{"id":4032,"date":"2022-04-28T10:47:00","date_gmt":"2022-04-28T10:47:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=4032"},"modified":"2023-09-13T12:08:05","modified_gmt":"2023-09-13T12:08:05","slug":"salt-lake-city-multifamily-market-report-april-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/salt-lake-city-multifamily-market-report-april-2022\/","title":{"rendered":"Salt Lake City Multifamily Market Report &#8211; April 2022"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">SLC Gets Back Into the Swing of Things<\/h2>\n\n\n\n<p>Salt Lake City\u2019s pro-business policies and relative affordability compared to many West Coast markets shielded its economy over the past two years. The metro\u2019s multifamily sector emerged from the health crisis almost unscathed, supported by strong demographic trends. Year-over-year through February, <strong>rents rose 20.2% to an average of $1,514<\/strong>. Despite the significant increase, figures stayed below the $1,628 U.S. average, which advanced 15.4%.<\/p>\n\n\n\n<p>As the recovery continued at a fast pace, Salt Lake City\u2019s job market swelled. The<strong> metro added 60,600 positions in 2021<\/strong>, with all sectors recording gains. Additionally, the city\u2019s unemployment rate dropped to a record low of 1.3% as of December, according to preliminary Bureau of Labor Statistics data. One of the largest infrastructure projects underway is the $4.1 billion airport expansion. The first phase is operational, while the second is expected to open in 2024.<\/p>\n\n\n\n<p>Developers stayed active across the Wasatch Front, with 4,958 units coming online in 2021, in line with the city\u2019s five-year average. New supply is being absorbed quickly by young, skilled workers relocating to the metro, creating a <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/salt-lake-city-multifamily-market-report-fall-2021\/\">tight supply-demand balance<\/a><\/strong>. <strong>More than 14,000 units were underway as of February<\/strong>, with a quarter of them in the urban core. Downtown is also a magnet for capital, accounting for 17.3% of the $753 million investment volume for the 12 months ending in February.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/2006-MatrixMultifamilySaltLakeCityReport-April2022\">Matrix Multifamily Salt Lake City Report-April 2022<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>SLC Gets Back Into the Swing of Things Salt Lake City\u2019s pro-business policies and relative affordability compared to many West Coast markets shielded its economy over the past two years. The metro\u2019s multifamily sector emerged from the health crisis almost unscathed, supported by strong demographic trends. Year-over-year through February, rents rose 20.2% to an average [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":4033,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[444,122],"class_list":["post-4032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2022","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 - April 2022 - Yardi Matrix Blog<\/title>\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-april-2022\/\" \/>\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 - April 2022\" \/>\n<meta property=\"og:description\" content=\"SLC Gets Back Into the Swing of Things Salt Lake City\u2019s pro-business policies and relative affordability compared to many West Coast markets shielded its economy over the past two years. The metro\u2019s multifamily sector emerged from the health crisis almost unscathed, supported by strong demographic trends. Year-over-year through February, rents rose 20.2% to an average [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/salt-lake-city-multifamily-market-report-april-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-28T10:47:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T12:08:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/05\/Salt-Lake-City-iStock-1384369742.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Laura Calugar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Salt Lake City Multifamily Market Report - April 2022 - Yardi Matrix Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/salt-lake-city-multifamily-market-report-april-2022\/","og_locale":"en_US","og_type":"article","og_title":"Salt Lake City Multifamily Market Report - April 2022","og_description":"SLC Gets Back Into the Swing of Things Salt Lake City\u2019s pro-business policies and relative affordability compared to many West Coast markets shielded its economy over the past two years. The metro\u2019s multifamily sector emerged from the health crisis almost unscathed, supported by strong demographic trends. Year-over-year through February, rents rose 20.2% to an average [&hellip;]","og_url":"https:\/\/www.yardimatrix.com\/blog\/salt-lake-city-multifamily-market-report-april-2022\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2022-04-28T10:47:00+00:00","article_modified_time":"2023-09-13T12:08:05+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/05\/Salt-Lake-City-iStock-1384369742.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Laura Calugar","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/salt-lake-city-multifamily-market-report-april-2022\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/salt-lake-city-multifamily-market-report-april-2022\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Salt Lake City Multifamily Market Report &#8211; 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