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Salt Lake City

Salt Lake City

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VACANCY

Apartment

The average Vacancy Rate was 6.2% in the Salt Lake City metro

Vacancy in the Salt Lake City metro drifted upward by 10 basis points.
The Salt Lake City metro had the highest vacancy level since year-end 2010.
Vacancy is expected to finish 2024 at 6.3% in the Salt Lake City metro.

Distribution / Warehousing

The average Vacancy Rate was 11.1% in the Salt Lake City metro

Vacancy in the Salt Lake City metro fell by 160 basis points.
The Salt Lake City metro was among the 10 highest vacancies nationally.
Vacancy is expected to finish 2024 at 11.0% in the Salt Lake City metro.

Office

The average Vacancy Rate was 18.9% in the Salt Lake City metro

Vacancy in the Salt Lake City metro fell by 60 basis points.
Vacancy is expected to finish 2024 at 19.3% in the Salt Lake City metro.

Retail

The average Vacancy Rate was 11.4% in the Salt Lake City metro

Vacancy in the Salt Lake City metro fell by 70 basis points.
The Salt Lake City metro had the lowest vacancy level since Q2 2009.
Vacancy is expected to finish 2024 at 11.6% in the Salt Lake City metro.

RENT

Apartment

The average Asking Rent was $1,370 in the Salt Lake City metro

Rent in the Salt Lake City metro was down 0.4% from Q2 2024.
Rent is expected to finish 2024 at $1,370 in the Salt Lake City metro.

Distribution / Warehousing

The average Asking Rent was $8.44 in the Salt Lake City metro

Rent in the Salt Lake City metro was up 1.0% from Q2 2024.
Salt Lake City metro had its fastest rent rate of increase in four quarters.
Rent has risen in every quarter since Q1 2017 in the Salt Lake City metro.

Office

The average Asking Rent was $22.25 in the Salt Lake City metro

Rent in the Salt Lake City metro was up 0.5% from Q2 2024.
Rent is expected to finish 2024 at $22.34 in the Salt Lake City metro.

Retail

The average Asking Rent was $18.97 in the Salt Lake City metro

Rent in the Salt Lake City metro was up 0.5% from Q2 2024.
Salt Lake City metro had its fastest rent rate of increase three years.
Rent is expected to finish 2024 at $19.09 in the Salt Lake City metro.

Learn more about the Utah markets from one of our professionals

Learn more about the Utah markets from one of our professionals.