Trailing 12-month absorption of 4,219 units exceeded 2,947 units delivered, with broad-based demand reflected across 12 of 13 submarkets.
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The construction pipeline is contracting rapidly. Trailing 12-month starts fell to 1,544 units from 3,041 a year ago, and the 3,682 units under construction (3.6% of inventory) are down 28% from 5,085 units four quarters ago.
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Effective rents of $1,510 per unit declined 1.6% year over year but rose 1.7% quarter over quarter, while stabilized occupancy of 92.6% improved 20 basis points sequentially, signaling an emerging inflection point.
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MARKET OUTLOOK
The supply cycle in Salt Lake City has moved into its final stage, with both starts and deliveries declining simultaneously...
