Across the country rental prices are rising. According to Apartment List, an online rental marketplace, national rental rates have increased 3.2 percent over the same time last year. In Salt Lake, low vacancy rates have led to a 3.4 percent increase in rent over the same time period.
While rents in Salt Lake are slightly lower than the national average, a 2014 report by researchers at Apartment List found that 49 percent of Salt Lake renters are cost burdened, spending more than 30 percent of their income on housing costs.
The median rent for a two-bedroom apartment in the Salt Lake City metro is $940 per month (compared to a national median of $1,300). Using Zillow, an online real estate marketplace, to evaluate listings only in Salt Lake City proper, two-bedroom apartments at $940 or below are a rarity or nonexistence in many of the city’s neighborhoods.
Building Salt Lake used Zillow to highlight what type of rental units are available in the $1,000- $1,100 range in various neighborhoods in Salt Lake City. As was expected, the further out one gets from downtown and Sugar House, the lower rents get. In Central City, new two-bedroom apartments exceed $1,200, but $1,000 can get you a three-bedroom home in the city’s westside neighborhoods.
Below is a sample of what you can rent for $1,000 in Salt Lake City. Note the neighborhood distinction is based on the boundaries of the community councils.
Downtown (Central City)
There were no rental listings available in the core downtown business district within the $1,000 to $1,100 range. But for $1,195 you can rent a one-bedroom/one-bath condo-unit in the Metro Condominiums at 350 S. 200 East. The unit is within a block of downtown mainstays: the Salt Lake City Main Library, Broadway Theater, Copper Onion and Copper Common.
Older buildings are consistently more affordable than newly constructed developments. For $1,045 a month you can rent a two-bedroom/one-bath apartment at the Covey Apartments at 239 E South Temple. The 106-year-old building is adjacent to downtown and is on the historic avenue, South Temple.
There aren’t a lot of two-bedroom rentals available below $1,100 a month in Central City (A studio at the Encore Apartments is nearly $1,200). But, for $1,030 a month you can rent a 533-square-foot one-bedroom/one-bath apartment at the Newhouse Apartments at 540 E 500 South. The apartments are within a block of three grocery stores and the Trolley Square mall.
Rents in Sugar House are continually climbing, but for $1,088 a month you can rent a one-bedroom/one-bath apartment at the Irving Schoolhouse at 1155 E 2100 South. The apartment is close to the 21 Bus Route, and the Sugar House central business district.
The further south you go from Liberty Park, the more affordable rent becomes. For $995 a month you can rent a two-bedroom/one-bath apartment at 1545 S Green St (just west of 700 East). The apartment is older but is one of the few two-bedroom offerings in the neighborhood in the $1,000 range.
For $1,095 a month you can rent a one-bedroom/one-bath condo-unit on the ninth floor of the Parc at Gateway on 5 S. 500 West. The 750-square-foot unit is within a block of three TRAX stations and the FrontRunner commuter rail.
Want to live close to downtown but not in downtown? For $1,100 a month, you can rent a one-bedroom/one-bath apartment at the Arches Apartments at 270 N. 200 West. The apartment is walking distance to downtown and the growing Marmalade district. The building was built in 1950, but the units have all been renovated.
For $1050, you can have a two-bedroom/one-bath apartment in the newly constructed West Station Apartments at 175 N Harold St. This 900 square-foot apartment is adjacent to TRAX and all the fast food you can eat.
If apartments aren’t your preference, you can rent a three-bedroom/one-half-bath home for just $1085. The home is in a three-home duplex on the 400 North block of Montgomery Street near Redwood Road.
While closer to downtown, this property is technically in the Fairpark neighborhood. For $1091 a month you can live in a new construction, two-bedroom/two-bath apartment at the 644 City Station Apartments at 644 W North Temple. These apartments are close to TRAX, Frontrunner and the Gateway.
In the Glendale neighborhood, you can rent a three bedroom/one-bath house for $1095 a month on the 1500 West block of Indiana Ave. The 1,151 square-foot home includes a large yard and covered parking.