Matrix Multifamily Salt Lake City Report-April 2023 April 27, 2023

Salt Lake City Slows

Salt Lake City stagnated early this year, with rent depreciating 0.5 percent on a T3 basis through February, to $1,568, while the national average contracted 0.1% to $1,702. Occupancy dropped 180 basis points in the 12 months ending in January, construction starts halted and transactions were limited to smaller properties.