Mortgage rates ticking down | Local News | smdailyjournal.com

Data: Moody's Analytics; Table: Kavya Beheraj/Axios In the fourth quarter of 2022, the average rent in the Salt Lake City metro area was $1,321 — up 7.5% from a year earlier, per economic research firm Moody's Analytics. For the first time in over two decades, the average renting household now has to spend 30% of its income on rent, per a new Moody's report . Year-over-year rent growth slowed in the second half of 2022 across the board, "and we expect further deceleration as new supply makes it to market at the same time the labor market softens," Moody's senior economist Lu Chen tells Axios.

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