Salt Lake City Multifamily Report – October 2025
Absorption is still healthy despite a new delivery wave.
In line with the seasonal pattern, Salt Lake City’s average advertised rent was unchanged on a trailing three-month basis through August, at $1,755, while the U.S. rate inched up 0.1 percent to $1,755. Meanwhile, despite deliveries, the occupancy rate in stabilized properties climbed 30 basis points year-over-year, to 94.8 percent in July, with the strongest gains in RBN.
Salt Lake City employment growth stood at 1.8 percent year-over-year as of June, among the top performers nationally and well above the 0.8 percent U.S. rate. Unemployment was 3.6 percent in July, trailing the 3.3 percent state figure but outperforming the nation’s 4.2 percent. Education and health services (14,300 jobs) accounted for nearly half of the 29,200 net jobs gained over the 12 months ending in June, followed by government (7,800 jobs). Meanwhile, three sectors lost 5,100 positions combined, with trade, transportation and utilities shedding the most (3,700 jobs). Two new University of Utah campuses, Huntsman Cancer Institute in Vineyard and Eccles Health in West Valley City, were among the projects that developers broke ground on so far in 2025.
Developers delivered 7,133 units in 2025 through August, for a solid 5.3 percent increase of total stock, while the construction pipeline had 12,573 units underway. Investment activity lagged, with multifamily sales amounting to $260 million through August, for a price per unit that rose 29.4 percent year-to-date to $265,206.
