Since 2000, nearly 50,000 new rental units have popped up in Salt Lake City, UT and the surrounding areas. With this in mind, you might think there would be plenty of rental properties to go around.
But during this same timeframe, Salt Lake City's population has ballooned. It has gone from just under 900,000 in 2000 to over 1.2 million in 2023. This has helped make the Salt Lake City rental market hotter than ever for those who own rental properties in it.
Do you own properties that exist within the Salt Lake City rental market? Following the rental market trends in 2023 will be of the utmost importance to you.
Here are a few trends that should be on your radar when you own a rental property in Salt Lake City. They'll help you make wiser decisions.
The Average Rent
Renting in Salt Lake City isn't cheap for most people these days. The average rent hovers around $1,300.
This is actually down just a tad compared to the average rent in Salt Lake City in recent years. But it's still a respectable number that should put you in a position to rake in plenty of profits when you own a rental property in Salt Lake City.
Just make sure you strive to attract the right tenants, possibly by working with a property management company that can help find them for you. It'll be well worth the investment on your part.
The Typical Rental Property Size
Most of the average rental properties in Salt Lake City aren't that large in the grand scheme of things. They'll often fall between 800 and 850 square feet.
That'll be great news for you if you own a rental property that's any larger than that. You might be able to track down plenty of people willing to pay top dollar for rental properties like this.
The Most Popular Neighborhoods
If you already own a rental property in Salt Lake City, you'll ideally want it to be situated in one of the trendier neighborhoods. Downtown Salt Lake City, East Bench, and Central City will all fall into this category.
Of all the rental market trends on this list, it'll be great for you to know this one since it'll play a big part in what rent you come up with for your place. It'll also be great for any real estate investors looking to cash in by purchasing a rental property in Salt Lake City today.
You might be able to make a more worthwhile investment by snatching up a rental property in Salt Lake City in the right location.
Let the Salt Lake City Rental Market Trends Guide You
As a real estate investor, you should always be up on the newest rental market trends. This will be especially important in a place like Salt Lake City where trends are always coming and going.
Utah Property Solutions can help you stay on top of all the trends you need to know about. We can also set you up with property management services that'll help make your rental property investment a success.
Contact us today to get more information on how we can assist you.
