Salt Lake City Multifamily Market Report
Corporate Relocations Restore Pandemic Job Losses, Sparking Renewed Housing Demand
Utah continues to be a popular destination for businesses. Due in part to the state’s tax incentive programs aimed at corporate recruitment, technology-oriented companies such as Scorpion and Stitch Fix are moving to Salt Lake City, bolstering the already healthy employment market. The market recovered all jobs lost during the pandemic in February and has continued to grow. By June, the metro’s unemployment rate was down to 2.6 percent, the lowest unemployment rate in the country. Salt Lake City’s robust job market contributed to a 1.2 percent increase in population last year, four times the national rate. Growth in the region’s 20- to 34-year-old population also outpaced all major U.S. markets in 2020, further contributing to rental demand in the metro.