Salt Lake City ranks among the top 10 U.S. markets for construction activity as a share of inventory, with 4,800 units underway—equal to 4.8% of existing stock—though this marks a sharp decline from the 12,000 units under construction in 2023.
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Supply-side relief is on the horizon in Salt Lake City, with just 750 units breaking ground in the first half of 2025—a 50% decline from the same period last year—signaling a more manageable development pipeline in the coming quarters.
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Market participants note that lease-ups are taking longer to stabilize, prompting newly delivered properties to offer deeper concessions—typically six to eight weeks of free rent—to attract and retain tenants in a competitive environment.
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MARKET OUTLOOK
Salt Lake City’s multifamily market is showing signs of rebalancing as demand strengthens and new construction activity begins to taper...
