in prices, “Washington in particular, and Nevada, are seeing rent prices come down because it’s a supply and demand issue.”

Statewide, Nevada has seen an almost 7.5% drop in rent prices according to findings. Idaho has also seen a 6% drop in rates. 

What about Utah?

Well, yes and no. Utah is looking at a 1.41% drop in prices across the state.

Gephardt said that, “In Utah, we have also seen a dip in recent months,” especially comparing it to march of 2022 which Gephardt called the rates, “Holy smokes. High!”.

Any progress is good progress, but Gephardt said, “that slight dip gets us nowhere near back to maybe what is affordable with where people’s wages.”

But this drop doesn’t mean much for Salt Lake City.

“[Salt Lake City is] still pretty hot,” says Gephardt.

Seasonal Trends in renting

There could be a “hack” when looking to move. Gephardt said that, “you see prices go up in when people want to move in spring and summertime, and you see them go down in fall and winter when people are getting settled for school.”

You might want to look into these times to move because, “if you’re not desperate to move today, you wait till fall, you wait to winter, you may have even that much more leverage if you’re if you’re looking to move,” said Gephardt.

Many people move to Utah for opportunities, and we have seen that in Silicon Slopes as many people have moved here. “Utah is a good place to be,” said Gephardt, “and we are reaping the benefits and the consequences.”

Related:

Utah rent prices surge, experts weigh in on potential housing solutions

Utah’s about to become more renter-friendly

 

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Dave & Dujanovic

A Box Elder County Commission candidate made comments while talking about a construction ban that s...

Debbie Dujanovic

Dujanovic: Box Elder Commission candidate must stop spinning his racist comment

A recording of a planning commissioner, running for Box Elder County Commissioner, has racist comments he should apologize for.

23 hours ago

FILE - People line up against a border wall as they wait to apply for asylum after crossing the bor...

Curt Gresseth

LISTEN: Biden issues order closing southern border to asylum seekers

President Joe Biden issued an executive order on Tuesday sealing off the southern border of the United States to asylum seekers when the number of daily illegal border crossings tops 2,500.

8 days ago

Construction and utility projects continue on the business streets of Sugar House, in Salt Lake Cit...

Curt Gresseth

SLC lending a hand to businesses struggling with Sugar House construction

Construction in the Sugar House neighborhood is pinching local businesses in the pocketbook, but the Salt Lake City government is helping, says a Salt Lake City councilwoman.

10 days ago

Utah school sports...

Curt Gresseth

Kids burning out on sports. Is focus on only one sport the problem?

Kids are burning out on sports because they are focusing their energies on only one sport. Mix it up by trying other sports. It helps prevent burnout, both physically and psychologically, says a BYU professor of exercise sciences.

14 days ago

The housing market in Utah is competitive and shows minimal signs of slowing....

Curt Gresseth

Should you take on debt for home repairs?

A national financial expert at Bankrate joins the conversation about borrowing for home repairs, renovations, etc. His advice: It’s always better to save money than to borrow.

15 days ago

FILE - Visitors stand in a line to enter the ancient Colosseum, in Rome, Tuesday, June 27, 2023. Th...

Curt Gresseth

Is retiring abroad worth it? What about health care? Other costs?

The number of Americans retiring abroad has tripled in 30 years, according to a 2024 Monmouth poll. Is it right for you?

15 days ago

Sponsored Articles

Underwater shot of the fisherman holding the fish...

Bear Lake Convention and Visitors Bureau

Your Bear Lake fishing guide

Bear Lake offers year-round fishing opportunities. By preparing ahead of time, you might go home with a big catch!

A group of people cut a purple ribbon...

Comcast

Comcast announces major fiber network expansion in Utah

Comcast's commitment to delivering extensive coverage signifies a monumental leap toward a digitally empowered future for Utahns.

a doctor putting her hand on the chest of her patient...

Intermountain Health

Intermountain nurse-midwives launch new gynecology access clinic

An access clinic launched by Intermountain nurse-midwives provides women with comprehensive gynecology care.

Young couple hugging while a realtor in a suit hands them keys in a new home...

Utah Association of Realtors

Buying a home this spring? Avoid these 5 costly pitfalls

By avoiding these pitfalls when buying a home this spring, you can ensure your investment will be long-lasting and secure.

a person dressed up as a nordic viking in a dragon boat resembling the bear lake monster...

Bear Lake Convention and Visitors Bureau

The Legend of the Bear Lake Monster

The Bear Lake monster has captivated people in the region for centuries, with tales that range from the believable to the bizarre.

...

Live Nation Concerts

All the artists coming to Utah First Credit Union Amphitheatre (formerly USANA Amp) this summer

Summer concerts are more than just entertainment; they’re a celebration of life, love, and connection.

Why rent prices are dropping nationwide but not in Utah