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Utah
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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.