Murray Property Management

Investing Insights

As a property owner in Murray, the demographics of your area is always a concern. According to the World Population Review, as of 2020, Murry has nearly 50,000 people and is the 17^th largest city in Utah. With a current population increase of 3.73%. Murray continues to make slow but steady progress. 

Pros of Investing in Murray

Spanning 12 miles, Murray is home to a diverse population and holds a balanced mix of blue- and white-collar workers with many individuals working in an office. One of the larger draws of Murray is the Intermountain Medical Center, ranked by the Becker’s list as one of the Top 100 Hospitals in the USA in 2018. Besides young working professionals, many renters in the area could be hospital staff or patients moving to Murray for treatment. 

Cons of Investing in Murray

If you are looking to purchase a rental property in Murray, it is critical to check if there is a historic designation on the building. Some buildings have restrictions as well as the potential for funding for rehabilitation projects. 

Investor Snapshot

Now, let's talk numbers! The average household income in Murray is $82,592. 

With the median house value reaching around $265,000, it makes sense that the median monthly rental costs average from $1000 to $1200. Given that only 35% of households are renter-occupied, you, as an owner, are in an excellent position to rent out your property. The available rental market is small, which means that you can have various choices in how and to whom you want to rent your property.

Murray Average Home Prices:

In October 2020, the statistics for Murray's buying market is as follows:

• Price Range: $59.9K to $3.9M
• Median List Price: $385K
• Trending: 11.6% increase in year-over-year

Murray Rental Rates:

In October 2020, the statistics of Murray's renting market is as follows:

• Price Range: $500-$2,000
• Average rent: $1,177 per month
• Trending: 1.53% decrease year to date with a 1.1% increase since September

Do you have a rental property in Murray but don't have the time, energy, or desire to manage it yourself? We are here to help! Give us a call today for a free rental analysis. In addition, we understand that life can get crazy, 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!