Salt Lake City Multifamily Market
Report

Southern submarkets leading the charge. Local rental demand broadly improved during the first quarter of 2026, with eight of Salt Lake City’s nine submarkets recording vacancy compression. Standout property performance was most evident in the metro’s southern region, specifically Provo and Orem-Lehi. Vacancy dropped by 40 basis points in both submarkets over the three months, contributing to reductions of at least 100 basis points over the past 12 months. Orem-Lehi’s recent compression is noteworthy, as it occurred alongside 6.8 percent year-over-year inventory growth. Moving forward, supply pressure should be minimal for both submarkets, as 400 to 500 units were underway in both areas as of April.