Location: Salt Lake City, UT | Metro: Salt Lake City, UT HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,670 |
| 1 Bedroom | $1,870 |
| 2 Bedrooms | $2,240 |
| 3 Bedrooms | $2,980 |
| 4 Bedrooms | $3,410 |
| 5 Bedrooms | $3,956 |
| 6 Bedrooms | $4,431 |
| 7 Bedrooms | $4,785 |
| 8 Bedrooms | $5,024 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,870 | $675,859 | 0.28% | F |
| 2BR | $2,240 | $812,075 | 0.28% | F |
| 3BR | $2,980 | $737,448 | 0.4% | F |
| 4BR | $3,410 | $803,363 | 0.42% | F |
| 5BR | $3,956 | $989,501 | 0.4% | F |
U.S. Census Bureau data (2024)
The ZIP code 84092, located in Sandy, Utah, presents a dynamic rental market that is currently balanced but leans towards slight demand pressure. The Fair Market Rent (FMR) set at $2400 for fiscal year 2024 slightly exceeds the Zillow Observed Rent Index (ZORI) of $2,297, indicating that while rents are competitive, they are also approaching the benchmark set by the government. This suggests that landlords and small-portfolio investors should be prepared to adjust their rental prices to remain competitive.
The low price-cut share of 0.3% implies that landlords are not frequently lowering their prices to attract tenants, which is a positive sign for maintaining rental income levels. Additionally, the days on market (DOM) figure of 25 days indicates that properties are generally moving quickly once listed, reflecting a healthy level of demand.
The median home value of $866,638 is notably high, suggesting that homeownership is expensive and potentially less accessible for many residents. This ties into the 9.6% renter share, which might seem low compared to national averages, but it points to a significant trend: as home values rise, so too does the potential for increased rental demand. Long-term, this can translate into sustained pressure on the rental market as fewer individuals can afford to buy homes, thereby increasing the reliance on rental properties.
In summary, Sandy's rental market is characterized by a balance between supply and demand, with indications that demand is robust enough to support current rental prices without frequent concessions. The high median home value and modest renter share suggest an environment where rental demand could grow over time, driven by the rising cost of homeownership. For landlords and investors, this means focusing on maintaining quality and pricing strategies that align with the local rental standards to capitalize on the market's current dynamics.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.