Salt Lake City, Utah is known to most Americans as the largest and most prominent city in Utah. It has some of the things that large cities have like an NBA franchise, but it's only the U.S.'s 122nd most populous city. Population has been on the rise, though, with a healthy 7% increase between the 2010 and 2020 censuses. Job growth recovery after the beginning of the pandemic has been among the best in the country which speaks to the city's overall economic health and its prospects for profitable real estate investment.
Property value appreciation has been very strong in Salt Lake City over the past year. The Federal Housing Finance Agency puts the number at an amazing 25.65% for a single year, the 23rd highest number out of 268. Realtor.com predicts another 8.5% appreciation in 2022 despite more inventory leading to 15% growth in number of sales.
Looking at the median list price for a real estate property on our ranking list, $714,900, it's clear that Salt Lake City is a comparatively affluent city. Much of the recent influx of residents is attached to the burgeoning tech industry in the area and can support prices at that level in addition to median rents north of $2000/mo. We surveyed more than 20 lists from real estate experts sharing their best places to invest in real estate. Salt Lake City appears in 4 of them.
Investors looking to buy a rental will be happy to hear that vacancies are at 20-year lows, even as rents have been increasing. RentCafe describes Salt Lake City as one of the most competitive rental markets in the country with 96% occupancy.
The #5 property really sticks out with all the right numbers. It's a large single family home with a 6.68% cap rate and a 9.51% cash-on-cash return in the most desirable zip code for way under the median list price. However, as is almost always the case, there is a catch. They are not accepting offers any more but are legally obligated to keep the listing up until they accept one of the offers they already have in hand.
If you're looking for a multi-family property, property #3 is worth investigating. It's in one of the top zip codes, features 15 bedrooms, and has been recently renovated. There are also several mobile homes near the top of the list which offer a much lower barrier to entry.
- Roofstock: The 30 best places to consider buying rental property in 2022
- ThinkAdvisor: 15 Best U.S. Cities to Invest in Real Estate: 2022
- RentCafe: Top 50 Most Competitive Rental Markets in 2021
- Fortune: Best Places to Make Real Estate Investments in 2022
- Change in FHFA Metropolitan Area House Price Indexes
- Realtor.com's 2022 Housing Market Predictions
|Median List Price||Median Sqft||Median Lot Size(SqFt)||Median HOA Fee|
|Score**||Property||ZipX**||Type||Cap Rate*||SqFt||Cash-On-Cash Return*||Price|
261 E Vagabond Dr
781 W Monte Azul St
4210 S Highland Dr E
242 N Fall St W
1532 S 1900 E
305 E Vagabond Dr S Unit 125
3595 E Jupiter Dr S
1566 W Spring St N
752 W Monte Del Oro
4486 S New Vintage Ct E Unit H
1680 S 700 W
3873 S Goldfinch St Unit 16
825 N Eastcapitol Blvd
722 W Superior Peak Dr S Unit 284
1348 W 4800 S
2277 E Arbor Ln
4530 S Meridian Cir W Unit 56
1278 E Brockway Cir
2238 E 4000 S
734 E Nibley View Ct S
149 E Vine St
467 E Aspen Meadows Ct S
5726 W Dale Armour Dr
854 W Hoyt Pl Unit 1
349 N Middle Oak Ln E