Salt Lake City Multifamily Market Report

Population factors an advantage. The market’s already favorable demographics are getting even better, driving greater renter demand. Annual population growth rose each year between 2021 and 2024, ending at 1.6 percent year over year. Typically strong net in-migration outperformed last year with a record net addition of 26,300 residents. Household formation has also trended higher in the last two years, with the metro’s 2.0 percent metric in 2024 exceeding the national pace by 120 basis points. These numbers contribute to the need for apartments. That said, demand is also partly constrained by employment, as Salt Lake City’s labor market is slowing alongside household income and consumer spending.