Metro Reports Multifamily Market Real Estate Trends

Salt Lake City Multifamily Market Report – April 2024

Salt Lake City Multifamily Market Report April 2024
Downtown area of Salt Lake City, Utah, US

Rents Tread Water, Economy Still Stellar

Despite some snags, the Salt Lake City multifamily market remained resilient to overall economic turmoil. Rents continued to appreciate, rising 0.2% on a trailing three-month basis through August, to $1,592, but remained significantly below the $1,728 U.S. average. Year-over-year, rent movement remained negative, however, at -0.6%. Robust supply dented occupancy, which was down 140 basis points in the 12 months ending in July, to 94.8%, and is bound to continue facing an uphill battle in the short term.

In the 12 months ending in June, Salt Lake City employment expanded 3.0%, or 51,300 jobs, while the U.S. rate hit 2.8%. Two sectors lost 1,600 jobs combined—trade, transportation and utilities and financial activities—while leisure and hospitality (16,200 jobs) and education and health services (11,300) led job gains. Unemployment was among the lowest in the country, at 2.7% in July, ahead of the 3.5% national figure but trailing the 2.4% state rate. Notably, the metro’s unemployment rate has been below 3.0% for more than two years.

Developers delivered 2,076 units in 2023 through August and had a robust pipeline of projects under construction (20,549 units). Yardi Matrix forecasts a record for deliveries by year-end, which could outbalance demand. Transaction activity remained tepid, with just $115 million in multifamily assets trading in 2023 through August, for a price per unit that decreased to $210,789.

Read the full Matrix Multifamily Salt Lake City Report-October 2023

About the author

Madalina Pojoga

Madalina Pojoga has a background in film studies and performative arts. She has been an associate editor with Commercial Property Executive and Multi-Housing News since 2022. Her current work centers on self storage, the industrial and medical office building sectors, as well as data-driven reports on the multifamily market.

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