salt lake apartments / housing for rent "west valley city" - craigslist (2024)

FAQs

Is rent going down in Salt Lake City? ›

A moderate increase returned in 2022, and then rent decreased or stayed about even in 2023. In Salt Lake County as a whole, rent was down about 1% last compared to 2022, according to that report. CBRE also indicates a 2.4% two-year drop in rent in Davis County, mostly driven by a 9.1% decrease in rents in Layton.

Growth and rent in Utah

More move-ins create a higher demand for housing, which drives up prices. In a 2022 report by the Kem C. Gardner Policy Institute, data showed that the average cost of an apartment in Salt Lake County in 2010 was $939 a month. By 2020, it was $1,213 a month.

As of July 2024, the average rent in Salt Lake City, UT is $1,403 per month. For comparison, the national average rent price in the US is currently $1,535/month, which means Salt Lake City rent prices are 9% lower than the national average.

The housing market in Salt Lake City is diverse. Young professionals, first-time homeowners, and families make up the majority of those in need of housing. Properties are not just in high demand, but they move fast. This makes it an ideal market for those seeking to invest in a rental property for long-term returns.

According to Waldrip, housing production in Utah has been declining for years. In 2021, the state had 37,000 housing starts; that number dropped to 19,000 in 2023, and the early estimates for 2024 are 15,000 housing starts in Utah.

Utah Housing Market Overview

In June 2024, home prices in Utah were up 2.6% compared to last year, selling for a median price. On average, the number of homes sold was down 6.3% year over year and there were 3,216 homes sold in June this year, down 3,433 homes sold in June last year.

There's no statutory limit on the amount a landlord can raise the rent, provided that the increase does not occur within the duration of a fixed-term lease and that the tenant is given at least 15 days' notice before the end of the monthly rental period, according to Utah Code Section 78B-6-802.

1. Sundance. With a median home price of $2,197,881, Sundance is the most expensive city on our list. Based on the growth in home prices in Sundance over the last 3 years, it ranks No.

Average Home Prices: The average median home price in Utah is $545,200, up by 7.3% YoY. In 2024, the median sale price will keep increasing marginally due to UT's tight inventory.

What salary do you need to live in Salt Lake City? ›

Monthly electric bills are a product of how much electricity you use per month and your electric rate. In Salt Lake City, UT, the average monthly electric bill for residential customers is $129/month, which is calculated by multiplying the average monthly consumption by the average electric rate: 992 kWh * 13 ¢/kWh.

Running out of water, but growing fast. In theory, the fix is simple: Let more water from melting snowpack reach the lake, by sending less toward homes, businesses and farms. But metropolitan Salt Lake City has barely enough water to support its current population. And it is expected to grow almost 50 percent by 2060.

With a thriving jobs market and stunning natural landscapes, there's a lot to like about Utah's State Capital. No other city mixes city conveniences with outdoor adventures quite the same, with the vast Great Salt Lake on the west side and the great Wasatch Mountain Range on the eastern fringe.

Know your rights. Nationally, Utah is not known for being a tenant-friendly state. There are numerous unique laws that overwhelmingly favor landlords. For example, Utah's 72-hour eviction notice is the shortest in the country.

Are Salt Lake City Home Prices Dropping? The median sales price of single-family homes rose in June 2024 by 14.8% when compared to June of 2023. Prices in Salt Lake City metro continue to rise, as there are more buyers in the market than available inventory.

#2: Salt Lake City, Utah

Home values are also rising fast, with a Mortgage Affordability Index score of 8. The price-to-rent ratio is also high at 18.07, meaning that the average sales price of $335,000 is much more expensive than what you would spend on rent.

But in January 2023, scientists at Brigham Young University, a Mormon institution, issued a report containing a dire warning: “The lake as we know it is on track to disappear in five years.” Since 1850, it has lost more than 70 percent of its water and 60 percent of its surface area, mostly because people are sucking ...