Davis/Weber Apartment Vacancy Sits at 4.6% - Builders Keep Delivering

Apartment vacancy in Davis and Weber County fell to 4.6% in the second quarter, which makes it one of the tightest rental markets on the Wasatch Front. That is down from 4.9% a year ago and far below the 8.2% posted in the second quarter of 2024. Among stabilized buildings (buildings that are done filling up after construction), vacancy is even lower at 4.2%. These numbers come from Wadsworth's second-quarter survey of 22,624 apartment units across the two counties.

Concessions are minimal in Davis and Weber County. Landlords are giving away an average of 0.6 months of free rent to sign a lease, which works out to less than three weeks. Many stabilized buildings are offering nothing at all. Two weeks ago we noted that Salt Lake County landlords were handing out 1.1 months of free rent, so Davis and Weber looks much healthier by comparison.

Average rent reached $1,547 per month, up 0.9% ($14) from a year ago. It is a small gain, but it follows a 4.7% drop the year before, so it’s notable. Rent is still about 4% below the 2024 high of $1,609. By size, a studio runs about $1,000, a two-bedroom about $1,571, and a three-bedroom about $1,945.

Supply is where Davis and Weber is different from Salt Lake. Builders here are not slowing down. They delivered 1,649 units in 2025, expect 2,174 this year, and project 2,681 in 2027. Another 2,701 units are under construction right now, with 1,244 more in lease-up, meaning finished but still filling. Normally that much new supply would push vacancy up and rents down, but so far it has not. The market is absorbing the new units at a healthy pace, and that is the real story this quarter.

The caution sign is the local job market. Employment in Davis and Weber fell 0.4% over the past year, while the country as a whole added jobs at a 0.3% rate. Wage growth was just 1.7%, well behind the national 3.6%. Unemployment is still low at 3.3%, but a shrinking job base and weak raises make it harder for renters to pay more. If jobs keep slipping while new buildings keep opening, we could see vacancy start to climb.

Buying a home stays out of reach for most renters, which helps keep them renting. The median home costs about $482,500, and owning a home runs about $3,652 a month once you add the mortgage, taxes, and upkeep. The average renter pays about $1,992. So owning costs nearly twice as much as renting.

If you own apartments in Davis or Weber County, you are in a strong spot. Vacancy is low, and you do not need to give away free rent to stay full. You may even be able to raise rents slightly at renewal.

If you want to buy here, underwrite slow rent growth for the next year or two. The fundamentals are solid, but the heavy building pipeline and the soft job numbers argue against counting on quick rent jumps.

If you plan to sell, tight vacancy and low concessions make your building an easier story to tell a buyer. Price it on today's rent, not on the rent you hope to collect in 2027.

Book a free strategy call with me here to discuss your buying, selling, exchanging or refinance plans.

Davis and Weber County is the healthier side of the Wasatch Front apartment market right now. Vacancy is tight, concessions are minimal, and rents have started to climb again. The two things to watch are the wave of new supply still coming and a local job market that has begun to shrink. We will keep an eye on whether the market can keep absorbing new units as jobs cool.

_{Data sourced from Wadsworth Multifamily Research, Davis & Weber County Market Trends Q2 2026.}

Mortgage rates edged up again this week. The average 30-year fixed loan is 6.70%, up 0.07% from a week ago and up 0.12% over the past month. Rates are still 0.13% lower than they were a year ago. Adjustable loans remain the cheaper option. The 7/6 ARM sits at 6.35%, about a third of a point below the 30-year fixed. An ARM, or adjustable-rate mortgage, holds a set rate for a number of years and can then move up or down.

The 10-year Treasury yield, which mortgage rates tend to follow, barely moved this week and sits near 4.57%. That is only a few hundredths of a point above last week. With the 10-year holding steady, mortgage rates are likely to stay close to where they are now unless the yield makes a bigger move.

Utah Headlines

Ogden Emerges as Utah's Multifamily Bright Spot While Salt Lake Slows Down — Developers are adding hundreds of apartments across Ogden, including the 350-plus-unit WonderBlock downtown, and one builder reports just 5% to 7% vacancy on its affordable projects even as Salt Lake City construction cools.

Salt Lake City Approves a $45.8 Million Tax Deal for a 740-Unit Granary District Project — The City Council trimmed the Silo Park developer's tax increment reimbursement from $51.5 million to $45.8 million over 25 years after a fight over a demolished historic building and a waiver to install gas appliances.

National Headlines

National Apartment Vacancy Falls for the First Time in Four Years — Median U.S. rent rose 0.4% in June to $1,385, its fifth straight monthly gain, and the vacancy rate slipped to 7.2%, though rents are still down 1.2% from a year ago.

Inflation Cools to 3.5% in June as Energy Prices Tumble — Consumer prices fell 0.4% for the month, the biggest one-month drop since April 2020, pulling the yearly rate down from 4.2% in May while core inflation held at 2.6%.

Build-to-Rent Escapes the New Federal Crackdown on Big Investor Home Buying — A newly enacted federal law bars investors who own 350 or more single-family homes from buying move-in-ready houses, but carveouts for renovations and built-to-rent communities let the largest operators keep growing.

Sun Belt Apartment Loans Show More Early Stress Than the Midwest — Trepp data put the watchlist rate for Sun Belt multifamily loans at 6.9% against 3.0% in the Midwest, yet serious delinquency rates run almost even at 2.9% and 2.8%.

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David Robinson - Principal Broker | Investor