Salt Lake City Ranked Among Lowest in for Occupancy

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> Multi-Unit (2+ Units) Data

Current Number of Active Listings

The number of active multi-unit listings is 298. Up 20% from June 2024.

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Current Number of Active Listings

The number of active single family listings is 12,804. Up 32% from June 2024.

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> Mortgage Rates as of 6/17/2025

Headlines & Insights

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Salt Lake City Among Lowest U.S. Markets for Apartment Occupancy in May

A surge in new apartment supply has pushed Salt Lake City’s occupancy rate down to 94.9%, placing it among the weakest-performing major markets nationwide, according to a new RealPage report.

Main takeaways:

• As of May 2025, the South's average occupancy rate was 94.8%, trailing the national average of 95.7% and making it the only U.S. region below the national norm.

• Twelve of the 15 lowest-occupancy markets in the country were in the South, with San Antonio at the bottom (93.1%), followed by Austin and Fort Worth (both at 93.8%).

• Salt Lake City also appeared among the lowest performers outside the South, with occupancy at 94.9%, as elevated supply continues to challenge local rent growth.

What this means for Utah investors:
Salt Lake City’s inclusion among underperforming markets suggests that recent supply surges are still impacting occupancy. Investors should be cautious when underwriting deals in high-supply metros and focus on properties with strong leasing velocity or below-market rents that offer room for growth.

Utah Headlines

One Burton Opens in Style – South Salt Lake celebrated the grand opening of One Burton, its first major downtown development featuring 180 midcentury-inspired rental units and modern amenities. The $50 million project signals a new era of growth for the city, with more mixed-use and affordable housing developments on the way.

St. George Strains Under Growth – Once a quiet town, St. George is now booming with new jobs, development, and transplants—but also rising housing costs, traffic, and water shortages. As home prices soar and rental options shrink, city leaders are racing to balance infrastructure, affordability, and sustainability for the future.

National Headlines

Fed to Hold Steady – The Federal Reserve is expected to keep interest rates unchanged but may update its forecasts in ways that shift markets. With inflation cooling but tariffs and global risks rising, rate cuts likely won’t come until late 2025 or beyond.

Builder Sentiment Sinks – U.S. homebuilder confidence dropped to 32 in June, marking the third-lowest reading since 2012. Elevated mortgage rates, economic uncertainty, and tariffs pushed 37% of builders to cut prices while 62% offered incentives. With rising inventory and weakening affordability, the NAHB now forecasts a decline in single-family housing starts this year.

Multifamily Starts Plunge – Housing starts fell nearly 10% in May as a sharp 29.7% drop in multifamily construction offset flat single-family activity. Builders continue to face high mortgage rates, tariffs, and construction costs, prompting forecasts for a full-year decline in single-family starts.

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