Modest Improvements for Salt Lake City Multifamily Market Posted at Outset of 2024

Highlights: 

• The Salt Lake City multifamily market posted healthy operational performance during the first quarter, with a vibrant employment market supporting renter demand. New apartment construction remains elevated, which will create some supply-side pressures.
• Vacancy ticked lower by 10 basis points in the first quarter, with the rate reaching 6.1%. Year over year, vacancy has risen 60 basis points.
• Rents inched up 0.4% to $1,541 at the start of 2024. Despite the recent uptick, current rents are down 1.3% from levels posted one year ago.
• Investors continued to acquire multifamily properties in Salt Lake City during the first few months of the year, with properties consisting of 25 units or fewer accounting for more than half of the total transactions to close to this point in 2024.

Read the report, or contact our Salt Lake City office to learn more.