At this point, reporting that rents in Salt Lake City continue climbing feels a bit repetitive. As has become the standard for the past four years, rents in Salt Lake City are still rising, but there are signs that rent growths could start to stabilize a bit as the housing supply increases.
According to recent reports by Apartment List and RentCafe, rents have increased between 5 to 6 percent in the past year. Apartment List, an online rental marketplace, reports a year over year rental increase of 6.4 percent with the median rent for a two-bedroom apartment at $1,050. Rentcafe reports that the city’s year over year rent increase was 5.2 percent with a citywide average monthly rent of $1,118.
The reports have less of a gap in the national data, with both estimating between 2.6 and 2.8 percent year over year rent growth nationally. This is the third consecutive year that Salt Lake’s rents grew by at least twice the national average.
According to RentCafe, 89 percent of the nation’s biggest cities saw rents grow last year, while only 2 percent experienced drops in rent drops. But there are indications that as supply catches up to demand, rents begin to stabilize. Rents in Manhattan and Brooklyn were down 1.0 and 1.1 percent respectively. In Portland, Oregon and Alexandria, Virginia rents stabilized with a 0.1 and 0.2 percent drop in year over year rents. Additionally, year over year rents in hot markets like Austin Texas grew just 0.9 percent thanks to a jump in supply. Even in the country’s most expensive markets like Boston, San Francisco and Washington DC rents grew below the national average with all three cities seeing only a 2.4 percent increase in year over year rents.
Right now the supply of rentals in Salt Lake City is still catching up to the demand, but the national trend shows that as the housing supply increases, rental growth will slow down.
To get an idea of what it costs to rent in Salt Lake City, Building Salt Lake used listings from Apartment List to show what it will cost you to rent a one-bedroom apartment in different areas of the city. For consistency, we looked at newer construction (built within the past decade).
Alta Gateway Station: Moving to the recently-completed Alta Gateway Station apartments will cost you between $1,195 and 1,660 a month. The apartments are directly west of The Gateway and are within a block of two TRAX stations. Amenities include a gym, pool, spa area, laundry facilities in every unit, coffee bar and a wine room.
4th West Apartments: If you don’t mind paying extra for more amenities, then 4th West could be a good choice. Rents for a one-bedroom apartment in this large new construction building just a block north of The Gateway on 400 West, range from $1,388 to $2,065. Amenities include a large roof deck pool, spa, full-size fitness center, large club room and a first-floor bar.
Citifront: Two blocks to the west of The Gateway is the Cififront. Rents for a one-bedroom apartment range from $875 to $1,040. The mixed-use building is a block from both TRAX and FrontRunner stations and includes Mestizo Coffee and the City Corner convenient store. Amenities include a gym, pool, Greenbike station and income-restricted units.
Seasons at City Creek: If you don’t mind lazy architecture than Seasons at City Creek could be a good choice. The apartments near 300 West on North Temple offer one-bedroom units for $1,150 to $1,655 a month. Amenities include a gym, hot tub and a putting green.
Cityscape: On the 100 South block of 400 East is the Cityscape Apartments. Rents for a one-bedroom apartment range from $1,125 to $1,356. Amenities include a gym, hot tub, dog grooming area and a Greenbike station.
Encore Apartments: The Encore Apartments, on the 400 East block of 400 South, take up almost half a block. Rents for a one-bedroom unit range from $1,466 to $1,972. Amenities include a gym, pool, courtyard that overlooks 400 South, trash valet and media room.
Seasons at Library Square: Across the street from the Public Safety Building on 500 South and 300 East is the Seasons at Library Square. Rents range from $1,270 to $1,940 for a one-bedroom apartment. Amenities include a gym and a courtyard.
Moda Bonneville: The Moda has been open for less than a year. The apartments on the 200 South block of 500 East feature a hot tub, gym, dog park and clubhouse. One-bedroom apartments range from $1,355 to $1,590 a month.
The Vue at Sugar House Crossing: At the heart of the Sugar House Business District is the Vue. The apartments are among the priciest in the neighborhood with one-bedroom units ranging from $1,355 to $1,699. Amenities include being in the heart of Sugar House, a gym, clubhouse and coffee room.
Sugar House Apartments by Urbana: On 1200 East near 2100 South is the Sugar House Apartments by Urbana. A one-bedroom apartment is $1,400 a month. Amenities include a gym, hot tub and pool.
Element 31: So far deep into Sugar House that it almost isn’t in Sugar House, is Element 31. The apartments are on Brickyard Road near 1300 East. Rents are a bit lower than other new construction projects in Sugar House ranging from $1,255 to $1,375 for a one-bedroom unit. Amenities include a gym, yoga studio, kickboxing studio, pool, hot tub and community garden.
West Station Apartments: For those wanting new construction but don’t want to pay as much, the city’s far west side appears to have best bargains. The emerging multifamily cluster west of Redwood Road on North Temple is not only cheaper than other new projects but is also close to TRAX and the freeway. Rents for a one-bedroom range from $929 to $1,150. Amenities include a gym, pool, community garden and coffee bar.