When investing in rental properties, location is everything. You could build or find the most beautiful complex, supply the best amenities, landscape like there's no tomorrow - but if your location is wrong, you largely undercut your own potential for maximizing profit. Here at FIG, we believe in Utah as an attractive venue for lucrative properties. Check out our top ten reasons to invest in Salt Lake County below.
1 - Businesses Thrive
The polls are in and across the board from numerous sources you'll hear that Utah is the top state for Business. Forbes has ranked Utah as the number one state for business five times out of the past six years. CNBC recently declared the Beehive State at the top of their rankings for business, as well. And WalletHub put Utah third on their list of states with the highest business start-up activity. It's almost a total no-brainer that if you're looking to start a new business, like owning multi-unit properties, Utah is a fertile environment in which to see a likely return on your investment.
2 - Low Unemployment Rate
When dealing with property investments, you're going to need tenants, tenants who are employed. Luckily, CNBC cites Utah as having a low unemployment rate of merely 3.8 percent. And at about 4.5 percent annually, Utah has one of the highest job growth rates in the country. Furthermore, you'll ideally want employed tenants who make a decent amount of money. Here again Utah statistically quells any anxiety. With the median home value in Salt Lake City totaling $248,500, it's safe to say Utahns have ample money to spend on real estate and value quality properties.
3 - Top Economy
Utah's economy is currently being heralded from several sources. WalletHub ranked Utah at the top of their list of economic performance over the past year. And CNBC graded Utah's economy as third in their overall assessment. Val Hale, executive director of the Governor's Office of Economic Development was cited as saying, "Team Utah has built an incredible economic dynasty." You could be part of that dynasty, pencil your name into the history already in the making. These evaluations prove that Utah is a place where growth is happening and then succeeding comfortably. You could participate in that growth and your investment could flourish in that flowering environment.
4 - Exemplary Education
Salt Lake is home to the University of Utah, one of the country's leading biomedical and chemical research institutions. It attracts promising future employees and professionals to the area. What's more, Utah ranks among the top states for college grads, which means a high number of qualified individuals hitting the work force every year. What's even more remarkable are the collaborative efforts of government, industry, and education leaders to find ways to fast-track Utah's youth into promising careers. Last year Utah rolled out an unprecedented program called the Utah Aerospace Pathways (UAP), implemented to streamline the route to high-paying aerospace careers for high school students in the area. Undoubtedly, with education as such a high priority, Utah shows significant need to comfortably house this next generation of young professionals. Check out FIG's Payton's Quarry development located just north of the new Salt Lake Community College campus. The Overlook development is also located nearby.
5 - Happiest State
Once obtaining tenants for your investment property, your next goal is to keep tenants. And a straightforward way to ensure that is to keep them happy. WalletHub recently conducted research with the goal of quantifying which state was the overall "happiest," and Utah came out on top. Across a broad range of sectors, Utah fared favorably, making it unquestionably a place where people tend to smile and keep smiling. Utah was first in Work Environment Rank, first in overall Volunteerism, and had the lowest divorce rate of any state at just 15.97%. A sure way to lose tenants is a household breaking apart. Your investment has less risk of undergoing that duress when you invest in Utah.
6 - Skiing, Snowboarding, and More!
Optimal living conditions necessitate a lot of things to do near the location. And one of the things Utah is known best for is it's beautifully airy snow and the numerous places in which to enjoy it. There are seven world-class ski resorts within reasonable minutes of the Salt Lake Valley. There are constant improvements in that sector, too. For example, Snowbird Ski and Summer resort spent a whopping $35 million on capital improvements since last season. Being close to such illustrious resorts would greatly improve the attractiveness of any property investment, especially for that young, up-and-coming demographic. Val Hale was quoted as saying, "For many millennials, quality of life is a big issue. Being 20 minutes from a ski resort, or 15 minutes from a mountain biking trail, is important to them."
7 - Accessible Transportation
Close access to public transportation could be an important factor for a potential tenant. Gratefully, Salt Lake is not limited to just highway travel. The area includes a reliable bus service, a free light rail, and a high-speed train that can travel 80 miles in little over an hour, the UTA Frontrunner. This system is widely considered to be top tier in the nation in connecting commuters to their place of employment. The city even has a new bike-share program and lots of bike-lanes to appeal to those active-type travelers. The Salt Lake City airport is also expanding, currently undergoing a $2.6 billion redevelopment project. And Delta has made promises to expand it's flight offerings in Salt Lake, CEO Ed Bastian calling the city Delta's "principal gateway to the mountain states." More flights means more tourism which means a greater boost to the already thriving economy.
8 - Culture, Restaurants, Shopping, and Sports
Locating in Salt Lake Valley means close access to so many things to do. Throughout the year, the city puts on numerous cultural and arts festivals, plus free movie nights. And the Hogle Zoo is a sure-fire win for families looking to spend some time together. When looking for places to get good eats, Salt Lake continues to provide. A local favorite is Ruth's Diner just a few minutes up Emigration Canyon, boasting giant biscuits since 1930. Downtown Salt Lake also offers lots of locations great for shopping, City Creek near downtown and The Gateway just to the west. Utah has plenty to offer to sports fans, too. Living nearby means you can catch a Jazz game or even support the local REAL soccer team. FIG's Paytons Quarry is also located directly near the REAL facilities.
9 - Local Music
One major social factor affecting the attractiveness of a location, especially to the younger generation, is access to great live music. Fortunately, Salt Lake is known for it's prolific local music scene. Bands such as The Used, Neon Trees, and Imagine Dragons have all launched out of this area. Plus, Salt Lake houses numerous live venues that attract the biggest tours traversing the nation. Check out FIG'S Westridge development located close to the awesome outdoor USANA amphitheater in Salt Lake's West Valley. Other great venues in the area include The Great Saltair, The Complex, and The Vivint Smart Home Arena.
10 - Scenic Beyond Belief
Seriously, have you seen the mountains? Just being located close to these natural mammoths increases the value of any property. Plus, Salt Lake is architecturally rich, giving it a good sense of unique character. And best of all, perhaps, are the gorgeous sunsets across the Great Salt Lake. So much beauty to behold, it seems somehow this might be the real secret to Utah's destiny for success.