Market Analysis
Salt Lake City Rental Market
Rental investment market data and analysis · Updated November 2026
Median Home Price
$542,500
Average Monthly Rent
$1,972
Estimated Cap Rate
4.4%
Rent-to-Price Ratio
0.4%
Below 1% Rule
Rent ÷ price by zip code
0 of 4 clear the 1% rule · November 2026
| Zip | Median price | Median rent | Rent ÷ price |
|---|---|---|---|
| 84120 | $460,000 | $1,999 | 0.43% |
| 84104 | $415,000 | $1,700 | 0.41% |
| 84108 | $886,900 | $2,495 | 0.28% |
| 84106 | $625,000 | $1,695 | 0.27% |
Rent ÷ price over time
PacRent rent-to-price index · Salt Lake City
Context · FRED home price index
Market Trends
Salt Lake City metro area — % change since 2018
Home Prices
+88.7%
Rent Index
+36.2%
Average Rent by Bedroom
| Bedrooms | Avg Rent |
|---|---|
| Apartment | $1,237/mo |
| Multi-Family | $1,278/mo |
| Condo | $1,698/mo |
| Single Family | $2,224/mo |
| Townhouse | $4,249/mo |
Sample Investment Analysis
Based on median price + average rent, 20% down, 6.8% rate, 30yr
Purchase Price$542,500
Down Payment (20%)$108,500
Monthly P&I$2,829
Monthly Rent$1,972
Est. NOI$14,198/yr
Est. Cash Flow-$1,646/mo
Cash on Cash-16.6%
The Salt Lake City market is cash-flow negative at median prices. Look for properties 15-20% below median or with value-add potential.
What Investors Should Know About Salt Lake City
- 1Compressed cap rates below 5% — focus on appreciation or value-add deals
- 21% Rule fails at median prices — need rent of $5,425/mo to pass
- 3Below-average rents keep entry costs low for new investors
- 4Premium market — higher capital requirements but potential for appreciation
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