The Salt Lake City metro is metro is expected to add over 4,500 new apartments by the end of 2023, according to rental website RentCafe’s apartment construction report. During the pandemic construction boom, the metro area increased its apartment stock with 10,528 new rentals, the report said.
At a city level, 4,557 new units entered Salt Lake City’s housing market over the past three years. In the meantime, Draper introduced 1,568 new rentals during the same timeframe.
RentCafe said that nationwide, the New York metro leads the country in apartment construction, with 33,000 units to be opened in 2023, followed by Dallas and Austin, Texas.
Despite the booming apartment construction in the U.S., there are challenges ahead, according to RentCafe. New completions are expected to decrease by 15 percent year-over-year, dropping from 484,000 in 2024 to 408,000 in 2025, then hitting a low point of approximately 400,000 units in 2026.