"Location, location, location." This is the golden rule of real estate investing since, as a landlord, it is crucial to know the exact location of your rental property. All landlords, including you, are already well aware of this basic reality, so we know that this statement is more than simply a catchphrase for you.
Learning about where your rental property is located is very important in today's busy world. Using this information to its full potential can help you make better business decisions, encourage new ideas, boost teamwork, and give you an edge in the rental market.
Putting together a list of pros and cons is one of the best ways to make a smart decision.
Making a list of the pros and cons can help you decide what to do. Writing down possible results and benefits can help you make smarter decisions. It gives you both major and minor choices, which you can weigh before making a call.
You can do a SWOT (Strengths, Weaknesses, Opportunities, and Threats) Analysis for your business by looking at the advantages and disadvantages of the area where your rental property is located.
Once you understand Ogden, Utah's strengths and weaknesses, you can highlight the good things about the area and address the issues that your tenants may be worried about regarding the location of your rental property.
Join us as we discuss the pros and cons of living in Ogden, Utah, in this article and how you can use them to your advantage.
What Are the Pros of Living in Ogden, Utah
As a landlord, you can use this knowledge when planning creative listing strategies for your rental properties to attract more tenants.
1. Cost of Living is Lower than in Other Cities in Utah
According to Forbes Advisor, the cost of living is 9% lower in Ogde than in Salt Lake City. This includes transportation and healthcare which are both 8% lower, and other goods and services, which are at 4% lower than other cities. Rent prices are also reasonable with 15.91% lower compared to Salt Lake City.
2. Expanding Labor Market Offering Wide Range of Work Options
There is a wide variety of jobs available in Ogden because of the city's booming economy. Its diverse economy consists of thriving industries in healthcare, finance, manufacturing, outdoor recreation, technology, and tourism.
The quality of life of your renters goes up when the economy is strong, which helps your business to earn more. For example, when many jobs are available, your tenants can easily find a source of income that secures longer rental term periods and consistent monthly rental payments.
3. Access to Quality Education
Ogden, Utah, has great schools at every level, making its school system strong. Students can get a good K-12 education from several well-known schools, from elementary and middle school to high school.
The city also has various colleges and universities nearby. These include Brigham Young University, Utah State University, and Weber State University, a famous educational institution with a broad set of undergraduate and graduate programs.
4. Various Medical Institutions Available
Aside from providing healthy living spaces in your rental property, checking the available medical institutions in your city is also a significant factor. Ogden has enough healthcare providers to ensure that all its residents receive quality medical care from the available clinics, hospitals, and medical centers in the city.
5. Great Outdoors and Safe, Tight-Knit Community
If your tenants are looking for a safe, friendly place to live, then Ogden is the place for them! Your tenants can enjoy the great outdoors without worries because of its safe neighborhoods.
The city also puts on many family-friendly events throughout the year, such as fairs, parades, and holiday parties. These are the annual events that your tenants might find fun and exciting:
Arts Festival
Car Show
Christmas Village
Farmers Market
First Friday Art Stroll
Ogden Friends of Acoustic Music (OFOAM)
Harvest Moon Celebration
Juneteenth Heritage Festival
Pride Festival
Santa Run
Snowbasin Blues, Brews & BBQ
Twilight Concert Series
Witchstock Festival
What Are the Cons of Living in Ogden, Utah
We know that the cons of a city can cause your potential tenants to have second thoughts about moving to Ogden, Utah. However, as a landlord and rental business owner, you must find a silver lining and grab this as an opportunity to improve your rental property. Add unique features to your renting units that your future tenants will find attractive and helpful.
1. Air Pollution
The air quality in Ogden isn't too bad. In fact, it is better than 83 other Utah cities. However, since it is in a valley, air pollution can be a problem.
There are also other various factors that can affect the air quality of Ogden. Natural things like wind patterns, weather, humidity, and human actions like traffic and industrial pollution all have an impact on the air quality in a given area.
What You Can Do: Take this as an opportunity to improve your rental property by installing good types of air filters. This will not only improve your indoor air quality but also give you a reason to charge higher rental fees and attract a large pool of tenants.
2. Properties Could Be Near An Airport
Your rental property in Ogden could be located close to Ogden-Hinckley Airport. Having your rental property near an airport means dealing with plane noise, bad air quality, and safety issues.
What You Can Do: Given how close your rental property could be to an airport, noise reduction steps, air quality tracking, and clear sharing of safety procedures may all be worth considering.
3. Severe Weather Conditions in Summer and Winter
The climate in Ogden is dry and semi-arid, so it gets hot in the summer and cold and snowy in the winter.
In the summer, the city’s highest temperatures are up to 90 degrees while in the winter, the temperature drops as low as 20 degrees. Your tenants must be ready for these extreme weather events because they can make driving dangerous and inconvenience their daily lives.
What You Can Do: Have regular maintenance checks and repairs before the start of these seasons to ensure that your rental property is safe to live in. This includes drafts, insulation, heating systems, and service fireplaces. You can also install air conditioning units in your rental property.
4. Limited Public Transportation Options
Compared to other bigger cities, Ogden has limited public transportation options such as trains, buses, and taxis. It would be better if the residents had their own cars to ensure they had convenient mobility anytime, anywhere.
What You Can Do: Ensure your rental property has enough parking space for your tenants.
Conclusion
As a landlord, not all the decisions you must make for your rental property business are easy. Your decisions may require you to leave your comfort zone and take chances occasionally. However, it's important to consider how your choices will affect you and your business in the long run.
Plus, finding a silver lining to Ogden’s flaws might be quite challenging, especially if you are only new in the rental property business. You might find it difficult to think of ways to turn the drawbacks in your area into opportunities for marketing growth. And this is where reliable property managers enter.
Whether you are a seasoned or new landlord, Wolfnest Property Management is here to help you turn these shortcomings into opportunities! We will help you maintain your property to make sure it is always in its best shape and give suggestions on how you can improve your business.
Reach out, and let’s check how we can assist you in growing your Ogden rental property business now!
