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7 Apr, 2026
Analysis | Latest
Provo-Orem-Lehi Market Update: Supply Cools as Rental Rates Rebound
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Written by James McLean

James McLean is the Head of Business Development at Radius+. James helps maintain external relationships with clients and assisting internally with the sales process. He also, manages internal data processes working alongside the operations team to ensure we are supporting high level data quality.

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This week the Radius+ team took a look at the Provo-Orem-Lehi, UT CBSA.

Historical Supply Growth in Provo-Orem-Lehi, UT CBSA:
2022: 3.3%
2023: 2.2%
2024: 1.2%
2025: 0%

Provo and its surrounding cities already have a relatively high square foot per capita compared with national norms, which has influenced development decisions in recent years. The market saw moderate supply growth from 2021 through 2023, followed by slower additions over the past two years that have allowed rental rates to recover and move upward. The region’s stable economy, supported by major universities, continues to sustain storage demand despite elevated inventory levels. These strengths position the market for continued rental rate improvement.

Provo-Orem-Lehi Market Overview