Salt Lake City Multifamily Market
Consistent Influx of New Residents
Coincides with Record Supply Wave
Labor market strength stokes rental leasing. The Salt Lake City metro entered 2022 with the lowest unemployment rate among major U.S. markets at 2.2 percent. The minimal volume of available labor suggests the market's sizable number of finance and tech firms will increasingly hire from outside the area when filling skilled positions this year. This recruitment will drive relocations to the metro, supporting an annual rate of population growth on par with the prior five-year average of 37,000 residents. An influx of high-earning professionals bodes well for luxury rental demand, as the metro enters a period of record supply additions. Populace expansion will also lift resident demand for medical care and necessity retail, bolstering hiring in the health services and retail trade, transportation and utilities sectors, job segments historically comprised of Class B and C renters.