Salt Lake City landlords flood the market with concessions
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Salt Lake City's rental market is in concession mode as a wave of new apartments hits the city after an unprecedented building boom.
Why it matters: With landlords and property managers competing for tenants, renters are in a strong position to take advantage of one-time incentives that could shave off thousands of dollars from their housing costs.
What they're saying: "There's a lot of supply and landlords have a lot of great incentives that we have not seen in a long time," Dejan Eskic, a senior research fellow for the University of Utah's Kem C. Gardner Policy Institute, told Axios.
By the numbers: Salt Lake County saw 22,118 building permits issued for apartment units between 2020 and 2024, nearly 5,000 more than in the previous five years, according to a policy institute report.
How it works: Eskic noted that new developments are more likely to offer concessions, as cutting rents could negatively impact property valuations.
- Most of the new inventory is coming online downtown, especially along North Temple, he said.
- Eskic expects such incentives to remain in place at least through this fall and potentially through mid-2027 before rents are expected to rise.
Case in point: Several apartment buildings completed in the last year and a half are offering multiple months of free rent and Visa gift cards worth thousands of dollars for new move-ins.
- The Post District, completed in 2023, is currently offering up to $7,500 off rent on its website, while the high-rise Astra Tower, built last year, is promoting three months of its base rent for free.
- Camber, a luxury apartment complex built in 2024, is offering eight weeks off base rent along with a $3,000 "incentive."
Yes, but: Economists warn that these incentives are temporary and can lead to higher costs upon renewal, so ensure you read the fine print of your lease or plan to adjust your budget once the concession expires.