On the Site:


Rent prices drop along Wasatch Front, but for how long?

Nov 7, 2023, 10:55 PM | Updated: Nov 8, 2023, 5:05 pm

SALT LAKE CITY — After more than a decade of increases, rent prices along the Wasatch Front are dropping as Utah finally follows the national trend. But renters here shouldnt expect it to last.

Rising rents have been a staple of urban life here since at least 2011 averaging about an annual boost of 6.5% to 7% every year, according to a report from the Kem C. Gardner Policy Institute.

The pandemic brought jaw-dropping increases: 2021 alone saw rents jump about 20% in Salt Lake, Davis, Utah, and Weber counties.

This year, its different. Rent in Utah has dropped by 5.71% compared to this time last year, according to numbers that Rent shared with the KSL Investigators.

“They’ve been dropping since April,” Jon Leckie, a researcher and data analyst with Rent said. “And they’re actually down a little over 8.5% since April.”

So, what’s happening?  Leckie pointed to the West in general where the nation is seeing some of its biggest price drops.

In Montana, rent is down by over 15%, by 10% in Oregon. Ranking fifth, sixth, and seventh in terms of rent decreases is Idaho with a 7.8% drop, Nevada at 5.72%, and Utah with a 5.71% decline.

Leckie said some remote work policies have ended, stemming the flow of telecommuters to Utah.

“We saw pretty high rates of inbound migration to the Mountain West and in Salt Lake City in particular, throughout 2022,” Leckie said. “And then the beginning of 2023, you were still positive in terms of inbound migration, but that number had dropped pretty significantly.”

Construction is another reason. The Salt Lake County market alone has added an average of about 3,600 new apartments in 2020, 2021, and 2022 according to numbers  from real estate firm, CBRE.

When 2023 wraps, another 5,660 apartments are expected to come online. Add another 7,404 projected for 2024.

Anytime you’re you see a lot of building that’s going to be a good thing for rental prices, Leckie said.

Vacancy rates are ticking up. Salt Lake County’s climbed from 2.9% in 2021 to 5.3% this year, according to CBRE. Utah, Weber, and Davis counties have seen similar climbs. 

There are also seasonal changes in demand. The fall and winter also tend to drive down rent prices. But only temporarily.

“The flip side is that we’ll pick back up again in the spring, Leckie warned. But I think our growth rates will be much lower than we saw it for the pandemic. I think we’ll get back to those normal kind of growth rates.”

Leckie said despite recent drops, the average monthly rent bill here is still $370 more than before the pandemic hit and its doubtful theyll drop back down to that level. “We have a new floor from which rent prices can grow from rather than the ceiling that they have grown to,” he added

If you’re looking for the best rent prices, fall and winter are your best times of year.

Also, Leckie said the markets higher capacity, the increase in vacancy rates along with the lower rents can give renters leverage in negotiating a lower rent.

KSL 5 TV Live

Get Gephardt

Debra Gamero teaches a student...

Matt Gephardt

The insurance you didn’t know you needed to protect your side hustle

Having a side hustle to bring in extra cash requires determination and hard work. But if you do it without the right insurance policy, you might find an unexpected event could blow up your side hustle along with your finances.

6 days ago

If you drive your car for work and you're in a crash, can your insurance company refuse to pay? Tha...

Matt Gephardt and Sloan Schrage

Get Gephardt: Rideshare driver says company’s insurance refuses to cover her wrecked car

If you drive your car for work and you're in a crash, can your insurance company refuse to pay? That's the exact issue currently afflicting a Cedar City woman who decided it was time to Get Gephardt, and our Matt Gephardt began investigating.

8 days ago

A Holladay woman received a water bill for over $7,000. After contacting the provider, it wasn't mu...

Matt Gephardt

Get Gephardt: Homeowner gets $7K water bill for water she says she didn’t use

Imagine opening your mailbox to find a water bill demanding several thousand dollars for just one month’s use of water. It happened to a Holladay woman, she decided to Get Gephardt.

13 days ago

Thieves are using phony delivery notifications via text or email to steal our money, our identities...

Matt Gephardt and Sloan Schrage

Fake delivery texts surge for the holidays, how you can avoid the scam

Porch pirates aren't the only bad guys banking on the holiday season's huge influx of deliveries. Other thieves are using phony delivery notifications via text or email to steal our money, our identities, or both.

14 days ago

(KSL TV)...

Matt Gephardt

Gehardt busts inflation: How much can you save by buying in bulk?

It's likely that most of us if not all, are trying to find ways to make our household budgets go further.

19 days ago

Matt Gephardt speaking with Zahra Moghimi about her car accident that damaged her wheelchair, and h...

Matt Gephardt

Get Gephardt: Investigating insurance for wheelchair-accessible cars

If you're in a wreck, you count on insurance to get you back on the road. What happens when insurance will not pay nearly enough to make that happen?

20 days ago

Sponsored Articles

Stylish room interior with beautiful Christmas tree and decorative fireplace...

Lighting Design

Create a Festive Home with Our Easy-to-Follow Holiday Prep Guide

Get ready for festive celebrations! Discover expert tips to prepare your home for the holidays, creating a warm and welcoming atmosphere for unforgettable moments.

Battery low message on mobile device screen. Internet and technology concept...

PC Laptops

9 Tips to Get More Power Out of Your Laptop Battery

Get more power out of your laptop battery and help it last longer by implementing some of these tips from our guide.

Users display warnings about the use of artificial intelligence (AI), access to malicious software ...

Les Olson

How to Stay Safe from Cybersecurity Threats

Read our tips for reading for how to respond to rising cybersecurity threats in 2023 and beyond to keep yourself and your company safe.

Design mockup half in white and half in color of luxury house interior with open plan living room a...

Lighting Design

Lighting Design 101: Learn the Basics

These lighting design basics will help you when designing your home, so you can meet both practical and aesthetic needs.

an antler with large horns int he wilderness...

Three Bear Lodge

Yellowstone in the Fall: A Wildlife Spectacle Worth Witnessing

While most people travel to this park in the summer, late fall in Yellowstone provides a wealth of highlights to make a memorable experience.

a diverse group of students raising their hands in a classroom...

Little Orchard Preschool

6 Benefits of Preschool for Kids

Some of the benefits of preschool for kids include developing independence, curiosity, and learning more about the world.

Rent prices drop along Wasatch Front, but for how long?