||# of Agencies
|Single House or Condo
|Home Owners Association
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The average rent for a 3 bedroom house in Salt Lake City, UT is $1,318.00. When you receive your requested free market assessment, compare the average rent to what a property manager expects your property to rent for before making your decision on which manager to hire.
Salt Lake City, UT Rental Market Overview
Crossroads of the West Continues to Climb Annual National Apartment Report
Salt Lake City moved up two places in the 2013 Marcus & Millichap National Apartment Report (NAR), landing at #22, the halfway point in the index of best apartment markets in the United States. Marcus & Millichap formulated the uptick based on a growth in effective rent, or the actual rental rate achieved by landlords after deductions in concession values from the base rental rate. If that sounds a little complicated, there were other contributing factors for the positive growth, including 16,900 new jobs, and a 3.9% vacancy rate that is just off the historical low hit in 2012. New apartment construction was four times as high in 2012, so the new inventory level exceeded demand in the metro core by a small margin. The 2013 NAR suggested that the excess inventory was small enough that it wouldn't significantly affect the vacancy percentage.
Large Investors Shift from Class A to Class B to Class A Assets Again
The NAR noted that in 2012 Salt Lake City institutional investors shifted from Class A assets to Class B properties after finding few Class A luxury units on the market. The report anticipates that these same investors will return to Class A properties as builders continue to add more projects in the area. During this time private buyers shifted their focus down the property quality scale (stable Class B and C properties), seeking distressed bargains in good locations, especially in southern Salt Lake and northern Utah counties where technology firms continue to expand. This trend among private investors and lower-tier assets should continue for the near-term future. While Salt Lake City offers a fairly good inventory of Class B/C stock, the definition of asset stability is not unlike risk exposure; what is acceptable to one small investor might be uncomfortable to another. That's why a growing number of small landlords consult with property management companies before expanding their portfolios. In addition to providing services like tenant screenings, lease enforcements and maintenance coordination, many Salt Lake City property management companies employ experienced real estate professionals who can assess your needs and facilitate property transactions. Salt Lake City property managers work with a range of clients and have firsthand experience in the local rental market, so they can offer insights you won't find in online property reports. Review the profiles of the Salt Lake City property management companies listed here and then request your free information.