Three years ago, when Preston Tait was looking for a downtown Salt Lake City apartment, the pickings were slim. After weeks of consistent searching for an option in his budget, he had to settle.
“It was not big. No central air. There's no community perks, like no gym, no pool, nothing like that,” he said.
Fast forward to this July, and things are different. Looking to move during the traditional summer season, Tait found multiple options in just one afternoon. The new place, he said, is bigger and cheaper than the last.
“It's still, I think, higher than it should be for around here,” Tait said. “But overall, over the last handful years, it does seem to be calming down.”
As of July, the median apartment rent in Salt Lake City is $1,257, a 2.6% decrease from last year, according to the rental marketplace website Apartment List. During pandemic-era rent hikes, Salt Lake City’s average rent increased 20.7% in 2021 and another 5.8% in 2022, according to a July 2025 report from the Kem C. Gardner Policy Institute.
Increased summer demand normally means higher rents and shorter vacancy times. But this summer is different. New construction is adding more units to the market, which is driving prices down, said Kaitlyn Oberhansly, property manager at TierOne Real Estate.
“Everybody's trying to get renters in their units and get them filled, and that's where that competitive pricing comes into play," Oberhansly said. “We've got to drop [rent] so I can beat out the competitor and get my unit filled.”
If landlords price a unit too high, she said it might take longer to lease.
Oberhansly said she’s seeing property owners use more concessions and move-in specials. With more options on the market, she added, renters can be more selective.
“We would describe the current as more balanced and increasingly renter-friendly rather than a complete renter's market,” she said.
Population growth and home purchasing prices are keeping demand high, but Oberhansly explained things are becoming more stable.
“The summer months are traditionally the strongest leasing season, so the current moderation suggests the market is experiencing more than just a temporary seasonal break,” she said.
