Salt Lake City Multifamily Market Report – October 2026

Market Holds As Pipeline Slows

Salt Lake City fundamentals proved resilient going into fall despite pressure from record deliveries, according to the latest Yardi Matrix Salt Lake City multifamily market report. Advertised asking rents rose 0.3%, on a trailing three-month basis through August, to $1,578, ahead of the 0.2% U.S. increase to $1,773. The area’s 0.4% year-over-year uptick matched the national rate, as noted in the most recent U.S. multifamily market report. Salt Lake City occupancy in stabilized assets slid 20 basis points year-over-year, to 94.7% in July, while the U.S. figure dropped 50 basis points, to 94.2%.

The metro’s job gains accelerated to 0.9% as of June, far outpacing the flat U.S. rate of growth. Salt Lake City added 27,800 net jobs, with seven of 10 sectors in the black, led by professional and business services (up 10,800 positions). July unemployment stood at 3.5%, 10 basis points below Utah and 60 basis points behind the U.S. rate, according to preliminary Bureau of Labor Statistics data. A $2.3 billion private commitment to The Point and Lunar Resources’ planned $85 million HELIX-1 factory signaled continued local investment in mixed-use development and advanced manufacturing.

On the heels of a 2025 peak, deliveries totaled 1,680 units this year through August, with another 11,656 apartments underway. Starts declined almost 25% year-to-date compared to 2025, adding to the slowdown. Investment also contracted, however, with deal volume down a sharp 75% from the same period in 2025, to $124 million. The market’s average price per unit slid 6.1% this year, to $226,526.

Read the full Matrix Multifamily Salt Lake City Report: October 2026