Salt Lake City, Utah
Salt Lake City Apartment Loans in 2026
Two very different kinds of buildings shape Salt Lake City apartment loans: brick walk-ups put up mostly between 1902 and 1931, and the wave of construction since 2019. The floor is $1,500,000, leverage tops out at 80% LTV, and the best stabilized files price from 6.12%. Before we recommend anyone, the request is priced by banks, the agencies, HUD, CMBS conduits and bridge funds. Bigger buildings belong on Utah multifamily loans, Ogden, Provo and other Utah cities on Utah apartment loans, and the live commercial mortgage rates page shows today's pricing by program.
Get a Free QuoteHiring Holds Up While Salt Lake City Absorbs a Building Boom
BLS counted 863,400 nonfarm jobs in the Salt Lake City-Murray metro in September 2026, a preliminary, unadjusted total up 2.7% from September 2025, and annual gains have held between 1.4% and 3.1% since April. The education and health services supersector led at 5.8%; information shed 5.5%.
Utah permitted more than 32,000 apartment units from 2019 through 2021, and Salt Lake City captured roughly a quarter of the state's new apartment construction, says a December 2025 report commissioned by the Rental Housing Association of Utah, which also counted over 2,600 market-rate units under construction in the city and put vacancy at 6.9%. An October 2026 brokerage presentation, citing third-quarter data, counted 33,180 units added in the Salt Lake market since 2023 and put vacancy at 6.8%.
Salt Lake City Rents: Two Measures, Two Directions
Apartment List's October 2026 figures show a $1,252 city median, down 0.4% in September and 3.2% over 12 months, a larger decline than Utah's 1.3% or the nation's 0.4%. RentCafe, which averages only buildings with 50-plus apartments, reported $1,619 for September 2026, a 1.21% gain over 2025 (one-bedroom $1,446, two-bedroom $1,836), and renters occupy 54% of households.
The University of Utah reported record enrollment of 39,060 for fall 2026 and puts its workforce above 47,000; Intermountain Health, with 34 hospitals, is based in the city; and Salt Lake City International Airport served 28,158,007 passengers in 2025 during a $5.1 billion rebuild. Downtown, a 0.5% sales tax increase approved October 1, 2024 dedicates up to $900 million to the Delta Center and its surrounding district, which Smith Entertainment Group aims to finish before the 2034 Winter Games.
Salt Lake City Apartment Loan Rates
Rates updated as of November 3, 2026
Every figure in the table presumes a stabilized property. Whether the units carry Utah's residential exemption changes the underwritten tax line, so check the county record first.
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.52% | Up to 80% |
| 7 Year Fixed | 6.55% | Up to 80% |
| 10 Year Fixed | 6.59% | Up to 80% |
- Cash-out refinances are acceptable
- Interest-only and non-recourse options
- Minimum 1.25x debt-service-coverage ratio
See Salt Lake City Multifamily Rates Over $6 Million, Starting at 6.12%
Rates last updated November 3, 2026. Rates and maximum LTV shown represent our best-case pricing scenarios. Actual rates, LTV, and loan terms are subject to underwriting approval and may vary.
Salt Lake City Neighborhoods: The Avenues, Sugar House, the Westside and More
City council district pages call the Avenues Salt Lake City's first neighborhood, from the 1850s, and put the Utah State Capitol on Capitol Hill. On the Westside, Poplar Grove is the city's second-largest neighborhood, and Glendale began as the Glendale Gardens housing project for families drawn to Utah by the World War II effort. RentCafe's September 2026 figures put Sugar House on top at $1,948, ahead of Capitol Hill ($1,917) and Central City ($1,908), with Rose Park ($1,322) and Ballpark ($1,336) near the bottom.
We also take requests in nearby Millcreek and South Salt Lake, both separate cities. Inside Salt Lake City:
- Downtown
- The Avenues
- Capitol Hill
- Marmalade
- Federal Heights
- Central City
- East Central
- Central Ninth
- 9th and 9th
- Liberty Wells
- East Liberty Park
- Ballpark
- Sugar House
- Yalecrest
- Rose Park
- Glendale
- Poplar Grove
Salt Lake City Apartment Loan Options at a Glance
Building age, tax status and loan size steer each request toward different programs, so we price Salt Lake City apartment loans against all of them. Starting points by program:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae Small Loan | 6.52% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac SBL | 6.60% | Up to 80% | $2M to $10M small balance |
| FHA / HUD | 6.74% | Up to 85% | Highest leverage, longest term |
| Bank / portfolio | 6.50% | Up to 75% | Flexible, value-add |
| Bridge | 9.00% | Up to 80% LTC | Reposition, lease-up |
A 1.25x coverage ratio is the common minimum, tested here after a tax bill shaped by the city's 2026 levy increase and, for tenant-occupied units, the 45% residential exemption. Bigger loans move to our Utah multifamily loans page.
Rates last updated November 3, 2026. Rates and maximum LTV shown represent our best-case pricing scenarios. Actual rates, LTV, and loan terms are subject to underwriting approval and may vary.
Statutes, Fees and Fault Lines in Salt Lake City Underwriting
Rent levels are a state question. Under Utah Code 57-20-1, a county, city or town "may not enact an ordinance or resolution that would control rents or fees on private residential property unless it has the express approval of the Legislature," while leaving zoning, building and planning powers in place.
Tenant homes get the 45% exemption. Utah taxes property on its January 1 market value (Utah Code 59-2-103), cut by 45% for residential property used as a primary residence. The State Tax Commission says the exemption applies "regardless of whether the resident is an owner or a tenant"; transient residential use does not qualify, and owners may have to sign a declaration (59-2-103.5). For 2025 the county auditor lists Salt Lake City's own rate at 0.003180, before school, county and district levies.
Every rental location needs a city license. Salt Lake City licenses rental dwellings as businesses and charges a per-unit fee that drops sharply for owners in its Landlord/Tenant Initiative, so confirm the current fee schedule with the city before closing. Utah Code 10-1-203.5 caps a city's disproportionate rental fee at what a municipal services study justifies and bars a city from making a landlord submit to random building inspections without cause and notice.
Seismic risk is part of the file. A magnitude 5.7 earthquake struck near Magna on March 18, 2020, and a 2016 USGS fact sheet puts the odds of a magnitude 6.75 or larger Wasatch Front quake within 50 years at 43%. The city says unreinforced masonry buildings and homes "create the greatest risk for the Salt Lake Valley," and its Fix the Bricks grants cover up to 75% of a resident's retrofit cost.
Trust deeds give the trustee a power of sale. After a notice of default is recorded, three months have to pass before the trustee can give notice of sale (Utah Code 57-1-24). That notice runs once a week for three consecutive weeks, goes up on the property 20 or more days ahead of the sale and, where the loan financed residential rental property, is also posted for tenants or mailed to each unit's occupant (57-1-25). Deficiency suits must come within three months and are capped at the debt minus fair market value (57-1-32).
No transfer tax, flat recording fees. Utah does not levy a real estate transfer tax, and the Salt Lake County Recorder charges a flat $40.00 per recorded document.
Financing Options in Salt Lake City
From a six-unit walk-up to an office building, each Salt Lake City property has a page:
Weighing a purchase in Ogden or Provo too? Utah apartment loans covers markets outside Salt Lake County.
Salt Lake City Refinancing Under the 2026 Levy Increase
Each Utah taxing entity starts from a certified rate meant to raise the property tax revenue it budgeted the prior year, excluding eligible new growth; one that wants more must notify the county auditor (Utah Code 59-2-924). Salt Lake City did that in 2026, approving its final rate on August 11 after a Truth in Taxation hearing on a proposed $13.5 million increase, so we size any Salt Lake City apartment loan refinance from the 2026 notice.
Next comes the exemption: units in transient residential use fall outside Utah's definition of residential property, and lenders will want the exemption confirmed. With Apartment List showing city rents 3.2% below a year earlier, expect proceeds to rest on in-place collections.
Salt Lake City Apartment Building Loans for Courtyard Blocks, Infill and Tax-Credit Housing
The city's historic design guidelines count more than 180 early apartment buildings in its central areas, virtually all brick and mostly built between 1902 and 1931, the typical walk-up holding six units, two to a floor. Common Salt Lake City property types we finance:
- Early 1900s brick walk-ups and U-shaped courtyard blocks
- Downtown mid-rise and high-rise apartments
- Garden-style apartment complexes
- Low-income housing tax credit properties
- Rentals serving University of Utah students and staff
- Storefront-and-apartment mixed-use buildings
Salt Lake City Multifamily Capital: Agencies, HUD and CMBS
Agency loans reach 80% LTV and 30-year terms at Fannie Mae and Freddie Mac, non-recourse save for the usual carve-outs. HUD's FHA loans amortize over the longest schedule; a Fannie Mae term sheet for FHA risk-sharing deals caps a fully amortizing loan at 40 years. CMBS provides non-recourse execution. On a large Salt Lake City property we address seismic exposure and the 2026 tax bill up front.
Start with Utah multifamily loans, then compare agency details on our Fannie Mae page and its Freddie Mac counterpart.
Utah Multifamily Loan Rates
For larger balances, over $6 million
Hotel, Office, Industrial and Retail Loans in Salt Lake City
Office, hospitality and industrial owners in Salt Lake City get the same lender search. Property types we finance:
Nearby Apartment Loan Markets
Looking past Salt Lake City? These links cover statewide Utah and our other U.S. city markets:
Recent Apartment Loan Closings
Closings from Texas to New York appear below, none in Utah or the Mountain West, and the same lender competition applies to Salt Lake City files.
What Our Clients Say
“I am a veterinarian who purchased an existing practice. I was surprised to find a company that offered 100% financing at a good rate, with great terms and rates for medical office financing.”
Carol K. · Chicago, IL“I spoke to several commercial lenders before finding Select Commercial. They got me a lower rate and their service was exceptional. If you need a multifamily loan, you need to talk to Stephen.”
Nathan B. · Philadelphia, PA“Select Commercial was very helpful with my multifamily mortgage. Stephen went over several options and we came up with the best lender to meet my needs. I got the funds and also lowered my payments.”
Gary M. · Portland, OR“Select Commercial offered 100% financing for my medical practice when my bank would have required 20% down. They delivered something my bank could not, and handled everything professionally.”
John C. · Boston, MAGet Your Salt Lake City Apartment Loan Quote
To quote a Salt Lake City building, lenders want its rent roll, 2025 and year-to-date 2026 operating statements, the 2026 county tax notice, the city business license and any seismic retrofit records for older brick. Written lender terms follow; neither an application fee nor a processing fee applies.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up