The Western U.S. multifamily mosaic: Why two markets tell a much bigger story

Multifamily conditions across the Western U.S. are diverging in ways that matter for valuation. Los Angeles, San Francisco, and San Jose are navigating regulatory complexity. Phoenix and Denver continue to digest new supply. Seattle adjusts to tech-cycle demand. And Salt Lake City, long defined by stability, is entering a new delivery phase.

Rather than cover every market in one sweep, we’re using California and Utah as the two ends of the spectrum, bookends that help make sense of everything in between.

California: Regulation defines the playing field

California’s updated AB 1482 rent caps (CPI + 5%) and local ordinances in Los Angeles, San Francisco, and San Jose create environments where policy shapes revenue trajectories as much as tenant behavior. Two assets with similar product and location can perform very differently depending on regulatory exposure, turnover patterns, and compliance history. It’s a rule-heavy setting where precision at the property level, not averages, drives credible valuation.

Utah (Salt Lake City): Fundamentals meet a new supply cycle

Salt Lake City continues to post healthy demand and occupancy, echoing some of the steady performance seen in Seattle and parts of Denver. At the same time, elevated new deliveries in select submarkets are beginning to influence concessions, absorption, and rent trends. Like Phoenix and Denver before it, Utah is moving from an undersupplied market to a competitive lease-up landscape, where relative positioning matters more than market-wide headlines.

The broader Western pattern

When you look across the region, LA to Seattle, Phoenix to San Jose, the story isn’t uniform. But the valuation principle is: Every asset lives in its own ecosystem. Its rent roll, regulatory constraints, submarket dynamics, and competitive set matter far more than regional narratives or national trendlines.

This is why California and Utah, though very different, help illuminate the full Western landscape: one is shaped by regulation, the other by supply dynamics, together framing the conditions our clients face across every major metro.

Your advantage: Asset-by-asset clarity across the West

Our Western valuation team at Apprise, led by Casey Merrill, MAI, ASA, FRICS, works across California, Utah, Phoenix, Denver, Hawaii, Seattle, and all major Western metros. We provide the asset-specific insight lenders need to navigate markets that no longer move in unison.

If you’re evaluating opportunities or comparing risk across the Western U.S., we’d be glad to help. Connect with our team to learn more.