Updated: Aug 6
Here’s an update on the Salt Lake real estate and rental markets.
I have a quick update for you on the Utah real estate market and what’s been going on in the rental/investment market.
I’m here today at one of our rental units, an eight-plex near Salt Lake Community College off of State St. We’ve been renting our units for $750 a month, but I just rented one to a new tenant for $1,000. How does this impact the overall market?
If you want a good interest rate, don’t wait to buy.
For the time being, the same thing that’s happening with rent is the same thing that's happening with home prices. I’m double-checking the lease agreements on my properties to find out which ones are about to expire, and I’ll be assessing those properties and their rents to raise them accordingly. $750 a month was really good for one of these units, but the fact that people are paying $1,000 right now blows my mind.
Interest rates have taken a slight dip, but that dip won’t last. If you want a good rate in this market, don’t wait. They will go back up, making homes less affordable.
We go through assessments like this with every one of our real estate investment clients. If you're interested in learning more about investing or just have general real estate questions, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.