MARKET SNAPSHOT

Salt Lake City q1 2025

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AVERAGE RENT

$1,596 Q1 2025

OCCUPANCY RATE

92.1% Q1 2025

QUARTERLY NET ABSORPTION

1,044 Q1 2025

ANNUAL RENT CHANGE

-0.3% Q1 2025

ANNUAL OCCUPANCY CHANGE

-40 BPS Q1 2025

QUARTERLY COMPLETIONS

894 Q1 2025

KEY TAKEAWAYS
Demand is recovering, with Q1 2025 absorption outpacing deliveries for the first time in a year and 4,500 units absorbed over the past 12 months.
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Construction remains elevated at 5,800 units (5.9% of inventory) but is slowing, with 2025 deliveries expected to hit a five-year low.
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Rents and occupancy are stabilizing, with rents down just 0.3% year-over-year and occupancy holding at 92.1%, slightly below the 10-year average.
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MARKET OUTLOOK

Salt Lake City’s multifamily market is entering a phase of gradual recovery, with early signs of stabilization emerging in 2025...

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Featured Utah Research Reports:

Will Moss

Will Moss

Sales Agent

will.moss@mmgrea.com
MMG LLC – Brokerage #14205725-CN00

Adam Riddle

Adam Riddle

Broker

adam.riddle@mmgrea.com
MMG LLC – Brokerage #14205725-CN00

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