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Market Report

Salt Lake City Multifamily Market Report

3Q 2023

Record Supply Wave is Lifting Vacancy;
Future Growth Prospects Provide Long-Term Optimism

Recent in-migration warrants sharp uptick in development. Salt Lake City’s outdoor amenities, growing economy and its relative affordability compared to other major West Coast markets have been a strong driver for in-migration. The metro has gained more than 115,000 new residents since the end of 2019, which is spurring the largest supply wave on record. During this span, apartment inventory increased by nearly 15 percent, and the influx of new supply has placed upward pressure on vacancy. Entering the third quarter, the rate was at 5.7 percent, marking a 13-year high. With nearly 14,900 units currently underway as of July, it is expected that metrowide vacancy will remain elevated in the near- to mid-term. However, there are still tailwinds at play that should benefit local apartment performance in the longer run. 
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