The U.S. build-to-rent real estate sector hit a new high in 2023 with 14 of the top 20 metros reaching 10-year highs in new units built. Salt Lake City is among those posting record numbers, according to a report from rental website Rentcafe.com.
In 2023, Salt Lake City added 377 new build-to-rent homes to its stock — more than triple the number of units introduced in 2022 (113). By comparison, 2024 will be by far the largest ever. Salt Lake City already has 1,141 build-to-rent homes underway. This propels Salt Lake City to 12th nationwide for future build-to-rent developments.
The number of single-family homes available for rent in the Salt Lake City metro has surged by 87 percent in the past five years, reaching a total of 1,655 units by 2023. In 2018, only 887 homes were for rent in the market.