Salt Lake City Multifamily Report – April 2025
While the need is there, the market is dealing with short-term oversupply.
Salt Lake City’s strong employment growth sustained demand at the start of 2025. Still, due to record supply volume, average advertised asking rents took a hit. The average rate was down 0.3 percent on a trailing three-month basis, also sliding 1.2 percent year-over-year, to $1,538 in February. Robust supply also impacted occupancy in stabilized properties, but to a lesser degree. The figure was down 40 basis points year-over-year, to 94.1 percent as of February.
Job growth stood at 2.5 percent in metro Salt Lake City as of December 2024, nearly double the 1.3 percent U.S. average and leading all top 30 Yardi Matrix metros. Meanwhile, area unemployment remained tight at 3.2 percent as of January, on par with the state and below the 4.0 percent national average. Education and health services (14,500 jobs) and government (7,800 jobs) led employment gains, while trade, transportation and utilities was the only sector to shed positions (down 4,300 jobs). Construction continues on the 700-acre mixed-use Utah City in Vineyard, while the University of Utah is set to break ground this summer on a new hospital and medical campus in West Valley City, with completion slated for 2029.
Development remained robust, with 1,226 units coming online in 2025 through February and an additional 19,639 apartments underway. Meanwhile, sales totaled $444 million in 2024, above 2023’s volume but otherwise behind every other year in the past decade.
