Jul 7, 2023 - Real Estate
Here's what $1,500 rent gets you in Salt Lake City
Add Axios as your preferred source to
see more of our stories on Google.
Rent is climbing in Salt Lake City — but among other western cities, it's about in the middle.
Driving the news: A monthly rent of $1,500 can get you a 742-square-foot apartment in Salt Lake City, smaller than the national average of 782 square feet, per a new report from listing service RentCafe.
- Of note: Researchers considered the rent-to-space ratio in buildings with 50 units or more across the 200 biggest U.S. cities.
The big picture: Rent in western cities is significantly higher than back East, with the biggest bang for your buck in the Midwest and Southeast, RentCafe found.
Be smart: Rent is rising faster than income nationwide.
- The median U.S. renter spends close to 30% of their monthly income on average on rent, per the latest report from Moody's Analytics, an economic research firm.
Yes, but: It's still cheaper to rent than buy in the vast majority of the country, a new Redfin report says.