Rents Hold Steady, Occupancy Rising
In line with the seasonal pattern, Salt Lake City’s average advertised rent growth was unchanged on a trailing three-month basis through August, at $1,755, while the U.S. rate inched up 0.1% to $1,755, according to the latest Yardi Matrix Salt Lake City multifamily market report. Meanwhile, despite deliveries, the occupancy rate in stabilized properties climbed 30 basis points year-over-year, to 94.8% in July, with the strongest gains in RBN.
Salt Lake City employment growth stood at 1.8% year-over-year as of June, among the top performers nationally and well above the 0.8% U.S. rate, as noted in the most recent national multifamily market report. Unemployment was 3.6% in July, trailing the 3.3% state figure but outperforming the nation’s 4.2%. Education and health services (14,300 jobs) accounted for nearly half of the 29,200 net jobs gained over the 12 months ending in June, followed by government (7,800 jobs). Meanwhile, three sectors lost 5,100 positions combined, with trade, transportation and utilities shedding the most (3,700 jobs). Two new University of Utah campuses, Huntsman Cancer Institute in Vineyard and Eccles Health in West Valley City, were among the projects that developers broke ground on so far in 2025.
Developers delivered 7,133 units in 2025 through August, for a solid 5.3% increase of total stock, while the construction pipeline had 12,573 units underway. Investment activity lagged, with multifamily sales amounting to $260 million through August, for a price per unit that rose 29.4% year-to-date to $265,206.
Read the full Matrix Multifamily Salt Lake City Report: October 2025
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