Utah’s Economy: Apartment Boom in Salt Lake City & Select, Statewide Economic Activity

utseconTwenty-one apartment projects, totaling 4,805 units are currently under construction in Salt Lake County.

Eleven (2,217 units) are in Salt Lake City and 10 (2,588 units) are located in suburban Salt Lake County – all projects will be completed and start leasing units over the next 12 to 18 months.

Between September and November 2015, 12 large apartment projects completed construction and began leasing – 956 of the total 2,283 new units were leased by the end of November, leaving 1,327 units yet to be leased.

Recently completed units (2,283), and those under construction (4,805) are part of Salt Lake County’s largest apartment boom in 30 years, totaling over 7,100 additional units to the market. Apartment construction activity has not been this high since the mid-1980s. The projects will add approximately 250 studio units, 2,475 one-bedroom, 3,325 two-bedroom, and 1,050 three-bedroom units. Estimated, average monthly rents are: studio $800, one-bedroom $950, two-bedroom $1,250, and three-bedroom $1,400.

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