The top rental markets in Utah are Salt Lake City, Sandy, Cedar City, and Ogden.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Utah Rental Trends:
Utah has been voted one of the best states to live in over the years with beautiful landscapes, national parks, and safe cities. Its economy thrives off of tourism and petroleum and has affordable living for singles, retired couples, and new families. Here are some highlights from the top rental markets in the Beehive State.
Days on Market:
The city with the lowest days on market is Cedar City at 16 – just slightly over the national average which sits at 15 days; Sandy has the highest number of days on market at 22.
The top three towns for the largest amount of leads per listing are above or around the national average sitting at 38. Here they are:
- Sandy – 62 leads per listing
- Salt Lake City – 44 leads per listing
- Ogden – 33 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Cedar City comes below that with the lowest average rent of $710 for a two-bedroom compared to the highest rent in Utah at $1,289 in Sandy.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,000. Utah’s highest median sale price comes above that at $417,000 in Cedar City with its lowest median sale price at $235,000 in Ogden.
Utah’s median income rings in at $46,460 – below the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen in Utah’s cities between 2018 and 2019. With the largest being an increase of 13.33% in Ogden at $850, and the largest decrease at -19.09% in Sandy with the current average at around $1,250 – $50 above the national average for security deposits which is $1,200.
All of Utah’s cities have a livability score of 64 or higher with the highest being Sandy at 74!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.