Salt Lake City Property Management

Investing Insights

As a property owner in Salt Lake City, it is essential to recognize that you are located in Utah's largest city, with a population of 2.4 million in the greater area. According to World Population Review, Salt Lake City is home to 6.75% of Utah’s entire population, with the average household income totaling $88,127. 

Pros of Investing in Salt Lake City

Salt Lake City boasts a strong economy and one of the lowest unemployment rates in the USA. Combine that with a lower cost of living than other major cities, high quality of life, and a vast array of amenities have made Salt Lake City a hotspot for renting. Many young professionals and aging retirees are moving from more expensive regions, such as California, to Salt Lake City to take advantage of this. This factor is just part of what has led to a sharp increase in home value over the past five years, which is expected to continue to rise. All of this makes a strong market for investment properties. 

Cons of Investing in Salt Lake City

Salt Lake City is a booming city, which means that many investors are taking advantage of that fact. Salt Lake City has a close 50/50 split on owner-occupied homes versus renter-occupied homes; when looking on popular renting sites, you will find hundreds of units available to rent. While this means that you are competing against other units, it is less negative than it appears due to the separation of neighborhoods due to income. 

Investor Snapshot

Before we can dive into the numbers, it is important to note that Salt Lake City has 38 neighborhoods, ranging in lifestyle and price. For example, Wasatch Hollow, the most expensive neighborhood in the city, has a median listing price of $750k. In comparison, Jordan Meadows, the most affordable neighborhood, has a median listing price of $254.9k. As an owner, your opportunities for renters and pricing will be dependent on the location of the property and the renter demographic. 

Salt Lake City Home Prices:

In April 2021, the statistics for Salt Lake City’s buying market is as follows:

• Price Range: $25k - $16.5M
• Median List Price: $430K
• Trending: Salt Lake City was an 11.7% year-over-year increase. According to Zillow, Salt Lake City has risen from a median of $296k to what we see today in just five years. 

Salt Lake City Rental Rates:

In April 2021, the statistics for Salt Lake City’s renting market is as follows:

• Price Range: $600-$6,000
• Average rent: $1,263
• Trending: Salt Lake City has seen a 2% increase compared to 2020.

Managing a rental property in Salt Lake City can be time-consuming and confusing. You live a busy life and may not have the time or desire to dedicate to properly managing a property. Utah Property Solutions 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 offer 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!