Department of Numbers

Salt Lake City Utah Residential Rent and Rental Statistics

The median monthly gross residential rent in Salt Lake City, UT (the Salt Lake City metro area) was $964 in 2015 according to the Census ACS survey.1 Average gross rent in Salt Lake City was $988 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 Salt Lake City median and average rent data will be released in September of 2017.

Data is also available below for Salt Lake City rental vacancy rates, Salt Lake City rent as a percent of median income and the fraction of renters in Salt Lake City.

Show dollars as: Nominal Real

Real Gross Rent in Salt Lake City Utah (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Utah Median Gross Rent $925 +4.88% +8.44%
Salt Lake City, UT Median Gross Rent $964 +3.88% +7.47%

Salt Lake City, UT Real Gross Rent Trends

At $964, real median gross rent in Salt Lake City was at its highest level in 2015 since the series began in 2005. At $988, real average gross rent in Salt Lake City was at its highest level in 2015 since the series began in 2005.

Real Gross Rent in Salt Lake City: Salt Lake City UT Median, Salt Lake City UT Average, Utah Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Salt Lake City

Date US
Median
Utah
Median
Salt Lake City, UT
Median
Salt Lake City, UT
Average
2015 $959 $925 $964 $988
2014 $930 $882 $928 $965
2013 $898 $875 $928 $975
2012 $886 $853 $897 $948
2011 $887 $837 $875 $915
2010 $901 $838 $880 $920
2009 $905 $852 $897 $957
2008 $920 $875 $923 $959
2007 $874 $812 $862 $889
2006 $883 $807 $855 $880
2005 $858 $784 $803 $832

Salt Lake City Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for Salt Lake City Utah was 5.01% according to Census ACS data.

Rental Vacancy Rate in Salt Lake City Utah

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Utah 4.81% -0.46% -1.08%
Salt Lake City, UT 5.01% +0.39% -1.16%

Trends in Salt Lake City, UT Rental Vacancy Rate

The rental vacancy rate in Salt Lake City peaked in 2010 at 8.42%. Since then it has fallen by 3.41% to 5.01%. Data records for this series originated in 2005.

Rental Vacancy Rate: Salt Lake City UT, Utah, US

Rental vacancy rate in Utah

Historical Rental Vacancy Rate data for Salt Lake City

Date US Utah Salt Lake City, UT
2015 5.85% 4.81% 5.01%
2014 6.32% 5.27% 4.62%
2013 6.49% 5.96% 5.32%
2012 6.77% 5.89% 6.17%
2011 7.40% 5.36% 5.98%
2010 8.17% 6.59% 8.42%
2009 8.43% 6.49% 8.08%
2008 7.86% 5.32% 3.85%
2007 7.87% 5.59% 4.34%
2006 7.70% 6.21% 6.50%
2005 7.74% 6.95% 7.69%

Rent as a Fraction of Income

Using median household income data for Salt Lake City, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Salt Lake City, median monthly gross rent as a fraction of median household income was 17.58% in 2015 according to the ACS.

Salt Lake City Utah Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Utah 17.64% +0.19% -0.26%
Salt Lake City, UT 17.58% -0.27% -0.28%

Trends in Salt Lake City, UT Rent as a Fraction of Income

The fraction of median Salt Lake City household income required to pay median monthly gross rent peaked in 2013 (relative to the 2005 series origin) at 18.24%. Since then it has fallen by 0.66% to 17.58%.

Fraction of Income towards Rent: Salt Lake City UT, Utah, US

Percent of median household income going towards median monthly gross rent in Salt Lake City Utah

Historical Data for Annual Rent as a Fraction of Income in Salt Lake City Utah

Date US Utah Salt Lake City, UT
2015 20.63% 17.64% 17.58%
2014 20.89% 17.45% 17.85%
2013 20.78% 17.69% 18.24%
2012 20.65% 17.90% 17.86%
2011 20.70% 17.66% 18.08%
2010 20.50% 17.45% 17.45%
2009 20.12% 17.27% 17.54%
2008 19.00% 16.61% 16.54%
2007 18.66% 15.96% 16.29%
2006 18.90% 16.30% 16.55%
2005 18.89% 16.65% 16.68%

Renter Fraction in Salt Lake City Utah

You can calculate the renter fraction in Salt Lake City in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Salt Lake City as a fraction of total Salt Lake City households. In 2015 33.79% of households were renters according to Census ACS data.

Salt Lake City Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Utah 31.12% +0.28% +0.74%
Salt Lake City, UT 33.79% +0.13% +0.77%

Trends in the Salt Lake City, UT Renter Fraction

At 33.79%, the 2015 household based renter fraction in Salt Lake City was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Salt Lake City UT, Utah, US

Fraction of renters in Salt Lake City

History of Salt Lake City Renter Fraction

Date US Utah Salt Lake City, UT
2015 36.97% 31.12% 33.79%
2014 36.90% 30.84% 33.66%
2013 36.50% 30.78% 33.46%
2012 36.09% 30.38% 33.02%
2011 35.42% 30.62% 33.25%
2010 34.65% 30.10% 31.52%
2009 34.13% 28.50% 30.59%
2008 33.36% 28.28% 30.47%
2007 32.80% 28.27% 31.08%
2006 32.73% 28.02% 29.00%
2005 33.10% 29.44% 30.90%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.