Salt Lake City Multifamily Figures Q3 2025

Occupancy declined slightly to 94.7% in Q3 2025, down 30 basis points quarter-over-quarter but up 100 basis points from the same period last year. While still below the peak of 97.9% in early 2022, the recent uptick reflects improved demand relative to new deliveries, which expanded total inventory by 21.3% over the past four years.

Net absorption slowed in Q3 2025, totaling 449 units, the lowest quarterly figure since early 2022, as only two of seven submarkets recorded positive gains. Despite the slowdown, year-to-date absorption reached 3,241 units, with demand continuing to outpace new deliveries.

Completions declined for the third consecutive quarter, falling 44.4% year-over-year to 818 units in Q3 2025. Year-to-date deliveries totaled 2,172 units, reflecting a continued slowdown in new supply. 

Rents softened in Q3 2025, declining 0.8% quarter-over-quarter to an average of $1,538 per unit, marking a 2.2% decrease year-over-year. This represented the fifth consecutive quarter of annual rent decline, driven by softer demand and slower leasing activity. With fewer units in the pipeline, pricing is expected to stabilize and support rent growth in the mid term.