Salt Lake City Multifamily Market Report
By PropZone Research · Data through Q1 2026 · Aggregated from Northmarq, CBRE, Colliers, Lee Associates
Quarterly multifamily market indicators for Salt Lake City, aggregated by PropZone from Northmarq, CBRE, Colliers, Lee Associates. As of Q1 2026, average asking rent was — with a 7.3% vacancy rate.
Projected current multifamily pricing — Salt Lake City
low confidenceModeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q4 2023 multiple brokerages data (cap rate 5.3%, asking rent held flat). Assumes ~92% occupancy (vacancy not reported) and a 52–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 | — | 7.3% | — | — | Northmarq |
| Q4 2025 | — | — | 0K SF | — | CBRE |
| Q4 2023 | $1055.00/SF | 7.0% | 36K SF | — | Colliers |
| Q4 2023 | — | 3.0% | 2K SF | — | CBRE |
| Q3 2017 | $1555.00/SF | 12.0% | 8K SF | — | Lee Associates |
How the brokerage sources compare
For Q4 2023, the brokerages PropZone aggregates for Salt Lake City multifamily did not fully agree. On vacancy, the sources span 4.0 points — from 3.0% (CBRE) to 7.0% (Colliers). PropZone reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| CBRE | 3.0% | — | — |
| Colliers | 7.0% | $1055.00/SF | 6.0% |
Per-brokerage figures for Q4 2023, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for multifamily space in Salt Lake City?
- PropZone aggregates multifamily asking-rent data for Salt Lake City from major brokerage market reports; see the quarterly table for the latest available figures.
- What is the multifamily vacancy rate in Salt Lake City?
- The multifamily vacancy rate in Salt Lake City was 7.3% as of Q1 2026 (Northmarq).
- Where does PropZone's Salt Lake City market data come from?
- This report aggregates quarterly multifamily market data for Salt Lake City from Northmarq, CBRE, Colliers, Lee Associates.
- How much do brokerage estimates differ for multifamily space in Salt Lake City?
- For Q4 2023, the brokerage sources PropZone aggregates for Salt Lake City did not fully agree. On vacancy, the sources span 4.0 points — from 3.0% (CBRE) to 7.0% (Colliers). PropZone reconciles these into a single consensus median rather than relying on any one brokerage.