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Utah Mid-Year Rent Report – June 2019 By Agatha Major

Monday, July 22, 2019   /   by Jessica Salazar 801.416.3344

Utah Mid-Year Rent Report – June 2019 By Agatha Major



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    • The U.S. average rent increased by 3.2% ($45) year over year reaching $1,465 in June 2019, up by 0.8% ($12) month over month, according to Yardi Matrix data.

    • Pleasant Grove, UT renters saw the highest monthly rent increase in June, reaching $1,174 per month. 

    • Provo apartments are the most expensive among the state’s cities, while apartments in Ogden have the cheapest rents. 



Mid-year the national average rent sees a spike as peak rental season is in full effect


In true seasonality fashion, June brings rent increases consistent with the end of the second quarter. Nationally, average rent prices reached $1,465 following a 3.2% annual increase and up 0.8% since last month — the highest monthly jump since May 2018.  Compared to last June, renters pay $45 more on average according to the latest rent survey from Yardi Matrix.


Since the beginning of the year, apartment rents have increased by 2.6% – that’s an extra $37 added to the average monthly rent in six months. Rent increases during the first half of the year are typically more accelerated, whereas during the second half of the year they’re expected to slow down, a typical pattern confirmed by rent evolution in the past years.


Renting in Utah’s cities in June 2019


The average rent in Utah’s largest cities is generally lower than the national average rent. Out of the largest cities analyzed, the fastest growing rents were seen in Ogden, up by 7.8% year over year, while Utah mega-hub Salt Lake City came in second, with a 6% annual increase.


The fastest growing rents in June were in Pleasant Grove, where rental apartment prices increased by 3.2% month over month, $36 more per month. Draper saw the second-highest monthly increase, jumping by 1.6%$21 more expensive than last month. At the other end of the spectrum, rents in Logan have decreased by 1.3% ($18) month over month. Decreases have also been registered in Provo(0.2%) and Orem (0.5%), compared to May.



Of the cities analyzed, Provo apartments are the state’s most expensive for renters, with an average rent of $1,407, followed by apartments in Logan, where the average monthly rent is $1,358. On the other hand, of the cities analyzed, the cheapest city to rent an apartment in is Ogden, where the average apartment rent is $916.


Mid-year rent change in Utah


Since the beginning of the year, there has been an increase in average rent in almost all of the cities in Utah. The highest increase in rent can be seen in Herriman, where the monthly average went up by 6.9%, or $86. Following closely behind is Ogden, with a 4.6% increase, which translates into a value amount of $40. At the other end of the spectrum, the biggest decrease in average rent during the first half of 2019 can be seen in Logan, with rent being 1%, or $14, less expensive then it was at the beginning of the year.


To compare the rental market in Utah with other cities in the U.S., you can also check our national rent report.


Methodology



RENTCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.


The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.

Impower Real Estate
Steven & Jessica Salazar
9071 1300 W #205
West Jordan, UT 84088
801-661-1557
801-661-0877

Based on information from the Wasatch Front Regional Multiple Listing Service, Inc. as of September 19, 2019. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or the MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
The multiple listing information is provided by Wasatch Front Regional Multiple Listing Service, Inc. from a copyrighted compilation of listings. The compilation of listings and each individual listing are © 2019 Wasatch Front Regional Multiple Listing Service, Inc., All Rights Reserved. The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Conspicuous display of the following: Information deemed reliable but not guaranteed accurate. Buyer to verify all information.