MARKET SNAPSHOT

Salt Lake City q3 2025

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AVERAGE RENT

$1,573 Q3 2025

OCCUPANCY RATE

92.2% Q3 2025

NET ABSORPTION

3,305 YTD Q3 2025

ANNUAL RENT CHANGE

-1.7% Q3 2025

ANNUAL OCCUPANCY CHANGE

-90 BPS Q3 2025

UNIT COMPLETIONS

4,294 YTD Q3 2025

KEY TAKEAWAYS

Demand was broad-based and resilient, with steady leasing across most submarkets. However, recent completions are still a step ahead of absorption in the most active corridors, especially near the urban core and west-side nodes where competition and concessions remain prevalent.

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Rent trends are soft, most notably in the top-tier segment, but the pace of decline is slowing. Supply-light submarkets are already stabilizing, and lease renewal rates remain constructive, suggesting the groundwork for firmer rent trends as lease-ups mature.

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Occupancy sits slightly below long-term norms but is likely to improve as the pipeline tapers, given that renter demand is expected to remain elevated in a market with an expanding population.

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MARKET OUTLOOK

Salt Lake City’s rental market is positioned for gradual tightening over the next year as demand continues to outpace new starts and the recent delivery wave begins to settle...