Salt Lake City is a growing city that offers a variety of opportunities for rental property investments. With a strong economy, high employment rate, and increasing population, Salt Lake City is an excellent option for investors looking to purchase rental properties.
There are many reasons to invest in Salt Lake City. If you’re considering investing in rental properties in Salt Lake City, here are the best areas to consider:
Downtown
Downtown Salt Lake City is an excellent area for rental property investments due to its prime location and easy access to public transportation. There is a high demand for rental properties in the area, especially given the recent development of luxury apartment buildings.
Additionally, the proposed redevelopment of the Utah State Fairpark, which is just outside Downtown Salt Lake City, will bring even more people to the area, driving up demand for rental units.
Sugar House
Sugar House is a popular and trendy area that attracts young professionals and families. It has a combination of serene residential areas with grand mountain views, distinctive stores, and restaurants. This area has a high concentration of rental properties, and the demand for rental units continues to increase as more businesses and amenities move to the area.
Sugar House is also home to the University of Utah, which brings in a steady stream of renters from the pool of students looking for rentals.
Draper
Draper is home to more than 50,000 residents, and its population is rising steadily. It is a great place to invest in real estate because of its fast appreciation rate.
Home values in Draper have increased significantly in the last few years and are expected to continue their upward trend.
Additionally, the appeal of Draper's new-build real estate market will keep drawing investors for years as new housing developments become more available, making it a great place to invest in a booming market.
South Salt Lake
South Salt Lake has seen significant growth in recent years, making it a great place to invest in both commercial and residential real estate. With easy access to major highways and transportation, South Salt Lake is a convenient location for both businesses and residents.
Cottonwood Heights
Cottonwood Heights is a prime location for young families, retirees, and singles, making it a great place to invest in single-family homes and townhouses. It has a high demand for rental properties.
The cost of living is slightly higher than in some surrounding areas, since it is such a desired location. Its close proximity to skiing and outdoor recreation makes it an attractive location for both residents and tourists.
Holladay
Holladay is an ideal location for regular commuters due to its convenient proximity to the bustling areas of Salt Lake City. The housing market in Holladay has a rich mix of properties, making it accessible to investors from all financial backgrounds.
There are entry-level homes available as well as luxury finds. Although the standard for entry-level pricing has been adjusted in recent years, Holladay's real estate market still provides affordable investment opportunities.
The Avenues
One main benefit of investing in The Avenues is that the area is known for its diversity. You can access multiple different types of properties. Rental property investors can easily attract a wide range of residents. The area features a variety of historic homes, many of which were built in the late 19th and early 20th centuries.
In addition, it offers stunning views of the city and surrounding mountains. Many of the homes in the area have balconies or patios that offer panoramic views of the cityscape. Plus, it’s a very walkable neighborhood, with many amenities located within walking distance. Tenants can easily walk to local restaurants, cafes, and shops, as well as to nearby parks and hiking trails.
Fairpark
Fairpark is a neighborhood that’s located relatively close to Downtown Salt Lake City, making it attractive to renters who want to be close to the city's employment opportunities and amenities without living directly downtown.
Additionally, Fairpark has a relatively low median home price compared to other areas in Salt Lake City, which is why it’s a more affordable place to invest in rental properties.
Arcadia Heights
Arcadia Heights is a neighborhood located on the west side of Salt Lake City. Similar to Fairpark, it has a relatively low median home price compared to other areas in Salt Lake City, making it an affordable option for investors who are looking to purchase rental properties.
Also, Arcadia Heights is located near several amenities, including grocery stores, shopping centers, and parks. This can be attractive to potential renters who are looking for convenience and easy access to amenities.
What’s more, it is an up-and-coming neighborhood, with several new developments and revitalization efforts underway.
Yalecrest
Yalecrest is a historic neighborhood located on the east bench of Salt Lake City, just south of the University of Utah. It has a strong rental market, with easy access to the University of Utah, downtown Salt Lake City, and nearby outdoor recreation areas.
Moreover, Yalecrest has an affluent demographic, with many residents who are professionals and academics. This is one of the reasons why the neighborhood is attractive to investors who are looking for renters who are likely to pay higher rents and maintain the property well.
Bonneville Hills
Bonneville Hills is another upscale neighborhood that offers easy access to the University of Utah, downtown Salt Lake City, and nearby outdoor recreation areas.
It features a variety of homes that are known for their unique architectural styles, making it an ideal student rental location.
Conclusion
Salt Lake City offers a diverse range of opportunities for investors looking to buy an investment property in Northern Utah. By choosing the right area to invest in, you’ll realize steady returns and take advantage of the city's growing economy and population. For any questions involving investing or property management contact Envy Property Management today!
