Rent Tracker
Rent Inflation in Provo, UT
The average asking rent in Provo, UT is $1,823/month as of 2026-07. That is +2% compared to a year ago.
Source: Zillow Observed Rent Index (ZORI) | zillow.com/research
Current Avg Rent
$1,823/mo
as of 2026-07
Year-over-Year Change
+2%
24-Month Rent Trend
Monthly ZORI index values for Provo, UT.
| Month | Avg Asking Rent | Change from Prior Month |
|---|---|---|
| 2026-07 | $1,823 | +0.22% |
| 2026-06 | $1,819 | +0.61% |
| 2026-05 | $1,808 | +0.50% |
| 2026-04 | $1,799 | +0.73% |
| 2026-03 | $1,786 | +0.90% |
| 2026-02 | $1,770 | +0.74% |
| 2026-01 | $1,757 | -0.28% |
| 2025-12 | $1,762 | -0.73% |
| 2025-11 | $1,775 | -0.50% |
| 2025-10 | $1,784 | -0.11% |
| 2025-09 | $1,786 | -0.06% |
| 2025-08 | $1,787 | +0.00% |
| 2025-07 | $1,787 | +0.45% |
| 2025-06 | $1,779 | +0.57% |
| 2025-05 | $1,769 | +0.57% |
| 2025-04 | $1,759 | +0.74% |
| 2025-03 | $1,746 | +0.63% |
| 2025-02 | $1,735 | +0.29% |
| 2025-01 | $1,730 | -0.23% |
| 2024-12 | $1,734 | -0.57% |
| 2024-11 | $1,744 | -0.68% |
| 2024-10 | $1,756 | -0.45% |
| 2024-09 | $1,764 | -0.45% |
| 2024-08 | $1,772 | — |
Why Rent Inflation Matters
Shelter is the single largest component of the official CPI, accounting for roughly one-third of the index. But the BLS shelter index tends to lag real-market rent changes by 12–18 months because it measures rents paid by all tenants — including long-term renters locked into old leases. ZORI measures asking rents for new leases, making it a timelier signal of where CPI shelter inflation is headed.
When ZORI is rising sharply in your city, it is a leading indicator that official shelter inflation — and therefore overall CPI — will remain elevated in coming months.
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Data Source
Rent data uses the Zillow Observed Rent Index (ZORI), a smoothed measure of typical market-rate asking rents updated monthly by Zillow Research. ZORI covers single-family homes, condos, and co-ops and reflects asking rents for new leases — making it a more timely indicator than the lagged BLS shelter index. zillow.com/research | Money & Prices