Salt Lake rental market among nation's most competitive

Salt Lake City ranks 20th among the 50 most competitive rental markets, according to a new report from RENTCafé, a nationwide Internet listing service connects landlords and renters throughout the United States. To pinpoint the most sought-after rental markets of 2021, RENTCafé analyzed 105 metro areas based on occupancy rates, number of renters applying for an available unit, vacancy days and average credit score.

“With easy access to outdoor attractions and a homey small-town feel, Salt Lake City ranks 20th among the top 50 most competitive rental markets in the U.S.,” the report said.

On average, it took only 23 days for a vacant apartment in Salt Lake City to be rented, according to the report. With occupancy rates at 96.1 percent, prospective renters had limited housing options in this bustling market.

During the rental season, there were 19 applicants competing for each available apartment in Salt Lake City. Renters who applied for apartments in Salt Lake City had an average credit score of 643, which is 3 points above this year’s national average credit score. By comparison, on the national front, occupancy rates reached 95.4 percent. On average, vacant apartments stayed on the market for 28 days and the number of prospective renters applying for one available unit was 14.