The current rental market in Salt Lake City is simply insane, and we choose to see that as an opportunity. You should too!
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The current rental market is simply insane, and it's having an effect on our market.
I recently looked at a study by Yardi, a software company used by property managers, which looked at 250 cities and found that they're experiencing a 2% year-over-year increase in rent. They found that 203 of those cities actually had an increase in the last 30 days. The most interesting part was that Salt Lake City is the 13th fastest rental growth market in the whole country with a year-over-year increase of 7.7% in rent rates.
This affects our market in a few ways. For one, if you rent right now, you can buy a property, lock in an interest rate, and actually pay less for a mortgage than you currently pay in rent.
Secondly, if you haven't taken advantage of the market in the past and you're looking into how to build wealth, looking into the rental market might be a good option for you. We can help you make sure you know how to be a good landlord and educate you through the whole process. We also want to make sure you find a property that will have cash flow and bring you equity. We also want to be sure you have a cash flow that isn't affected if the market takes a downward turn.
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Real estate investment is one of the best hedges against inflation.
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That's why they say real estate is one the biggest hedges against inflation—as the market continues to grow, home values go up and rents go up.
Finally, if you're a landlord and have not increased rental rates in the last 18 months, considering doing so now. I've personally had to increase all my rent rates, so let's do a rent analysis for you if you think it might be time.
If you have any other questions about rental properties or investing in any kind of real estate, give me a call or send me an email. I look forward to serving you soon!
