In this edition of The TurboTenant report, we will be focusing on the best places to buy an investment property in Utah. Three towns made our list: West Valley City, Salt Lake City, and Sandy. We curated data from studies on the best places to buy an investment property, median sale prices, and proprietary TurboTenant data. The TurboTenant Data includes stats on the average number of leads a rental property received, as well as the average number of days on the market. These two points will help an investor determine the strength of the rental market, as well as estimating potential vacancy rates.
Utah is home to “the best snow on earth,” the Utah Olympic Park from the 2002 Winter Olympics, five national parks, and also some of the best places to own a rental investment property. Utah has been voted one of the best states to live and work by different organizations over the years with a strong economy in petroleum, tourism, small-businesses, and government services. Outdoor aficionados will fit right into Utah with different activities throughout the year such as hiking, rock-climbing, and skiing. It also boasts great education opportunities with affordable tuition at its universities such as University of Utah, Brigham Young University, and Utah State University.
You’ll be buzzing to buy a rental investment property in The Beehive State – let’s find out the best places to invest in Utah.
#3: West Valley City
West Valley City has a population of around 130,000 making it the second largest city in Utah. As a suburb of Salt Lake City, it is a short drive to a variety of amenities including the Wasatch Mountains. West Valley also hosted the Olympic hockey games during the Winter Games at the Maverik Center. Its economy is constantly growing with several business districts – it’s also home to the Utah Cultural Celebration Center. This center hosts several festivals honoring many cultures throughout the year, including the Utah Polynesian Festival and Native American Pow Wows. West Valley City is the most affordable of our Utah towns with a median sale price of just $294k. Landlords can expect a great increase in home values of 8.7% with 24 leads per property and only 10 days on the market!
- Population growth: 0%
- Employment growth: 1%
- Increase in home values: 8.7%
Median Sale Price: $294k
Average Rent: $1068
Average Number of Leads per Property: 24
Number of days on the rental market: 10
#2: Sandy
Located just south of Salt Lake City, Sandy offers a great community perfect for families, retired folks, and even young adults. Sandy is suitable for all types of lifestyles and has amazing restaurants, events, and public schools. With the advantage of just a 20 minute drive into the city, Sandy is the perfect option for those who want a relaxing vibe. Its growth and popularity is evident in its 41 leads per property and 19 days on the market. With many new units and houses being built, property investors shouldn’t overlook Sandy!
- Population growth: 0.6%
- Employment growth: 1%
- Increase in home values: 5.1%
Median Sale Price: $398k
Average Rent: $1285
Average Number of Leads per Property: 41
Number of days on the rental market: 19
#1: Salt Lake City
Utah’s capital is constantly growing and thriving with new businesses, housing, and things to do. Who wouldn’t want to live in Salt Lake City where you have immediate access to the mountains, beautiful views, amazing restaurants, and a unique culture? Nestled at the foothills of the Rocky Mountains, SLC is home to the University of Utah, Westminster College, and Salt Lake Community College – student renters are overflowing for landlords. Home values are increasing by 9.2% and population growth is at 4.9% – all good news for property investors. Because it’s an affordable city, landlords can expect 49 leads per property and only 12 days on the market. Landlords won’t have to be salty in Salt Lake City! Get ready to fill your properties fast with quality tenants in our #1 town.
- Population growth: 4.9%
- Employment growth: 1%
- Increase in home values: 9.2%
Median Sale Price: $364k
Average Rent: $1278
Average Number of Leads per Property: 49
Number of days on the rental market: 12
Once you’ve landed the perfect investment property in a good location, TurboTenant can help take your landlording into the digital world by streamlining the rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.
About the TurboTenant Report
The TurboTenant Report analyzes data from active listings across all 50 states, as well as third party real estate, population and employment growth data. Our goal with the TurboReport is to empower seasoned and novice investors to make wise purchasing decisions when purchasing a rental investment property. For more information or custom data requests, please contact [email protected].
Methodology:
In order to determine the best cities to invest in each state, we curated data from a number of reputable sources as well as using TurboTenant proprietary data. Our main city selections were taken from a study that evaluated four main factors for each city: employment growth, population growth, increase in home values and rental yield. We combined that with TurboTenant data on the average rent price, the number of rental leads per property, as well as the average number of days the rental stays on the market.
We also included an honorable mention where applicable. They are pulled from this study on the best places to invest in every state. These were determined using Zillow’s Buyer-Seller Index and Zillow Home Value Forecast, and AreaVibes’ Livability Score. Other methods for determining honorable mentions include using TurboTenant proprietary data to determine which cities return the best rental investment R.O.I. using data points including days on market, the number of leads per property, and average rent price.
DISCLAIMER: TurboTenant, Inc does not provide legal advice. This material has been prepared for informational purposes only. All users are advised to check all applicable local, state and federal laws and consult legal counsel should questions arise.
Sources:
- TurboTenant Rental Data
- Fastest Growing States Population
- The Best and Worst Cities to Own Investment Property
- Real Estate data provided by Redfin, a national real estate brokerage.
