All homes and bedroom counts
RENTAL MARKET INTELLIGENCE
Salt Lake City, UT
Salt Lake City merits investigation for buyers prioritizing employment and tenant affordability, but cash-flow investors and those unwilling to underwrite earthquake exposure should be cautious.
Median price$567k
Median rent$1,638
Gross yield3.5%
Job growth▲ 1.3%
Composite Market ScoreRank #242 of 571 scored US market areas
Direct rental answer
How much is rent in Salt Lake City, UT?
Zillow's metro-wide Observed Rent Index is $1,638 per month for 2026-06-30. That is up 0.52% from a year earlier.
Occupied rental units paying rent
Two-bedroom standard
These figures are not averaged together. Zillow and Realtor describe asking-rent markets, ACS measures rent paid by surveyed households, and HUD publishes administrative bedroom standards.
Exact county schedules
HUD rent benchmarks inside Salt Lake City
Every row keeps its own county FIPS schedule. No county is selected as a metro proxy and no synthetic metro FMR is calculated.
| County | Studio | 1 BR | 2 BR | 3 BR | 4 BR |
|---|---|---|---|---|---|
| Salt Lake County, UTFIPS 49035 | $1,259 | $1,456 | $1,747 | $2,333 | $2,666 |
| Tooele County, UTFIPS 49045 | $902 | $946 | $1,241 | $1,667 | $2,082 |
The read
Why this market scores where it does
Salt Lake City merits investigation for buyers prioritizing employment and tenant affordability, but cash-flow investors and those unwilling to underwrite earthquake exposure should be cautious. The median home value is $567,346, versus median asking rent of $1,638 and a 3.46% gross yield, limiting income relative to cost.
The opportunity is a 1.27% year-over-year job gain alongside rent equal to 20.04% of median household income, a combination consistent with accessible rents and a growing employment base. The tension is that rent rose only 0.52%, so the demand signal has not translated into much pricing momentum. A 5.78-times price-to-income ratio also keeps purchase affordability tighter than renter affordability.
Inventory is 3.0 months and 32.6% of listings recorded price drops, offering negotiating signals, while permits add a supply-pipeline consideration. Tax filings show net migration of -2,144 households, and earthquake is the dominant hazard. Investigate only if the deal works at current rent and after property-level earthquake review, without relying on stronger rent growth.
Frequently Asked Investor Questions
How affordable is rent relative to local income?
Median asking rent is $1,638 against median household income of $98,083, and the recorded rent-to-income ratio is 20.04%.
What evidence suggests buyers may have negotiating leverage?
The market has 3.0 months of supply, 35 median days on market, and price drops on 32.6% of listings.
Is household migration supportive?
Tax filings show 28,329 households moved in and 30,473 moved out, for net migration of -2,144; average AGI was $70,613 for inbound movers and $77,006 for outbound movers.
Investor Quick Takeaways
Gross Yield: 3.5%
Computed from the current Zillow rent and home-value medians.
Rent Momentum: ▲ 0.52%
Zillow ZORI rent growth trend over trailing 12 months.
Investor Activity: 4.9%
Originated investment purchase share (CFPB HMDA).
Climate Exposure: FEMA NRI
Annualized loss ratio evaluated for flood & hurricane risk.
Put the evidence to work
Test the market, then test the deal
Keep Salt Lake City as the starting point or move into a more specific property and rent check.
Run cash flowStarts with this market's measured price and rentSave to shortlistCompare this metro with up to four other placesCheck rent by ZIPMove from metro context to a local rent benchmarkFind a comparison marketRead a curated two-market decision analysisShare this analysisEmail the canonical link without adding page scriptsReport a data issueSend the figure, source and release period to review
Market pulse
The current market in eight signals
Fast-moving Redfin conditions sit beside the slower fundamentals so a buyer can separate today's negotiating climate from the long-run investment case.
Months of supply3.0 mo.▲ from 2.9 mo. a year ago
Median days on market35 days▲ from 30 days a year ago
Listings with price drops32.6%▼ from 37.3% a year ago
Sale-to-list ratio99.3%2026-05-01
Home value growth▲ 1.3%Zillow ZHVI · trailing 12 months
Rent growth▲ 0.52%Zillow ZORI · trailing 12 months
Gross rental yield3.5%Rent × 12 ÷ price
Payroll job growth▲ 1.3%CES · 12m to 2026-06
Release-to-release evidence
What actually changed
This comparison exists because at least one underlying source period advanced. Rebuilding the same data never creates a new observation.
Published score held steady52→52
0 ptsThe published component scores did not move in this release.
Weights were unchanged at metro-2026-07-v2-omb2023, so the movement comes from refreshed evidence and percentile ranks.
The named source periods advanced, but the measured values on this page held steady.
The one chart
Rents versus prices, indexed to 2019
Both series start at 100. The gap between the lines is the investment case, and which line is closing it tells you what kind of market this is.
Reindexed Price vs. Rent Growth
2019 = 100 · annual · 2019–2026
Since 2019, prices are up 57% and rents 34%. Prices running ahead of rents is what compresses yield. ✓ recomputed from series
Composite breakdown
What each component measures
Weights are published, not hidden, and the arithmetic is shown. Five components, each measured as a national percentile across all tracked metros.
Published arithmeticComponent × weight = points
52| Signal | Score | Weight | Points |
|---|---|---|---|
| Job growth | 87 | 30% | 26.10 |
| Rent trend | 11 | 25% | 2.75 |
| Affordability | 81 | 15% | 12.15 |
| Supply pressure | 47 | 15% | 7.05 |
| Climate risk | 28 | 15% | 4.20 |
| Published score | 52 | ||
Salt Lake City, UT scoreRank #242
52Job growth87/100
Job: CES employment rose 1.27% year over year -> the labor-market signal strengthens the tenant-demand case, but tax-based migration does not.
Rent trend11/100
Rent: Median asking rent rose 0.52% and gross yield is 3.46% -> income momentum and headline yield are weak points.
Affordability81/100
Afford: Rent equals 20.04% of median household income while home value is 5.78 times income -> renter affordability is stronger than buyer affordability.
Supply pressure47/100
Supply: 5,344 permits sit alongside 3.0 months of inventory, 35 median days on market, and a 32.6% price-drop share -> buyers have negotiating signals and a supply pipeline to assess.
Climate risk28/100
Climate: Earthquake is the dominant hazard and the annual loss ratio is 0.1814% -> property-level exposure belongs in underwriting.
The numbers
What this market costs and what it earns
Every derived ratio below recomputes from the same source record used by the article and score.
ZHVI Median Price
$567k
YoY ▲ 1.3%
ZORI Median Rent
$1,638
YoY ▲ 0.52%
Gross Rental Yield
3.5%
Rent × 12 ÷ price
$1,638 × 12 ÷ $567,346
Job Growth (YoY)
▲ 1.3%
CES payrolls
Job signal 87/100
Median Household Income
$98k
Census ACS 5-year
Rent Burden
20.0%
Annual rent ÷ household income
Price-to-Income
5.8x
Median value ÷ household income
HUD 2BR Fair Market Rent
$1,494
Market rent 109.6% of FMR
Historical affordability context
Compare aligned 2019 and 2024 asking-rent and nominal household-income endpoints across the direct-overlap metro set.
Independent rent evidence
One market, several legitimate rent benchmarks
These releases observe different homes and different moments. RentMarker keeps them separate: ZORI remains the scoring baseline, while the other sources test how sensitive the market story is to bedroom mix and measurement method.
Monthly benchmark4 of 4 reported values
Zero-based scale$1,638Primary RentMarker baseline
2026-06-30
All homes and bedroom counts
A smoothed metro rent index for observed rentals; it is the primary rent used by RentMarker scores and career ratios.
View source release ↗$1,201−$437 vs ZORI
FY2026 FMR
One-bedroom standard
An administrative gross-rent benchmark used by HUD programs; it is neither a listing median nor a prediction of one lease.
View source release ↗$1,494−$144 vs ZORI
FY2026 FMR
Two-bedroom standard
An administrative gross-rent benchmark used by HUD programs; it is neither a listing median nor a prediction of one lease.
View source release ↗$1,583−$55 vs ZORI
ACS 2024 5-year
Occupied rental units paying rent
A five-year survey estimate of contract rent plus applicable tenant-paid utilities; it is not a current asking-rent index.
View source release ↗Take the next step
Keep Salt Lake City as context, then replace market-wide evidence with the candidate property's facts.
Direct local rental evidence
Recent leases and rental-market liquidity in Salt Lake City, UT
These Apartment List observations match the exact metro CBSA code 41620. They are kept separate from Zillow asking rent, Census occupied-home rent and property-level comparables.
Direct recent-lease rent history
Monthly overall-rent index; missing observations are not filled from another geography.
Recent-lease rent$1,4462026-07 · -2.2% year over year
Rental vacancy8.9%2026-07 · +0.3 percentage points year over year
Time on market39 days2026-07 · +7.3 days year over year
Measured rent retention
How much of gross yield survives the first two measured deductions?
This bridge subtracts direct rental vacancy and effective property tax only. It is not net yield, NOI, cap rate or property cash flow.
measured retention property tax vacancy
- Gross yield
- 3.5%
- Vacancy
- 8.9%
- Effective tax
- 0.5%
- Retained yield
- 2.6%
Regional price level
What feels expensive inside Salt Lake City
BEA compares each category with the United States, which equals 100. This is a 2024 price-level comparison—not annual inflation.
BEA Regional Price Parities · 2024US = 100
Occupation wage lens
How asking rent sits against major local occupations
Annualized Zillow asking rent is divided by each BLS annual median wage. This is a screening ratio for one wage, not a household budget or affordability verdict.
Six largest published major groupsannual rent ÷ median wage
Office and Administrative Support Occupations$46,870 median wage
41.9%
Management Occupations$126,150 median wage
15.6%
Business and Financial Operations Occupations$78,230 median wage
25.1%
Transportation and Material Moving Occupations$46,940 median wage
41.9%
Sales and Related Occupations$44,210 median wage
44.5%
Food Preparation and Serving Related Occupations$32,390 median wage
60.7%
Supply pipeline
What is being built, and for whom
Permits are the 12-to-24 month early warning. The total matters less than the mix: apartments compete with a rental the day they open.
National supply context
Compare this authorization pipeline with asking-rent growth, jobs and for-sale liquidity across the evidence-complete metro set.
Building permits by structure type
units per year · latest year annualised
5,134 units authorised in 2026, 45% of them in 5+ unit buildings. A meaningful share is apartments, which discount first when they lease up. ✓ recomputed from series
Who is arriving, and who is buying
Demand, and the competition for it
Tax filings say how many households moved and what they earn; mortgage disclosures say how many local purchases went to someone who will not live there. Moves between counties inside this metro are netted out of both flow figures.
Net Household Move
−2,144
28,329 in vs 30,473 out (IRS SOI)
▼ 7.6% of arriving households
Mover Income Gap
−$6,393
Arriving $70,613 vs leaving $77,006
Average AGI per tax return (IRS SOI)
Investor Purchase Share
4.9%
679 of 13,975 originated purchase loans
CFPB HMDA 2024
Dominant Hazard
earthquake
0.181% building value annual loss ratio
FEMA NRI · risk type: other
Compare yield and FEMA exposure →Households arrive mainly from: Utah County · Davis County · Weber County · Washington County · Cache County
✓ 28,329 in − 30,473 out = -2,144 netDirect market links
Where tax-return households moved from and to
These are the largest flows where both counties map to a RentMarker market area. They are a documented subset of the all-US IRS totals above.
Leading inbound markets
- Provo, UT4,860 arriving
- Ogden, UT3,440 arriving
- Los Angeles, CA903 arriving
Leading outbound markets
- Provo, UT5,957 leaving
- Ogden, UT4,217 leaving
- St. George, UT865 leaving
Directional moving briefs
Relocation routes involving Salt Lake City
Each route begins with a direct IRS tax-return household flow and then tests what changes in housing, income, jobs, regional prices and climate evidence.
The other side
What would make this a bad buy
Generated from the same figures with the instruction to argue against the score, and published unedited. A page that only agrees with itself is an advertisement.
Three ways the case breaks
- Rent growth of 0.52% and a 3.46% gross yield provide limited income momentum and headline return relative to the recorded home value.
- Tax filings show net migration of -2,144 households, while average AGI was $70,613 inbound versus $77,006 outbound, making the migration signal unfavorable.
- Earthquake is the dominant hazard, and the recorded annual loss ratio is 0.1814% of building value, adding property-specific loss exposure.
Inside this metro area
Move from the market-area average to local evidence
Use the available county and city pages to add local price, rent, housing, migration and hazard context to the market-area view.
Statistical peers
Market areas that behave like Salt Lake City
Nearest neighbours on price level, income, yield and job growth — not on geography. Every market page gets a different peer set, which is the point.
| Market area | Score | Price | Rent | Yield | Job Growth |
|---|---|---|---|---|---|
| Salt Lake City, UT (Target) | 52 | $567k | $1,638 | 3.5% | ▲ 1.3% |
| Provo, UT | 52 | $548k | $1,847 | 4.0% | ▲ 1.4% |
| Sacramento, CA | 49 | $584k | $2,308 | 4.7% | ▲ 0.7% |
| Austin, TX | 51 | $427k | $1,653 | 4.7% | ▲ 1.4% |
| Boise City, ID | 67 | $497k | $1,874 | 4.5% | ▲ 1.0% |
Provenance
Where every figure came from
“Checked nightly” means every source is re-pulled and re-verified each night. It does not mean every source moves nightly — the release column tells you how fresh each number can possibly be.
| Dataset Source | Method | Release Period | Pulled Date |
|---|---|---|---|
| Census ACS 5-year — household income and gross rent | direct | ACS 2024 5-year | 2026-08-05 |
| Census ACS 5-year — historical household income | direct | ACS 2019 and 2024 5-year | 2026-08-05 |
| Census ACS 5-year — population | direct | ACS 2024 5-year | 2026-07-26 |
| Apartment List Rent Estimates — recent-lease rent index | direct | Apartment List 2026-07 | 2026-08-08 |
| Apartment List Time on Market — listing liquidity | direct | Apartment List 2026-07 | 2026-08-08 |
| Apartment List Vacancy Index — rental vacancy | direct | Apartment List 2026-07 | 2026-08-08 |
| BEA County Personal Income — income and population | direct | 2024 County Personal Income (released 2026-02-05); history 1969-2024 | 2026-08-03 |
| BEA Regional Price Parities — metropolitan price levels | direct | 2024 Regional Price Parities (released 2026-02-19); history 2008-2024 | 2026-08-03 |
| BLS CES — payroll employment | direct | CES SM current | 2026-07-26 |
| BLS LAUS — resident employment | direct | LAUS current | 2026-07-26 |
| BLS OEWS — occupation employment and wages | direct | May 2025 OEWS estimates (released 2026-05-15) | 2026-08-03 |
| BLS QCEW — county employment and wages | direct | annual county employment and wages 2021-2025; latest 2025 vs 2024 | 2026-08-02 |
| OMB/BLS delineation — metro geography | direct | OMB July 2023 delineation | 2026-07-30 |
| Census Building Permits Survey — permitted units | direct | BPS through 2026 | 2026-07-26 |
| Census ACS 5-year — city population, households and housing | direct | ACS 2024 5-year | 2026-07-29 |
| Census ACS 5-year — county housing value, tenure and stock | direct | ACS 2024 5-year | 2026-07-30 |
| Census ACS 5-year — cities and communities | direct | ACS 2024 5-year | 2026-07-30 |
| Census ACS five-year — ZCTA housing and income | direct | ACS 2024 5-year ZCTA | 2026-08-08 |
| FEMA National Risk Index — hazard loss ratios | modelled | NRI counties (FEMA ArcGIS) | 2026-07-26 |
| FHFA House Price Index — annual county appreciation | direct | annual county HPI history 1975-2025; latest 2025 | 2026-08-02 |
| HMDA / CFPB — purchases by occupancy type | direct | HMDA 2024 purchase originations | 2026-07-26 |
| HUD CHAS — renter burden by HAMFI income band | direct | HUD CHAS 2018-2022 ACS 5-year (released 2025-12-23) | 2026-08-03 |
| HUD Fair Market Rents — Section 8 standard | direct | FY2026 FMR | 2026-07-26 |
| HUD USPS crosswalk and Small Area FMRs — ZIP rent fallback | direct | ZIP-CBSA 2025Q4 + SAFMR FY2026 | 2026-07-26 |
| HUD-USPS ZIP-to-county residential-address crosswalk | direct | HUD-USPS 2026Q1 | 2026-08-09 |
| IRS SOI — county migration and mover income | direct | SOI migration 2022-2023 | 2026-07-26 |
| Freddie Mac PMMS — mortgage rates | direct | week of 2026-07-30 | 2026-08-06 |
| Census ACS 5-year — effective property tax | direct | ACS 2024 5-year | 2026-08-06 |
| Realtor.com Economic Research — county listing inventory | direct | county inventory 2026-06 | 2026-07-28 |
| Realtor.com Rental Report — top-50 asking rents | direct | top-50 rental asking rents 2026-05 | 2026-08-05 |
| Redfin Data Center — inventory, days on market, and price cuts | direct | metro tracker through 2026-05-01 | 2026-07-26 |
| Redfin Data Center — ZIP resale activity and supply | direct | ZIP rolling 3 months through 2026-06-30; updated 2026-07-03 | 2026-08-12 |
| USDA ERS — Rural-Urban Continuum Codes | direct | USDA ERS 2023 Rural-Urban Continuum Codes | 2026-08-02 |
| Zillow ZHVI and ZORI — county values and rents | direct | county ZHVI/ZORI 2026-06 | 2026-07-26 |
| Zillow ZHVI — metro home values | direct | Metro_zhvi_uc_sfrcondo_tier_0.33_0.67_sm_sa_month.csv | 2026-07-26 |
| Zillow ZHVI — city home values | direct | zillow_zhvi_city.csv | 2026-07-29 |
| Zillow ZORI — metro market rents | direct | Metro_zori_uc_sfrcondomfr_sm_sa_month.csv | 2026-07-26 |
| Zillow ZORI — city market rents | direct | zillow_zori_city.csv | 2026-07-29 |
| Zillow ZORI - metro market rents, not seasonally adjusted | direct | Metro_zori_uc_sfrcondomfr_sm_month.csv | 2026-08-15 |
| Zillow ZORI — ZIP market rents | direct | ZORI ZIP 2026-06 | 2026-08-08 |