According to information published by Utah University, around 33% of the state's population rents their homes, and 80% of these reside in the six largest counties, including Salt Lake.
Additionally, rental prices in Salt Lake City are at an all-time high, making this city an attractive option for those wanting to enjoy all the benefits of investing in real estate.
Keep reading to find out how Salt Lake City rental properties could help pave your way to financial freedom.
The Benefits of Investing in Real Estate
According to an analysis of Forbes data, 215 of the world's billionaires made their fortunes in real estate. That's because owning property offers you numerous opportunities to increase your net worth.
These are:
Passive Income
When you work with a property manager, you can earn an income from rentals in the most in-demand places, regardless of where you live.
A property manager takes care of everything needed to keep your properties profitable, saving you time, money, and effort.
Property Value Growth
When you own a property, you benefit from an increase in property values in the area. In recent years, we've seen staggering price increases thanks to low mortgage rates, presenting an ideal opportunity for property owners to cash in on their investments.
Sweat Equity
Home upgrades and regular maintenance mean you can charge higher rentals for your properties. In short, the more you put into your properties, the more you'll get out.
These upgrades also contribute to increasing your home's value.
Once again, a property manager can assist you with selecting and carrying out the most lucrative improvements to your properties. They can also help you to find good long-term tenants to ensure ongoing profits.
Why Choose Salt Lake City?
'Location, location, location" is the mantra of every real estate mogul and Salt Lake City suits this criteria perfectly. Known as the "Crossroads of the West", the city is a hotspot for the following industries:
- Trade
- Transportation
- Government
- Utilities
- Professional and business services
Thanks to its setting against the backdrop of the Wasatch and Oquirrh Mountains, and abundant winter snowfall, Salt Lake City also boasts a thriving tourist industry.
These thriving industries are a major drawcard for people seeking employment, and all these workers need housing.
Compared to other states, Utah places a relatively low tax burden on property investors. Both businesses and individuals enjoy attractive tax incentives for both rehabilitation and new construction projects.
There's also no estate tax or inheritance tax if you wish to pass your investments down to your heirs.
Making the Most of Salt Lake City Real Estate
Wherever you live, you can enjoy the benefits of investing in Salt Lake City real estate. Our property management services offer everything you need to earn a passive income from your investment.
We'll take care of marketing your property, vetting tenant applications, and taking care of rent collections. Thanks to our long-standing relationships with local contractors, we can help you save on the upkeep of your Idaho properties, too.
Get in touch to discuss your Salt Lake City property management needs today.
