Salt Lake City Multifamily Figures Q3 2023

November 7, 2023 5 Minute Read

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–  The Greater Salt Lake City Multifamily inventory expanded by 5,497 units year-to-date. Future projections suggest additional growth of over 13,000 units by 2026.
–  Renter demand continued to accommodate supply. Occupancy rates stood at 93.8% in Q3 2023, down 60-Basis points (bps) quarter-over-quarter.
–  Average rents decreased by 2.5% year-over-year in Q3 2023, resulting in an average asking rent of $1,593 per unit or $1.79 per sq. ft.
–  In the near term, new supply will continue pushing vacancy rates up and rent growth will drift lower as property owners forgo rent increases to grow or preserve occupancy.
–  Demand-side tailwinds, including population and income growth, higher cost of homeownership and a pullback in new developments breaking ground, will support healthy fundamentals over the medium and long term.