Rent Tracker
Rent Inflation in Provo, UT
The average asking rent in Provo, UT is $1,825/month as of 2026-05. That is +2.1% compared to a year ago.
Source: Zillow Observed Rent Index (ZORI) | zillow.com/research
Current Avg Rent
$1,825/mo
as of 2026-05
Year-over-Year Change
+2.1%
24-Month Rent Trend
Monthly ZORI index values for Provo, UT.
| Month | Avg Asking Rent | Change from Prior Month |
|---|---|---|
| 2026-05 | $1,825 | +0.50% |
| 2026-04 | $1,816 | +0.72% |
| 2026-03 | $1,803 | +0.90% |
| 2026-02 | $1,787 | +0.68% |
| 2026-01 | $1,775 | -0.28% |
| 2025-12 | $1,780 | -0.73% |
| 2025-11 | $1,793 | -0.44% |
| 2025-10 | $1,801 | -0.28% |
| 2025-09 | $1,806 | -0.17% |
| 2025-08 | $1,809 | +0.00% |
| 2025-07 | $1,809 | +0.67% |
| 2025-06 | $1,797 | +0.56% |
| 2025-05 | $1,787 | +0.62% |
| 2025-04 | $1,776 | +0.74% |
| 2025-03 | $1,763 | +0.92% |
| 2025-02 | $1,747 | +0.23% |
| 2025-01 | $1,743 | -0.29% |
| 2024-12 | $1,748 | -0.68% |
| 2024-11 | $1,760 | -0.62% |
| 2024-10 | $1,771 | -0.51% |
| 2024-09 | $1,780 | -0.56% |
| 2024-08 | $1,790 | +0.34% |
| 2024-07 | $1,784 | +0.28% |
| 2024-06 | $1,779 | — |
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