Utah County Apartment Rents Mark Biggest Gain in Four Years
Mortgage rates climb to 6.79%; Eagle Mountain approves a 183% property tax increase
David Robinson
August 12, 2026
Utah Market Data
Utah County Apartment Rent and Vacancy in the Second Quarter
Average apartment rent in Utah County was $1,683 a month in the second quarter, up 2.9% ($47) from a year ago. That is the largest yearly gain since 2022, when rent jumped 18.3%. The three years in between ran 1.2%, then negative 2.6%, then 0.1%.
At $1,683 the county set a new high for the survey, just above the $1,677 posted in 2023, and rent is up 53% from $1,099 in 2016. Theese numbers come from Wadsworth's second-quarter survey of nearly 20,000 apartment units in Utah county.
Rent by Unit Size
A studio averages $1,246 a month, or $2.07 per square foot. A one bedroom runs $1,379, or $1.76. A two bedroom is $1,642, or $1.52. A three bedroom is $1,980, or $1.46. Rent per square foot drops as units get bigger, so the smallest floor plans earn the most per foot.
Two Vacancy Numbers
Total vacancy averaged 6.7%, up 1.1 points from 5.6% a year ago. Vacancy among stabilized buildings (buildings that are done filling up after construction) fell to 2.8% from 3.1%, the lowest reading since 2022. The 3.9-point spread between the two figures says the empty units are sitting in buildings that are still leasing up.
Concessions tell the other half of the story. Landlords are giving away an average of 0.8 months of free rent, about three weeks, up from 0.3 months a year ago. That is the highest figure in the 11 years of this survey, above the 0.6 months reached in 2024. In nine of those 11 years the average sat at 0.3 months or less.
New Construction
Builders finished 2,112 units in Utah County in 2025 and are on track for 3,342 this year, a 58% jump. Another 2,933 units are projected for 2027. There are 3,564 units under construction now and 7,433 in planning, of which 1,339 could break ground in the near term.
Jobs and Population
Utah County employment grew 2.1% over the past year, against 0.3% nationally. Unemployment was 3.5% in June, against 4.2% nationally. Wage growth was 2.6% in the first quarter, behind the national 3.4%. The county added nearly 16,000 residents in 2025, a 2.1% gain and the largest numeric increase of any county in the state. Statewide population growth slowed to about 1.0%, almost a full point below the prior year.
Buying Compared With Renting
The median single-family home in Utah County was $530,000 in the second quarter, up 3.8% ($20,010) from a year ago. At 5% down, owning that home runs about $4,078 a month once you add mortgage insurance, taxes, insurance, maintenance and utilities. The average renter pays about $2,128 all in. Owning costs 1.9 times what renting costs. A household needs about $163,109 a year to buy the median home at the 30% housing cost guideline, against $67,320 to cover the average rent.
The Bottom Line
Utah County rent growth restarted this year at 2.9% while established buildings sit at 2.8% vacancy. The pressure is in lease-up, where 3,342 new units land in 2026 and free rent has climbed to 0.8 months. If you own a stabilized building here, the numbers support asking for more rent at renewal. If you are buying, underwrite the concessions that new supply is forcing rather than the stabilized vacancy rate.
Data sourced from Wadsworth Multifamily Research, Utah County Market Trends Q2 2026.
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7 recorded multi-unit sales statewide, August 5 to 10, 2026. Prices ran from $250,000 (a Beaver fourplex built in 1910) to $1,600,000 (an eight-unit building in Orem). All seven closed below asking.
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Mortgage Rates & Financing
Mortgage rates edged higher this week. The 30-year fixed sits at 6.79%, up 0.04 from last week and 0.06 under its 52-week high of 6.85%. Rates are up 0.15 over the past month and 0.21 over the past year. The 15-year fixed is the exception at 6.28%, down 0.01 on the week. The 7/6 SOFR ARM is at 6.35%, which leaves almost no discount for taking on an adjustable rate.
The 10-year Treasury yield rose to about 4.69%, up 0.07 from a week ago. Mortgage rates track the 10-year, so this move is what pushed the 30-year fixed back toward its yearly high. Until the 10-year breaks lower, there is not much room for rate relief.
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Headlines & Insights
Utah Headlines
Eagle Mountain Approves a 183% Property Tax Increase, Its First Since 2010 — The Utah County city cut its original 220.8% proposal down to 183%, which raises about $5.5 million a year to pay for seven new sheriff's deputies.
Utah Listings Are the Second Largest in the Country and Cost $307 a Square Foot — The average Utah home for sale is 2,440 square feet, 20.55% bigger than the national average, and the state ranks 13th for price per square foot, with Salt Lake City at $387. The figures come from a NetCredit study of more than 250,000 Zillow listings, so they reflect asking prices rather than closed sales.
Salt Lake City Backs 187 More Deeply Affordable Units as It Runs 1,300 Short of Its Goal — The Edward will bring 187 studio units averaging 420 square feet to 999 S. Main St., funded with $2.16 million from the city and $5.7 million from Utah Housing Corporation.
National Headlines
Apartment Cap Rates Hit 5.79%, the Highest Since 2015 — Cap rates widened from 5.71% in the first quarter and 5.52% a year ago, while second-quarter sales volume held flat at $36.7 billion across 7.4% fewer properties.
National Apartment Rents Post Their Best July Since 2015 — The average advertised rent rose $4 to $1,771 in July, up 0.2% for the month and 0.2% from a year ago, though occupancy slipped to 94.1%, down 60 basis points.
$65 Billion in Commercial Mortgages Comes Due Before Year End — About $37 billion of that has no extension option left, and the CMBS distress rate climbed 51 basis points in July to 7.86%.
HUD Owns 71% of the New Housing Law and Has 27% Fewer Staff to Do It — The ROAD to Housing Act assigns HUD 88 of its 124 implementation actions, and Congress wants 58 done inside the first year against an agency that has averaged four major rules annually.
Buying the Typical U.S. Home Now Takes $109,796 in Income — Redfin puts the median household income at $87,599, leaving a gap of more than $22,000 between what buyers earn and what they need.
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David Robinson - Principal Broker | Investor
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