Invest in Salt Lake’s Growing Real Estate Market before School Starts!
August 16, 2016
Salt Lake City has become well known for its up-and-coming real estate market, which makes it a prime location for real estate investments. And, since the summer season is in full swing, you have plenty of time to purchase your first investment or additional investments before fall semester starts at the University of Utah and all the students come looking for housing.
Because the on-campus housing at the University of Utah is limited, expensive, and in high demand, most students look for housing near campus for short commutes. By positioning your investment in their ideal location, you can get responsible and reliable undergraduate and graduate renters for your properties in no time.
Work with the Markets before You Purchase Your New Investment Property
Because many people look to purchase new homes in the spring, the season for selling is in decline, turning it into a buyer’s market. This is the time when you want to jump on getting your investment property!
Besides the favorable market, you also need to consider how long it will take you to rent out the property. If you purchase and close on a rental property now, you can make it ready for students by fall and have very little vacancy time. However, waiting until the fall semester is in full swing could mean long periods of vacancy when you aren’t making back that mortgage payment.
Purchasing a Property that Appeals to Students
While University of Utah students expects to commute some distance, close properties are in high demand. If you can secure a good price on property close to the university, you will set yourself up for a reliable and constant stream of passive income.
You will also need to consider what students are looking for in a rental home or apartment. Does it have the amenities they are looking for? Is the property well-taken care of? These will all factor how likely having a steady influx of potential student renters is.
If you purchase a rental property, make sure to discuss property management options with Keyrenter Salt Lake by calling (801) 783-1300!