Salt Lake City’s apartment rental market has a new top-dollar unit — and it’s not particularly close to its competitors.
Astra Tower, located at 89 E. 200 South, recently unveiled the price point of one of its 10 penthouses: $29,305 per month.
While it’s an outlier in the building, the unit’s asking price blows past all other known high water marks for highest rent in the state, which were previously around $11,000 per month.
The south-facing penthouse in Astra, located on the 40th floor of Utah’s tallest building, features three bedrooms, 2.5 bathrooms and a total of 1,792 square feet.
The price tag for Astra’s larger penthouses hasn’t been public until the recent listing. Its smaller, two-bedroom penthouses were previously listed for between $9,400 and $13,600 per month.
The 40th floor penthouse now listed on Zillow isn’t even the largest unit by square footage. The largest units are east-facing on the 39th and 40th floors, as each features three bedrooms, an office, three full bathrooms and a powder room. Those units are 1,948 and 1,941 square feet. Prices are not publicly listed for those units.
The view from Astra Tower as of July 2023, before the building was completed.
Ed Lewis, CEO of Kensington Investment Company, the company that owns Astra Tower, said following the building’s May opening ceremony that penthouse units could run upwards of $20,000 or higher.
Joe Bird, Kensington’s Senior VP of Real Estate Development, said in an email to Building Salt Lake the Astra penthouse listed online features a massive outdoor terrace, and it’s among the building’s most coveted units.
“These units feature real wood floors, top-of-the-line appliances, thoughtful closet systems, and stunning views of the Wasatch Front, downtown, the Capitol, and the Great Salt Lake,” Bird told BSL. “These residences feel exceptional and enduring, ideal for a peaceful evening in or lively entertaining, with all access to the outstanding amenities the building provides.”
“No surprise, then, that five of the ten exclusive penthouses are already spoken for, and the last five should be gone in the next few months,” he said.
Kensington is said to be watching how lease-up goes at its new crown jewel before deciding what to do with its other holdings around the capital city’s Downtown. Market watchers also have their eye on other recently completed towers in the Downtown core.
Just down the street from Astra is the Worthington Tower — a 359-unit, 31-floor tower that opened earlier this year. Top-floor penthouse units at Worthington are listed at over $10,000 a month for rent.
CORRECTION: Due to an editing error, a previous version of this story suggested that all of the Astra’s penthouses were $29,305 per month. That’s not accurate. One of the penthouses has that asking price.
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