What I’m Seeing in the Market
Over the past several months, I’ve found myself making rental decisions that would have seemed unusual a few years ago.
We have well-maintained apartments in good locations, but I’ve still had situations where I’ve reduced the asking rent, offered a move-in concession, or done both to get a unit leased.
When you know what an apartment rented for in the past, reducing the price can be difficult. But one thing this market has reinforced for me is that what a unit rented for two or three years ago doesn’t necessarily determine what it will rent for today.
The renter is looking at the choices available right now.
And right now, renters in the Salt Lake area have quite a few choices.
The Numbers Support What We’re Seeing
As of September 2026, Zillow reports an average asking rent of about $1,599 in Salt Lake City across all bedroom counts and property types. That number is essentially unchanged from a year ago, and Zillow currently characterizes the Salt Lake City rental market as “cool” based on renter demand compared with the national market.
Multifamily data tells a similar story. MMG Real Estate Advisors reported an average effective rent of $1,510 for the Salt Lake City market in the second quarter of 2026, with occupancy at 92.6%. Effective rents were down 1.6% from a year earlier.
So this isn’t necessarily a market where apartments aren’t renting. It is a market where landlords have to compete harder for the renter.
Concessions Have Become Much More Common
The other big change is concessions.
A recent Salt Lake Tribune review of the local apartment market found that more than half of apartment listings in the Salt Lake metro were offering some type of incentive. Some newer properties were offering two or three months of free rent, gift cards and other substantial incentives.
That matters when pricing a vacancy.
If one apartment is advertised at $1,500 per month with no concession and another is advertised at $1,500 with two months free, those apartments aren’t really competing at the same effective price.
That is why I’ve started paying much more attention to effective rent, not just advertised rent.
For example, a $1,500 apartment with one free month on a 12-month lease has an effective first-year rent of approximately $1,375 per month before considering other fees.
From the renter’s perspective, that difference is real.
Lower the Rent or Offer a Concession?
This is probably one of the harder decisions in the current market, and I don’t think there is one answer that works every time.
A concession can make sense when the advertised rent is competitive and you simply want to give someone an incentive to move now.
Reducing the rent may make more sense when the asking price itself is keeping people from clicking on the listing, scheduling a showing or submitting an application.
I’ve used both approaches.
What I try not to do is ignore what the market is telling me.
If a property has been advertised for a reasonable period of time and there are very few inquiries, something probably needs to change. It might be the price. It might be the photographs, description, condition, timing or competition.
But simply leaving the same listing at the same price and hoping for a different result usually isn’t much of a strategy.
Sometimes the market is giving you an answer.
Vacancy Has a Cost Too
It is also easy to focus too much on getting the last $50 or $100 in monthly rent.
Suppose an apartment could rent fairly quickly at $1,450, but the landlord holds out for $1,500. Losing an entire month of rent while waiting for that additional $50 can take a long time to recover.
That doesn’t mean a landlord should immediately discount every vacant apartment. It means vacancy has to be part of the calculation.
I would rather make a reasoned adjustment based on current comparable properties and actual leasing activity than leave an apartment vacant simply because I don’t want to lower a rent that made sense in a different market.
There Are Some Encouraging Signs
The current environment may not last indefinitely.
MMG reported that demand over the previous four quarters exceeded the number of newly completed units in the Salt Lake market. At the same time, the construction pipeline has been shrinking: apartment starts were down substantially from a year earlier, and the number of units under construction had also declined.
That could eventually bring supply and demand back into better balance.
But property management decisions have to be based on the market we have today, not the market we hope to have a year from now.
My Takeaway
For renters, this is a good time to compare properties carefully. Asking rent is only one part of the equation. Concessions, parking, utilities, fees, location and the condition of the apartment can all affect the true value of a lease.
For landlords and property managers, I think the biggest lesson is to stay flexible and pay attention.
Good properties still matter. Good maintenance matters. Location matters. Presentation matters.
But even a good apartment has to compete with what renters can find today.
That means watching comparable listings, tracking inquiries and showing activity, understanding the concessions being offered by competing properties, and being willing to make an adjustment when the market tells you it is necessary.
The Salt Lake rental market will continue to change, and I plan to use this section to periodically share what I’m seeing as those conditions evolve.
Market information is provided for general informational purposes and reflects conditions at the time of publication.