For the past several years, Utah has been one of the hottest real estate markets in the county, attracting countless property investors from all over the world. Despite the impact of the pandemic on real estate markets worldwide, Utah is still considered one of the best states in America to invest in property.
In this page, we’ll give you some of the many great reasons to invest in a Utah rental property today.
Utah’s vibrant tech industry
Utah is home to a growing tech scene that has attracted the likes of Adobe, Microsoft, Twitter, and other industry giants. Nicknamed “Silicon Slopes” for its emerging startup scene and soaring mountain ranges, Utah offers a very lucrative business environment, thanks to aggressive state tax breaks and growth prospects.
Additionally, the state is home to the headquarters of many successful software firms including Domo, Qualtrics, and Pluralsight. Utah’s booming job market is one of the many reasons why investing in rental properties in the state is a smart move.
High rental demand
In addition to being home to numerous successful companies, Utah also features prestigious colleges and universities as well, such as Brigham Young University, Westminster College, and University of Utah.
As a result, the state’s population has a large percentage of recent graduates. The state’s consistently growing population, expanding job market, and growing economy creates strong rental demand, making it easy for real estate investors to find renters and buyers for their investment properties.
High real estate appreciation
Investment properties in Utah generate profits not only through positive cash flow, but through real estate appreciation as well. According to NeighborhoodScout.com, many cities and communities throughout Utah are among the country’s top-tier markets for appreciation, with several of them included in the top 10% to 20% for national appreciation.
Utah’s strong economy enhances the performance of traditional investment properties. The state’s unemployment rate is currently at 4.3%, which is lower than the U.S. average of 6.7%. Some of Utah’s cities have unemployment rates that are significantly lower than the state average, like Eagle Mountain, which currently has a 2% unemployment rate.
A lifestyle destination
One of the biggest advantages real estate investors enjoy in Utah is its exceptional overall quality of life, with its incredible ski slopes and scenic outdoor venues combined with great employment opportunities and top-quality healthcare facilities.
Currently home to a growing population of over 2.3 million residents, the state will always be an attractive destination for anyone looking forward to a healthy, enjoyable lifestyle, thanks to world-class destinations such as Bryce Canyon National Park and Zion National Park.
The array of terrific attractions in Utah results in low vacancy rates, which is perfect for real investors looking to own rental properties that can generate consistent income year-round.
Ready to start your search for the finest investment properties in communities such as Park City, Park Meadows, Deer Valley, Glenwild, Old Town, Silver Creek, or other desirable markets throughout Utah? Get in touch with Team Schlopy today by calling (435) 640-5660 or send an email to email@example.com