How Much are 2021 Rent Trends in Salt Lake County Accelerating?
Posted By Regional Development
August 30, 2021
Data released by Apartment List and analyzed and visualized by Salt Lake County's Office of Data & Innovation illustrates steep changes in rent costs in Salt Lake County in 2021 when compared to previous years.
The graph above shows rent changes from 2019 to 2021 in both percent change and median percent change compared to other counties of a similar size. Since January 2021, Salt Lake County has seen a more than 10% change.
An Accelerating Median Price
This chart illustrates the accelerating median price of rent in Salt Lake County, hovering around $1,100 in early 2017 to $1,450 in July 2021.
Overall Rent Changes 2 Year-Over-Year
This graph gathers rent data from Utah's five most populous counties and compares 2 year-over-year percent changes in rent, beginning in January 2019 to July 2021.
Salt Lake County, illustrated in lime green, experienced a dip from April 2020 until January 2021, when changes made a steep upward turn amounting to about an 11% increase in just six months.
- Rents are indeed accelerating substantially in 2021.
- Salt Lake County rates seem to be typical among the most major counties in Utah. While we saw a small "major city" COVID-19 rent dip, it never turned negative.
- Salt Lake County rent trends are like those of similar-size counties since 2020, however on a slightly more aggressive level.
Apartment List named five reasons, based on its data, behind rising rental prices across the nation in an Aug. 24 article. They are:
- There are more households competing for homes than ever before
- Homeownership is becoming prohibitively expensive
- Search data suggest many renters are actively looking for a new home right now
- Apartment hunters are searching with increased urgency
- Apartment vacancy rates are historically low
Need Help? Get Rental Assistance
If you or someone you know is impacted by rising costs and having a difficult time paying rent right now due to the pandemic, please apply for free rental assistance at https://rentrelief.utah.gov.
Rental assistance is open to all residents who make below a combined income of $51,650 if you're a household of one; $59,000 for two people; $66,400 for three people; $73,750 for four people in Salt Lake County. If you have a household with more than four people, visit this page to view income guidelines for homes with five or more individuals.
Rental assistance can be used for:
- Current rent plus 3 months of prospective rent (with a termed lease)
- Past-due rent
- Eligible fees
- Security deposit
- Utilities, internet and home energy costs
Data from Apartment List is gathered based on its listings and older census data to trend forward.