Provo Utah Residential Rent and Rental Statistics
The median monthly gross residential rent in Provo, UT (the Provo-Orem metro area) was $1,121 in 2019 according to the Census ACS survey.1 Average gross rent in Provo was $1,149 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Provo median and average rent data will be released in September of 2021.
Data is also available below for Provo rental vacancy rates, Provo rent as a percent of median income and the fraction of renters in Provo.
Real Gross Rent in Provo Utah (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Utah Median Gross Rent | $1,098 | +3.39% | +9.91% |
| Provo, UT Median Gross Rent | $1,121 | +4.18% | +14.39% |
Provo, UT Real Gross Rent Trends
At $1,121, real median gross rent in Provo was at its highest level in 2019 since the series began in 2005. At $1,149, real average gross rent in Provo was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Provo: Provo UT Median, Provo UT Average, Utah Median, US Median
Real Gross Rent History for Provo
| Date | US Median |
Utah Median |
Provo, UT Median |
Provo, UT Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,098 | $1,121 | $1,149 |
| 2018 | $1,077 | $1,062 | $1,076 | $1,124 |
| 2017 | $1,043 | $1,017 | $1,039 | $1,090 |
| 2016 | $1,027 | $999 | $980 | $1,044 |
| 2015 | $1,017 | $981 | $1,014 | $1,030 |
| 2014 | $986 | $935 | $930 | $972 |
| 2013 | $953 | $928 | $937 | $985 |
| 2012 | $940 | $905 | $906 | $944 |
| 2011 | $941 | $888 | $883 | $931 |
| 2010 | $955 | $889 | $891 | $945 |
| 2009 | $960 | $904 | $917 | $1,012 |
| 2007 | $927 | $861 | $844 | $891 |
| 2005 | $910 | $831 | $839 | $889 |
Provo Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Provo Utah was 4.11% according to Census ACS data.
Rental Vacancy Rate in Provo Utah
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Utah | 7.47% | +1.29% | +1.23% |
| Provo, UT | 4.11% | +0.87% | -0.55% |
Trends in Provo, UT Rental Vacancy Rate
The rental vacancy rate in Provo peaked in 2005 at 7.65%. Since then it has fallen by 3.54% to 4.11%. Data records for this series originated in 2005. From a 2014 post peak low of 1.52%, the rental vacancy rate has increased by 2.59%.
Rental Vacancy Rate: Provo UT, Utah, US
Historical Rental Vacancy Rate data for Provo
| Date | US | Utah | Provo, UT |
|---|---|---|---|
| 2019 | 5.97% | 7.47% | 4.11% |
| 2018 | 6.15% | 6.18% | 3.24% |
| 2017 | 6.18% | 6.15% | 5.49% |
| 2016 | 5.89% | 6.24% | 4.66% |
| 2015 | 5.85% | 4.81% | 2.97% |
| 2014 | 6.32% | 5.27% | 1.52% |
| 2013 | 6.49% | 5.96% | 3.46% |
| 2012 | 6.77% | 5.89% | 3.93% |
| 2011 | 7.40% | 5.36% | 2.14% |
| 2010 | 8.17% | 6.59% | 4.14% |
| 2009 | 8.43% | 6.49% | 2.38% |
| 2007 | 7.87% | 5.59% | 5.73% |
| 2005 | 7.74% | 6.95% | 7.65% |
Rent as a Fraction of Income
Using median household income data for Provo, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Provo, median monthly gross rent as a fraction of median household income was 17.00% in 2019 according to the ACS.
Provo Utah Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Utah | 17.39% | -0.14% | +0.04% |
| Provo, UT | 17.00% | +0.16% | +0.78% |
Trends in Provo, UT Rent as a Fraction of Income
The fraction of median Provo household income required to pay median monthly gross rent peaked in 2013 (relative to the 2005 series origin) at 17.78%. Since then it has fallen by 0.79% to 17.00%.
Fraction of Income towards Rent: Provo UT, Utah, US
Historical Data for Annual Rent as a Fraction of Income in Provo Utah
| Date | US | Utah | Provo, UT |
|---|---|---|---|
| 2019 | 20.03% | 17.39% | 17.00% |
| 2018 | 20.50% | 17.53% | 16.83% |
| 2017 | 20.13% | 17.31% | 17.23% |
| 2016 | 20.43% | 17.35% | 16.21% |
| 2015 | 20.63% | 17.64% | 17.62% |
| 2014 | 20.89% | 17.45% | 17.36% |
| 2013 | 20.78% | 17.69% | 17.78% |
| 2012 | 20.65% | 17.90% | 17.56% |
| 2011 | 20.70% | 17.66% | 16.81% |
| 2010 | 20.50% | 17.45% | 17.65% |
| 2009 | 20.12% | 17.27% | 16.81% |
| 2007 | 18.66% | 15.96% | 15.04% |
| 2005 | 18.89% | 16.65% | 17.05% |
Renter Fraction in Provo Utah
You can calculate the renter fraction in Provo in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Provo as a fraction of total Provo households. In 2019 32.07% of households were renters according to Census ACS data.
Provo Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Utah | 29.36% | -0.16% | -0.74% |
| Provo, UT | 32.07% | +1.80% | -0.69% |
Trends in the Provo, UT Renter Fraction
The Provo household renter fraction peaked in in 2013 at 33.69% and is now 1.62% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Provo UT, Utah, US
History of Provo Renter Fraction
| Date | US | Utah | Provo, UT |
|---|---|---|---|
| 2019 | 35.89% | 29.36% | 32.07% |
| 2018 | 36.05% | 29.52% | 30.27% |
| 2017 | 36.13% | 30.13% | 33.45% |
| 2016 | 36.88% | 30.10% | 32.76% |
| 2015 | 36.97% | 31.12% | 32.57% |
| 2014 | 36.90% | 30.84% | 32.60% |
| 2013 | 36.50% | 30.78% | 33.69% |
| 2012 | 36.09% | 30.38% | 32.96% |
| 2011 | 35.42% | 30.62% | 33.45% |
| 2010 | 34.65% | 30.10% | 30.58% |
| 2009 | 34.13% | 28.50% | 29.76% |
| 2007 | 32.80% | 28.27% | 29.32% |
| 2005 | 33.10% | 29.44% | 32.91% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
