Salt Lake City and the surrounding areas were founded by Pioneers of The Church of Jesus Christ of Latter Day Saints, but in the past few decades, the Wasatch Front has become a hosting location for the Winter Olympics, outdoor sports enthusiasts, and home to many celebrities The Sundance Festival, and the greatest snow on earth are just two of the many draws to the Northern Utah area.
That being said, tenants should conduct thorough research of the area to make sure they select the right place for them. Similarly, for those who would like to invest in the Beehive State, there are some important things to consider. Here are a few tips when choosing a rental property:
1. GET TO KNOW THE AREA
In so many ways, Utah has the best of everything. Just earlier this year, Utah was ranked #1 as the ‘Best State Overall’ in the U.S. News & World Report. Low crime, thriving economy, excellent education, healthcare, and natural resources all make ‘the Beehive State’ worthy of its name. Originally dubbed ‘Desseret’ by early settlers fleeing religious persecution in the east. The transcontinental railroad was established at Promontory Summit where the Union and Central Pacific Railroads met.
The word Utah originates from the Ute Indian word for ‘top of the mountains.’ It’s no wonder that there are more than a dozen excellent ski resorts along the Wasatch Front. The dry dessert climate combined with the lake effect combined to make a unique powdery snow not found anywhere else on earth.
Each neighborhood area has its own unique vibe. Some are very engaging while others, not too far away have a more intimate and rural fee. Salt Lake City is considerably progressive compared to surrounding areas, and surrounding communities tend to be more conservative.
Take time to understand the people and the community in the area you would like to invest in. This will give you important insight that will be useful as you partner with tenants.
2. INVEST IN FAMILY-FRIENDLY AREAS
Inherent in the culture of the predominant religion in the area (The Church of Jesus Christ of Latter Day Saints, life in Utah includes focus on the family. Community tend to value and support family values, support safe and healthy environments, and advocate for education and affordability. Families attend church together, participate in sports and outdoor activities, and volunteer in their community.
Keep those things in mind when selecting a home. Choose a rental that would appeal to family needs. This might include proximity to schools, churches, parks, and other recreational areas. If parks and common recreational areas are not located nearby, consider backyard amenities (fenced yard, trees, etc.) that would be attractive and safe for families.
3. INVEST IN SINGLE-FAMILY PROPERTIES
Driving down I-15, you may notice quite a few ongoing multifamily building projects. After all, there is only so much land along the Wasatch Front area between the mountains and the Great Salt Lake. Despite these larger developments, families tend to prefer single family housing when possible.
Single-family homes are more affordable and benefit heavily from renovations. Additionally, families with children are more likely stick around, and good tenants that stay longer means lower turnover expense and hassle. On the other hand, if you are ready to add some multifamily units to your portfolio, you honestly couldn’t go wrong either way.
NEED PROPERTY MANAGEMENT IN SALT LAKE CITY?
If you’re considering purchasing an investment property in the Davis or Weber County areas, we at RPM Northern Utah would be happy to help make it an excellent experience. We’ve been around for more than 35 years and know the market. If you need help getting to know an area or determining how much to charge in rent, we can help.
Real Property Management is a full-service property management company. We can help with everything from marketing, applications, screening, leasing, accounting, maintenance, and more. We’d love to learn more about your needs and if there’s something we can do to help.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.