While multifamily housing demand is generally robust in Salt Lake City, the metro has struggled to keep pace with an immense wave of supply, according to RealPage chief economist Carl Whitaker.
In the year-ending November, Salt Lake City rents fell 3.1%. Whitaker notes September saw rents fall by 1.2% during that 30-day window, the second largest monthly decline since November 2010.
“The key driver behind retracting rent is clearly the metro’s prodigious block of apartment construction, which has grown Salt Lake City’s existing apartment inventory by an incredible 17% in just three years,” he says…