Salt Lake City

Rank: 1
Rent drop: -5.7%
Q4 2008 rent change: -2.3%
Q4 2007 rent change: 3.3%
Effective rent: $810.30

Salt Lake City, Utah's capital and seat of the Church of Jesus Christ of Latter-Day Saints, saw a large slide in apartment rents during the fourth quarter. The slowing real estate market has hurt the job market in construction and housing, though employment remains relatively tight. The unemployment rate climbed to 3.4% in November 2008 compared to 2.6% in November 2007. The apartment vacancy rate jumped to 6.8% in the fourth quarter last year from 3.1% in the same period in 2007. Landlords on average are giving 2.2-week rent concessions.