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Market Report

Salt Lake City Multifamily Market Report

2Q 2023

Record Supply Infusions Continue,
Following Historically Strong Apartment Demand

Pandemic-initiated construction widens 2023 pipeline. Record net absorption during 2021 signaled the imperative need for new apartments in the Salt Lake City metro. As a result, multifamily construction permits spiked during that year, with many of these projects scheduled to finalize in 2023. The metro is now set to register a record-high completion figure for the third straight year, exceeding 2022’s total by nearly 30 percent. Downtown Salt Lake City receives roughly one-quarter of these units, adding to the 8-plus percent local inventory growth from the prior year. Elsewhere, developers are growing supply in Layton and Ogden, combining for nearly 30 percent of metro deliveries. Residents here enjoy lower-than market average rents, proximity to world-renowned ski resorts and job opportunities within Ogden. 
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