Salt Lake City, UT: The Crossroads of the West
Salt Lake City is home to 199,723 residents, making it the most populous city in Utah. It also functions as the state capital and as the seat of Salt Lake County. Salt Lake City, often referred to as simply “SLC,” is known for its tourism industry centered around skiing and other outdoor activities. The city was even the site of the Winter Olympics in 2002.
When it comes to the arts, Salt Lake City does not disappoint. The city boasts numerous museums such as the Church History Museum, the Clark Planetarium, the Utah Museum of Fine Arts, and the Natural History Museum of Utah. There are also many performing arts companies that call this city home. These include the Pioneer Theatre Company, the Tabernacle Choir at Temple Square, the Utah Symphony Orchestra, Ballet West, and Utah Opera.
In addition to this, Salt Lake City hosts several festivals throughout the year. Some examples include the Utah Pride Festival, the Utah Arts Festival, the Dark Arts Festival, and portions of the Sundance Film Festival. Colleges and universities located in SLC include the University of Utah, Westminster College, and Salt Lake Community College.
How Is Salt Lake City’s Rental Market?
Salt Lake City is definitely a great place to call home, which is why many new residents move to this city every year. Not all of these newcomers, though, choose to buy homes. After all, real estate in SLC is on the expensive side. In fact, the median listing price for a home in this city is $499,900. As such, it comes as no surprise that 52% of its population are renters.
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This is a good thing for property investors, though. Many renters mean there is a lower vacancy rate and a higher pool of possible tenants. Additionally, landlords in Salt Lake City can expect to earn above the average rental income. The average rent for an apartment in this city is $1,394, with a bulk of units falling between the $1,001 to $1,500 range. The current average rent also represents an 11% year-over-year change.
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Finally, Salt Lake City is attractive to landlords because Utah is generally a landlord-friendly state. Here, there are no rent control laws and only few limitations on fees.
Why Go With a Salt Lake City Property Management Company?
Rental property management does not suit everyone. Landlords tend to have a difficult time balancing the many responsibilities required of them, especially with a 9-to-5 job or a family to raise (or both). This is exactly why a lot of people are hesitant to invest in rental properties.
With a Salt Lake City rental management company, though, all your problems will be solved. When you hire a management company, you can delegate most of your duties as a landlord to an experienced professional. Rental management companies typically offer an extensive range of services — from finding and screening tenants to collecting rent to enforcing lease terms to processing evictions.
How do you know it is time to hire a rental management company?
- Rental management does not interest you.
- You don’t know anything about how to properly manage your rental property.
- Your rental property is located far from where you live or spend most of your time.
- You don’t have enough time to manage your rental property.
- You own multiple rental properties that you can’t juggle all at once.
Hire the Best Property Management in Salt Lake City
Salt Lake City is a big place with several rental management companies. With numerous options, the search process can be overwhelming. Rental Choice aims to make it easier for landlords everywhere with our comprehensive online directory. Browse our database for the best property management companies by area. Get started on the right track today!