{"id":8027,"date":"2024-05-17T09:39:00","date_gmt":"2024-05-17T09:39:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8027"},"modified":"2024-11-08T10:26:13","modified_gmt":"2024-11-08T10:26:13","slug":"salt-lake-city-multifamily-market-report-april-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/salt-lake-city-multifamily-market-report-april-2024\/","title":{"rendered":"Salt Lake City Multifamily Market Report \u2013 April 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/salt-lake-city-multifamily-market-report\/\">Salt Lake City Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Rents Tread Water, Economy Still Stellar<\/h2>\n<p>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 <a href=\"\/blog\/national-multifamily-market-report-october-2023\/\"><strong>significantly below the $1,728 U.S. average<\/strong><\/a>. 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.<\/p>\n<p><iframe id=\"datawrapper-chart-u28Y1\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Salt Lake City vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/u28Y1\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>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\u2014trade, transportation and utilities and financial activities\u2014while 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\u2019s unemployment rate has been below 3.0% for more than two years.<\/p>\n<p><iframe id=\"datawrapper-chart-65vQ4\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Salt Lake City Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/65vQ4\/1\/\" height=\"417\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>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.<\/p>\n<p>Read the full <a href=\"\/publications\/download\/file\/4644-MatrixMultifamilySaltLakeCityReport-October2023\"><strong>Matrix Multifamily Salt Lake City Report-October 2023<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7433,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[511,122],"class_list":["post-8027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2024","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 April 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Salt Lake City rents rose 0.2 percent on a T3 basis through August, mirroring the nation and reaching $1,592, Yardi Matrix reports.\" \/>\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-2024\/\" \/>\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 April 2024\" \/>\n<meta property=\"og:description\" content=\"Salt Lake City rents rose 0.2 percent on a T3 basis through August, mirroring the nation and reaching $1,592, Yardi Matrix reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/salt-lake-city-multifamily-market-report-april-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-17T09:39:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-08T10:26:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/11\/Salt-Lake-City-iStock-2127422807.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=\"Adina Rogoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Madalina Pojoga\" \/>\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 \u2013 April 2024 - 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