Sep 11, 2024 - News
Climbing rents in Salt Lake City metro don't show signs of slowing down
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The average asking rent in the Salt Lake City metro area is up 21% from the end of 2019, according to CoStar Group data.
The big picture: A surge in new apartments is helping to ease rent hikes across the country. But the national average rent remains 19% higher than pre-pandemic levels, the data shows.
The intrigue: As the market cools nationally, more property managers are offering renters sweeteners such as free weeks of rent or free parking, per a recent Zillow report.
- About half of the Salt Lake rental listings on the platform offered a concession in July.
- Analysts at Moody's say concessions are perched at the highest level on record.
What's next: Landlords could raise rents as construction slows and people postpone home purchases.