Staying up to date on current market trends can be exhausting. Things are constantly changing, and the market is not the same as it used to be. The trend used to be that rent prices increased yearly, but that trend hasn’t happened this past year. It is important to understand current trends so you can make educated decisions on your rental property and price it correctly.
This past year, the average rental price has decreased by $30. Meaning that on average, the rent has gone down by $30 compared to 2024. The average rent price in Salt Lake City as of December 2025 is $1500, according to Zillow. That is for every type of rental in Salt Lake City, so that is something to take into consideration. The average for a one-bed is $1,281, for a two-bed it’s $1,699, for a three-bed it’s a $2,400, and for a four-bed it’s $3,619.
The decrease in rental price is definitely a concern for landlords renting out their properties, and it can be difficult to manage price changes if you put your place up for rent and navigate renewals. Comparing your property to the average price in the area is a helpful tool, but it is not an end-all be-all. Be sure to add in factors of your property that may make it different than the average property. Ask questions like; does my property have parking? Is there a washer/dryer included? How new is it compared to those in the area? The answer to these questions may impact the price you can get for rent for your property.
Authorization to build new homes is starting to catch up to us, making it increasingly more of a tenant market, as opposed to a landlord market that we have seen in years past. There was a dramatic increase in authorized building permits from 2020-2023 as compared to years past, causing a sudden increase in new properties entering the market. That increase is now resulting in more vacancies because of the increase in options available. The demand does not meet the supply of homes, which in result causes owners to have to decrease rent.
Although the current state of the economy is looking a little dreary for property owners, there is still hope for the future. Construction is slowing down, meaning there will be fewer new properties entering the market. Slowing the supply should help rents to increase again. The best thing you can do is keep your property occupied. Try your best to keep tenants in your property during the renewal time. Be proactive in keeping your property leased. A time will come again when rents will be what they used to be in years past.
It can be hard to stay in the know of market trends that have an impact on rent, but you don’t have to do it alone. Hero Property Management is here to help. Schedule a free consultation at 801-845-4390.