Salt Lake City, Utah -- April 1, 2017 - As downtown Salt Lake City experiences record growth and Utah County becomes the next Silicon Valley, renters want to know: how is it affecting the rental market?
Rentler used data from over 300,000 listings to chart the rental market trends in 2016. We found some interesting trends and surprising misconceptions in the rental housing industry.
Apartment rentals are on the rise
It’s not just in your head, new apartment complexes really are popping up all along the wasatch front at a quicker rate. Apartment listing inventory went up 36% overall and these cities saw an especially high increase in 2016:
Eagle Mountain: 296%
South Salt Lake: 46%
Studios are the most popular type of rental
Studio rentals went up over 400% in Provo, while larger rentals (like 4-bedroom homes) saw a decrease. The demand for studios also caused a spike in the price of a studio rental. For example, the average price of a studio in South Salt Lake went from $459 to $534/mo.
Apartment rental prices actually went down last year
In 2016, apartment rental prices actually fell by 1% overall, partially due to the increased inventory and housing market in Utah. However, places like Provo and Cache County saw a slight increase in rental prices across the board.
For more information on our rental trend report, a full report is attached and we’re available for interviews to talk more about data.
Rentler is a web-based solution that provides marketing and management tools for more than 260,000 rental properties and over one million renters. They offer secure applications for rental listings right from the page, online rental payments that help boost your credit history,, and the most up-to-date search results for renters.