Herriman Property Management

Investing Insights

An essential factor to consider before investing in Herriman is that it has a fast-growing population. Right now, the population sits around 65,000, growing at a speed of 11.5% annually. In the past decade alone, the population of Herriman has nearly doubled. According to the U.S. Census, Herriman has a median household income of $101k and a poverty rate of 2.7%. 

Pros of Investing in Herriman

Low crime rates, a quiet community primarily made up of residential spaces, and newer than average homes make Herriman a prime spot for an investment property. Herriman is a popular place to live because even though it is quieter than nearby cities, it still has plenty of outdoor entertainment, such as the Blackridge Reservoir. Plus, with only 16% of housing units available to renters, you will get to take your pick from the pool of applicants. 

Cons of Investing in Herriman

Until recently Herriman has been a longer commute compared to other cities surrounding Salt Lake City. This long commute used to mean that you were less likely to get renters who worked in Salt Lake City as your applicant.  Because Herriman’s surrounding area is fast growing we have seen an influx in local business providing renters a closer commute to work.

Additionally, the cost of living in Herriman is higher than in the surrounding areas regarding healthcare, housing, and transportation, which will further narrow the renting pool. This higher cost of living also translates to a higher cost in rent. This will allow you to rent your property at a higher price, providing you with an excellent investment property. 

Investor Snapshot

Unlike other similar cities near Salt Lake City, Herriman does not have the same drastic flux of median listing price from neighborhood to neighborhood. Rose Canyon is considered the most expensive neighborhood, with a median listing price of $700k. In comparison, Mountain View is regarded as the most affordable, with a median listing price of $365K. 

Herriman Home Prices:

As of April 2021, the Herriman home market is as follow:

• Price Range: $145K to $2.5M
• Median List Price: $440K
• Trending: Herriman has seen a growth of 10.1% year-over-year. According to Zillow, median home prices in Herriman have risen from $334k in 2016 to what we see today. 

Herriman Rental Rates:

As of April 2021, the Herriman rental rates are as follows:

• Price Range: $700-$2,000
• Average Rent: $1,375
• Trending: Herriman has witnessed a 2% year-over-year change since 2020. 

Utah Property Solutions- Management Services in Herriman 

Do you have a rental property in Herriman, Utah, or are you considering purchasing one? That is awesome! Investing in real estate is always a prime choice for long-term income. However, managing a rental property can be an enormous task to undertake, especially if you are already busy with work, family, and enjoying your life. Utah Property Solutions is here to help! Give us a call today for a free rental analysis. Plus, we understand that life doesn’t always go according to plan, which is why we offer a no-obligation management service. We have a month-by-month management agreement that owners can cancel at any time with a 30-day notice. Do you want to learn more? Check out our vlog for more information!