Inspite of the pandemic, lease in Salt Lake Metropolis continues to increase

SALT LAKE City — The COVID-19 pandemic isn’t halting the growing charge of lease in Utah’s cash metropolis. In a new National Lease Report introduced by Zumper, rent in Salt Lake Metropolis (SLC) increased by 2% very last month. General, SLC ranked 56 out of 100 cities in the country for the greatest rent price ranges. 

Lease on the rise in Salt Lake

The common value to rent a a person-bedroom condominium in the city runs $1,040. Nonetheless, Zumper indicated the charge of a just one-bed room condominium in SLC dropped 5.5% for the calendar year.

Rent for a two-bed room apartment in the metropolis enhanced by 3.1% for an typical of $1,340 for every month in November. But not like just one-bedroom residences, two-bed room rent rose by .8% for the yr. 

National rent trends 

Nationally, the one particular-bed room median hire remained flat previous month at $1,224, though the 2-bedroom median improved by .3% to $1,487. Some of the most costly towns to are living in, this sort of as New York City and San Francisco, noticed a drop in hire price ranges.

In the month of November, Laredo, Texas Madison, Wisconsin Chesapeake, Virginia Lincoln, Nebraska Baltimore, Maryland and Tulsa, Oklahoma expert the most significant downward craze in lease. 

The towns that noticed the largest rent improve past month were being  Indianapolis, Indiana Cleveland, Ohio Tucson, Arizona St. Louis, Missouri and Newark, New Jersey. 

Since the starting of the 12 months, San Francisco lease price ranges have lessened by 22.6%. New York Metropolis rents have dropped by 16.8% this year as very well. 

Lease stabilization in the potential?

Nevertheless, rent stabilization may materialize in the in close proximity to future. For the third consecutive thirty day period, hire decreases in the major seven most high-priced towns have slowed. 

Regular monthly rates for a person-bed room costs in the nation’s top seven rental marketplaces were on ordinary .8% points increased than the former month, creating it the optimum common advancement price transform in these marketplaces all calendar year. The only exceptions to this craze:  is San Francisco and New York Town. 

The seven most high-priced areas to hire a one particular-bed room condominium:

  1. San Francisco, California — $2,700
  2. New York Metropolis, New York — $2,470
  3. Boston, Massachusetts — $2,150
  4. San Jose, California — $2,090
  5. Oakland, California — $2,000
  6. Los Angeles, California — $2,000
  7. Washington, D.C. — $1,920 

The 7 the very least highly-priced lease price ranges for a one particular-bedroom condominium:

  1. Laredo, Texas — $720
  2. El Paso, Texas — $700
  3. Tulsa, Oklahoma — $650
  4. Lubbock, Texas — $650
  5. Shreveport, Louisiana — $650
  6. Wichita, Kansas — $630
  7. Akron, Ohio — $570

For extra info on national hire tendencies, stop by right here.