{"id":2162,"date":"2021-10-27T12:14:59","date_gmt":"2021-10-27T12:14:59","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=2162"},"modified":"2024-02-06T10:58:15","modified_gmt":"2024-02-06T10:58:15","slug":"salt-lake-city-multifamily-market-report-fall-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/salt-lake-city-multifamily-market-report-fall-2021\/","title":{"rendered":"Salt Lake City Multifamily Market Report \u2013 Fall 2021"},"content":{"rendered":"<h2>Recovery in Full Swing Along the Wasatch Front<\/h2>\n<p>The Wasatch Front\u2019s long track record of strong population growth, low unemployment and economic health, coupled with the Silicon Slopes\u2019 booming tech sector, have all contributed to Salt Lake City multifamily market\u2019s quick rebound. Following the upheaval last year, rents temporarily slowed rates down, but they are once again on an upward trajectory. On a trailing three-month basis through August,<strong> rents in Salt Lake City grew by 1.5%, to $1,384<\/strong>, while U.S. rates improved by 1.7% to an average of $1,526.<\/p>\n<p>As of June, <strong>unemployment stood at 3.2%<\/strong>, well below the 5.9% U.S. rate. All sectors expanded, with Salt Lake City\u2019s largest sector\u2014trade, transportation and utilities\u2014recovering the most jobs (20,900) year-over-year. The Utah Department of Transportation is working on several large infrastructure projects, including the $489 million conversion of a section of U.S. Route 89 in Davis County into a freeway. In addition, mirroring nationwide trends, industrial real estate had a record year. One notable lease transaction was Henkel\u2019s contract for 832,096 square feet at the under-construction ARA Building D.<\/p>\n<p>Following last year\u2019s elevated stock expansion and investment volume, activity across the metro shifted down a gear. Through August, only 1,829 units had come online, and multifamily sales were at $207 million. However, with high in-migration supporting demand, Yardi Matrix expects rents to grow by 14.2% in 2021.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/Publications\/Download\/File\/1345-MatrixMultifamilySaltLakeCityReport-Fall2021?utm_source=Matrix-Blog&amp;utm_medium=Social\"><strong>Matrix Multifamily Salt Lake City Report-Fall 2021<\/strong><\/a><\/p>\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recovery in Full Swing Along the Wasatch Front The Wasatch Front\u2019s long track record of strong population growth, low unemployment and economic health, coupled with the Silicon Slopes\u2019 booming tech sector, have all contributed to Salt Lake City multifamily market\u2019s quick rebound. Following the upheaval last year, rents temporarily slowed rates down, but they are [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":2166,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[221,122],"class_list":["post-2162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2021","tag-salt-lake-city"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Salt Lake City Multifamily Market Report \u2013 Fall 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"The Wasatch Front\u2019s long track record of strong population growth, low unemployment and economic health, have all contributed to the multifamily market\u2019s quick rebound.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/salt-lake-city-multifamily-market-report-fall-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Salt Lake City Multifamily Market Report \u2013 Fall 2021\" \/>\n<meta property=\"og:description\" content=\"The Wasatch Front\u2019s long track record of strong population growth, low unemployment and economic health, have all contributed to the multifamily market\u2019s quick rebound.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/salt-lake-city-multifamily-market-report-fall-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta 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