Salt Lake City, UT Multifamily Market Report | Yardi Matrix | Q4 2025

Market Overview

Salt Lake City closed out 2025 with its highest delivery volume in a decade, completing 9,430 units, equal to 6.7% of existing stock and 350 basis points above the national pace. The effect carried into early 2026, with average asking rents down 0.4% on a trailing three-month basis through February to $1,525. Occupancy in stabilized assets held at 94.7% as of February, up 10 basis points year-over-year, a sign that demand is absorbing inventory. Employment grew 1.4% through year-end 2025, outpacing the national rate, with 19,300 jobs added and unemployment at just 3.4% in December. Investment volume reached $641 million in 2025, outperforming the prior two years, and a planned Western Governors University campus redevelopment is projected to generate more than 5,000 jobs and $2.5 billion in capital expenditure over the next two decades.

About Yardi Matrix

Yardi Matrix is a national commercial real estate data and analytics firm serving investors, developers, and property managers across asset classes. Their Salt Lake City April 2026 multifamily market report covers asking rents, occupancy, construction pipeline activity, and investment volume to help owners and investors assess market conditions. To read the full report, click here.