Lument Salt Lake Multifamily Market Report

Market Minute

February 2026 Newsletter

2025 Multifamily Market Spotlight

Recently, Lument published their “Salt Lake Multifamily Market Report”. Some highlights from the report include:

🔮 Rebalancing Ahead – As supply moderates in 2026, fundamentals are expected to strengthen and investor momentum should continue.

📈 Strong Population Growth – SLC grew 10.6% from 2015–2024, nearly double the national rate, supporting long-term apartment demand.

🏗️ Record Supply Wave – ~11,000 units in 2025 with 12,900 units under construction (9.2% of inventory vs. 5.5% nationally). Deliveries expected to slow sharply in 2026.

🏢 Vacancy Improving – Market vacancy down year-over-year despite heavy new deliveries. Class B & C occupancy strengthening.

💲 Rents Slightly Soft – Average rent $1,630, down 0.4% YoY, largely driven by concessions and Class A competition. Submarket performance varies widely.

💼 Investment Activity Rebounding – Sales volume up 65%+ YoY to ~$890M; cap rates stable at 5.3%–5.4%.

💰 Pricing Surging – Average price per unit jumped 65% YoY to $311,500, matching prior peak levels.

For a copy of the full comprehensive Salt Lake Multifamily Market Report, please email us at sales@nxtmgt.com.

‘Nxt Level’

The Property Playbook

What if your company’s most important awards had NOTHING to do with performance or profit?

Bryson Miles, Founder & President of Nxt Property Management, was recently featured on an episode of The Property Playbook—a podcast about leadership in multifamily real estate.

During the episode, Bryson and Rory Anderson (host) discuss:

• Why love isn’t a soft concept in leadership

• How personal touch reduces turnover and boosts retention

• Why transparency builds trust faster than reports

• And how values scale without getting watered down

🎧 Listen here:
🍎 APPLE
ᯤ SPOTIFY

Mission and Culture

February’s Value of the Month is: Be Loving. Every person has inherent worth. We care for everyone with love and encourage each other to constantly improve, achieve balance in life and find joy.

Ask the Editor

Question: How can owners tell if their property is underperforming the market?

Answer: The clearest signal isn’t just rent levels—it’s the gap between physical and economic occupancy, lease-up velocity, and expense trends relative to comparable assets. If a property is highly occupied but economic occupancy lags, concessions are heavy, or delinquencies are rising, performance may be masking underlying issues. Owners should also compare renewal rates, maintenance response times, average days vacant, marketing items such as website audit scores and google reviews against market norms. Underperformance often shows up in patterns, not single metrics.

As always, feel free to send any questions about the apartment world to sales@nxtmgt.com, and we would love to feature and answer the questions in next month’s newsletter.

Until next time,