Salt Lake City Q3 2026 Market Report

KEY TAKEAWAYS

• Salt Lake City’s demand picture is quietly one of the strongest in the nation, with net absorption remaining elevated over the past four quarters and finally pulling ahead of new supply after years on the wrong side of that equation.
• Developers have all but stepped back here. The pipeline has fallen 73% from its 2023 high to its smallest footprint in over a decade, putting the market roughly in step with the national average relative to its size.
• Pricing hasn’t caught up to the occupancy story yet. Occupancy climbed to 93.0%, nearly matching the national benchmark and outperforming most regional peer markets, while rents are still down from 2025, though the decline has eased well off its worst point.

MARKET OUTLOOK

Salt Lake City’s recovery should continue through the next several quarters, with rent growth leading the way. Annual rent growth is projected to turn positive by year-end…