Market Report
Salt Lake City Multifamily Market Report
1Q 2026
Outlook Lifted by Diminishing Supply
Overhang,
Growth in Core and Neighboring Communities
Suburban momentum leads improving market vacancy. Salt Lake City’s multifamily sector enters 2026 on firmer footing as many suburban submarkets recorded 100-basis-point-plus vacancy rate declines last year. Areas like Sandy-Draper and the southwestern communities, including Tooele, should see further improvements this year. Downtown, the openings of the Astra, Luma, and Worthington apartments have together added over 900 luxury units since 2024, pressuring operations. Fortunately, the 2026 delivery slate there will be two-thirds smaller, with supply growth weaker in the market as a whole. Sustained government and healthcare hiring should drive additional demand near hospitals and public-sector offices. Together, these trends should help to compress the metro’s vacancy rate further in 2026, offering upward momentum to rent growth.
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