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Utah Rental Market Overview
Low Unemployment, Private Sector Incentives Attract Out-of-State Investors to Utah
The bees are busy in the Beehive State. With a 4.6% unemployment rate, Utah consistently ranked below the United States unemployment average from 2002 onward. While Utah's private-sector employment grew by 4.5% in 2013, the only sector that contracted was associated with state government occupations, one of many measures that Governor Gary Herbert insists was always according to his plan to attract more businesses to Utah. Apartment developers and landlords in the northern Utah counties do well among the area technology companies, including Adobe's new Lehi campus, Google's Fiber Network in Provo, and Boeing's new composite fiber frame manufacturing plant in Salt Lake City. The shift in growth is hardly a secret, in 2013 the U.S. Census Bureau rated Utah as the third fastest-growing state in America, only behind North Dakota and Texas.
Profiting During Fast Growth Requires a Solid Rental Property Strategy
Much of Utah's rental apartment development currently centers on the Salt Lake City region, where many businesses like Qualtrics and Workday are expected to create new jobs in the area. The 2013 Marcus & Millichap National Apartment Report noted that rental property developers in this area added more than 2,000 rental units, or roughly four times the apartment units built during the previous year. This surge in construction, especially around Class A listings, resulted in a slight bump up in the Salt Lake City vacancy rate, which had been steadily declining toward 3% since 2009. This scenario could be replayed in other northern county regions in Utah, especially as out-of-state developers create more building projects near new corporate campus locations throughout the area. While it can seem daunting doing business next to large investors, small landlords and independent investors with sound, aggressive strategies can do well during these expansion periods, provided that they have access to timely real estate information and accurate projections. That's why many Utah property management companies are staffed by seasoned real estate professionals who understand their local market. Besides providing tenant screenings and maintenance service support, property managers can deliver key data to their clients about new developments, changes in property laws and even assist with selling assets when the time is right. These services vary depending on the property management companies available in your area, so be sure to check out the profiles linked to this page, then click on the free info button for more information.