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Market Report

Salt Lake City Multifamily Market

3Q 2022

Record Construction Alleviates Historically
Tight Rental Conditions in Salt Lake City

Elevated development to make up for recent lows. Inventory growth hit a six-year low in 2020, as the health crisis and resulting supply chain issues impacted the construction industry. Since then, development has picked back up amid robust in-migration and household creation trends, increasing supply by 3.4 percent in 2021 and a projected 3.7 percent this year. Over 2,500 units have been added to the metro in the first six months of 2022, the most over an opening half since 2017. Elevated completions for the remainder of the year will grow the inventory pool by the most number of units since at least 2000. The new supply will help meet high demand for Class A rentals, which is supported by an increasing labor force and home prices. At 3.3 percent in June, Salt Lake City has one of the tightest Class A vacancy rates of any major metro.

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