Real estate in St. George is growing positively, with many people picking up real estate rental properties. In the past decade, home appreciation in St. George is up by 14.5%. Rental prices tend to follow the real estate market, and when the home sales are up, rental rates are up as well. Rent prices have continued to increase over the last decade. As the market has stabilized, the interest rates have made an opportunity for investors to find ideal property to purchase and rent.
Expanding Population in Utah
Utah does lead the nation in population growth. The upsurge in population in the St. George area has also improved the ability to charge a higher rental rate. Since 2010, the housing market and rental market have continued to climb higher and higher. Vacancy rates in the area have also decreased, allowing for a solid investment option. The rental vacancy rate has been measured at less than one percent.
Multiple construction projects continue to develop in the area, leading to additional people looking for places to rent and work. With such a high rental demand, the St. George real estate market continues to be one of the most attractive real estate investment opportunities. As the population paces forward, so does the demand for construction in the area.
Many experts agree that the higher real estate costs are keeping some people renting for additional years as there is less money to save for a down payment. Millennials are seeking homeownership, but they are finding it at a later date from other generations. Landlords are finding themselves with excellent return on investment as many young people are staying in leases for longer durations.
Investing in a New Generation
One element that is helping the real estate market in St. George is providing plenty of urban areas for renters. Start by making sure your listing is online. New renters are looking for rental units from the comfort of their phone, they aren’t going to find your available listing unless you put some effort into marketing it in the right way. Hiring a property management company is the best method to ensure you are keeping your listings in front of the right audience. Connections with classified websites and real estate listings will increase the number of people who see the property.
Moving toward a digital connection is an effective way to attract young renters. Forty-six percent of tenants prefer to pay their rent digitally compared to those that pay in cash or check.
Property maintenance of the property is another way to continue profiting from your real estate property in St. George. Urban renters like modern updates, clean landscaping, and environmentally-friendly options. Keeping the existing renters happy can help to spread word to others of the units you may have available for rent. Word-of-mouth is one of the best ways to find new renters that you can trust.
Real estate in St. George is going to keep growing, don’t miss out on the opportunity to expand your finances with these excellent investments! Keyrenter Property Management in St. George is here to help you effectively manage your new real estate opportunity, give our team a call today!