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Newmark Mountain West Releases Q3 2025 Multifamily Market Report

Posted by Allen Greenwell on October 31, 2025

Multifamily inventory across the Wasatch Front and in Washington County saw year-over-year increases. While inventory increased, construction is showing signs of slowdowns.
Wasatch Front vacancy has decreased, but may increase in the future with a slowing in the construction pipeline.
St. George vacancy has increased with a decrease in units under construction.
Construction starts for the Wasatch Front and Washington County are in line with the U.S. which saw negative net units under construction in Q3.
Year-over-year changes in effective rent for the Wasatch Front and Washington County all saw slight decreases, which may change with decreased construction and a tighter market.