Lehi Property Management

Investing Insights

Before jumping into the pros and cons, let’s take a look at Lehi’s city demographics to better understand the city as a whole. Lehi has grown from a town of 47,000 in 2010 to over 77,000 in 2021. The U.S. Census reported a median household income of almost $100k in 2019, and it is expected that it has risen another $10k since then. While Lehi's poverty rate is higher than the surrounding areas, at 6.4%, it still has an excellent crime rating, with violent crimes much lower than the national average. 

Pros of Investing in Lehi

Lehi is known as the "Silicon Slopes" due to its abundance of tech companies that are rapidly growing. Lehi itself is also growing at a fast rate to accommodate the influx of employees needed for these tech companies and the expansion of the community in general to support them. Fortunately for rental property owners, only 12% of units are renter-occupied, with over 90% of those units receiving between $1,000 and $1,500 a month. On top of that, the lower cost of living than the surrounding areas makes Lehi a rental location that can appeal to all economic demographics. 

Cons of Investing in Lehi

Unfortunately, the rapid growth of a city can have its cons as well. Lehi is attempting to build more housing, which has led to extensive housing projects. This may impact your applicant pool as there will eventually be more rental units on the market. Additionally, more people means more traffic, and Lehi is still working on adjusting its road systems to accommodate the influx of drivers. 

Investor Snapshot

Lehi Home Prices:

As of April 2021, the Lehi housing market is as follows:

Price Range: $270K to $1.4M

Median List Price: $435K

Trending: Lehi has seen an 11.6% year-over-year increase. According to Zillow, Lehi has seen a sharp rise in median home list prices from $303k in 2016 to what we have today. 

Lehi Rental Rates:

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

Price Range: $700-$2,000

Average Rent: $1,291

Trending: Lehi has seen a 2% increase in rental rates since 2020. 

Utah Property Solutions – Property Management in Lehi

Do you have a property in Lehi, Utah, that you would like to rent? We understand that managing a rental property can be a time-consuming and frustrating task. 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!