Salt Lake County continues yet another year as one of the nation’s strongest multifamily markets.
Despite the completion of several large apartment communities, tight conditions persist. Vacancy rates remain at historically low levels and rental rates continue to grow, thus encouraging further new development.
Looking towards 2024, we anticipate the suburban market will experience high demand with vacancy below 5% and rental rates increasing nominally. Downtown Salt Lake City will experience higher vacancy rates, downward pressure on rents, slower absorption, and an escalation of rental concessions due to new deliveries.
Read the Salt Lake County Mid-Year 2023 Apartment Report.
