Utah County Rental Market

[Kristyn Morgan]

We are looking at investing in our first "buy and hold" rental property in Utah County. Our thoughts are a 3-4 bedroom single family home. Originally we were primarily looking at Lehi, Springville or Mapleton, but I am curious about potential growth further south in areas like Payson or Salem. We are leaning towards new construction due to lower repair costs in the first years and the fact that the community seems to value newer over older:)

I would love any insight local investors might have--particularly in the current climate. 

[Duane Richards]

@Kristyn Morgan, welcome to the Utah market. My wife and I are newbies, and have gone from 0 to 4 SFR's this year in Utah County. We put money down on a new townhome in Sept 2019 (after doing a ton of reading on BP, using rental calculators, etc.), supposed to close in March 2020, but COVID pushed it to May. With the quarantine, we worried about the whole thing and probably listed our unit at too low of a rental price point. However, because of the area (Highland), we had tenants lined up for 45 days waiting to move in. The area was so popular, we put earnest money down on a second one (being built) from the builder in April, which just closed in September. Also had a renter lined up for 30 days waiting to move in.

We are about to close on two more (invested in an OZ at the end of 2019) in a different area (Provo), all while COVID is in full swing in Utah. We've had tenants lined up on these as well for almost 30 days now. If the seller would just get their stuff in order, we would have closed in July LOL!

Would love to connect! Good luck with everything and your continued REI successes!