Blog Post

Insight: Rising Rents and Changing Preferences Define Salt Lake’s Rental Apartment Market

By: DJ Benway

Apartment rental rates in Salt Lake County are nearly double from where they were 18 years ago. In 2000, the average rent for an apartment in Salt Lake County was $647 per month. By 2018, the average rent increased to $1,153 per month (Figure 1). Robust economic and demographic growth, increased demand, and shifting housing preferences have led to exceptional demand for apartments in the region. Despite the record number of apartment units developed since 2014—over 27,000 units—vacancy rates remain low and rental rates continue to increase.

Figure 1:  Average Rent for Apartment Units in Salt Lake County, 2000 – 2018

Source: CBRE, Inc. and CoStar Group, Inc.

Many of the new apartment communities target the high-end apartment market and have some of the highest average rents in the county. Surprisingly strong demand for luxury ap