Thursday, December 1 2022

The average asking rent in Salt Lake County has increased nearly 11% each year during the COVID-19 pandemic, according to a recent Kem C. Gardner Policy Institute report found.

  • From 2010 to 2020, the average annual rent increase in the county was 2.6%.

By the numbers: Between 2020 and the first half of 2022, the median asking price for a one-bedroom apartment in Salt Lake County rose from $1,060 to $1,343.

  • Salt Lake County Studios went from $971 in 2020 to $1,169 in 2022.
  • Strong rent increases over the same period were also seen in Utah, Davis and Weber counties.

Why is this important: With Utah residents excluded from the state’s housing market, demand for rental housing is increasing, the researchers wrote in the report.

Meanwhile, Salt Lake County is also in the midst of an unprecedented apartment boom.

  • There are over 24,000 housing units under construction across the Wasatch Front.
  • About a quarter of these projects are located in Salt Lake County.

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