As Utah continues to surge, in list after list and study after study, as one of the country’s most attractive cities to live in, the multifamily housing market has answered the call. We have actually covered apartment living in Utah here, so this reading will account for the array of condominiums, townhome communities, and duplexes among other types of related units.
Estimates released by the U.S. Census Bureau in 2017 indicted Utah’s 2% housing growth outpaced every other state in America. Considering that level of popularity, focusing on purchasing multifamily residences is a wise strategy due to a significant portion of new locals not looking to step right in to a single-detached home. But with popularity of course comes competition, so it’s important to run a fine-tooth comb through every stage of the purchase. First, it’s imperative to know the surroundings. Your multifamily unit may be managed in its own way, but it is a part of a neighborhood. Grow very familiar with trends, vacancy rates, demographics, and so on. Have abundant cash reserves, especially if it’s a larger property; Even the most stellar properties can’t guarantee full occupancy, particularly at the onset. It’s also crucial to just be honest with yourself. If you are an inexperienced or first-time multifamily owner, you should entertain and even embrace the idea of splurging for professional management.
There’s nothing eloquent to be said here. Scores of people are flocking to Utah thanks to its robust economies, breathtaking environment, and highly-educated population. Of course, Salt Lake City is the beacon of multifamily residential property. Though South Jordan (approximately 20 miles south of Salt Lake City) and Provo (roughly 60 miles southeast) are two other cities that are multifamily successes waiting to happen.
There’s no denying that venturing into multifamily ownership can be daunting. We at Harvest Park Group are seasoned professionals who ease the burden of prospecting and paperwork, while constantly working to maximize short- and long-term potential. We take immense pride in our multifamily contributions to this great state and would love to make another working alongside you.
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