Listmania! It has taken Salt Lake City by storm. From most vain city in the nation to most appreciation, Salt Lake City loves toping lists. We have topped another list as being one of the least expensive rental markets. Forbes puts Salt Lake as the 10th least expensive rental market with a median price rental rate of $726. The question is: Are rents heading up and by how much?
I expect rents to continue to increase in Salt Lake City as we continue to see job growth and people move into the state. Utah saw 84,500 people move into the state last year and we had a job growth rate of 4.5 percent. We can expect the increase of people and jobs to create enough demand to make rents rise.
However, there are also a few other factors at work in Salt Lake that might keep rising rental prices in check. Most notable are all the sellers taking there home of the market and offering it for rent. This will increase supply, especially in the upper end where homes are not selling a ton. But wait! What about all those buyers out there that are now renting because of fear of the current market. You know, the ones missing out on really low interest rates and great deals. I think these renters will offset any increase of rental homes from frustrated sellers.
Here are some great resources if you are looking to be a landlord or a renter:
Utah Apartment Association http://www.uaahq.org/
Utah Law Lady http://www.utahlawlady.com/
Craigslist http://saltlakecity.craigslist.org/
Here are two photos of the City Creek Development being torn apart that I took yesterday 1/9/08. The planning commission signed off yesterday on letting them start work on the below ground parking garage. If you have any construction/destruction photos of happenings around town email them to me mark@soldonsaltlake.com for consideration for this blog.
Lead in real estate by providing better information to my clients allowing them to enhance their lives with bold decisions. Just listed properties emailed to you by visiting SoldonSaltLake.com.
I Love This City! My favorite part of the job is showing people around this wonderful place and helping them find the home they love.
I grew up in Salt Lake City and attended the University of Utah. I graduated in 2001 with a B.A. in English. After graduating, I took my enthusiasm for travel and adventure overseas to Jiujiang, China where I was a English teacher at a University. Just before getting into Real Estate full time, I lived in San Diego and attended California Western Law School.
I have been skiing since age 5 and this continues to be one of my favorite things to do. I have worked at the ski resorts and even spent one winter as a Snowmaker at a local resort. I also love to mountain bike. I like to ride all over the Wasatch Mountains and in Moab. The Park City Trail System and the Wasatch Crest are some of my favorite rides.
I have written a ton of articles on buying and selling homes with an emphasis on foreclosures. I also keep my website up to date with Salt Lake City real estate market info. You can see my SoldonSaltLake website here.
Awards and Recognition
I have extensive foreclosure experience and know the ins and outs of buying short sales, REOs, and auction properties. I also help the first time homebuyer and the move up buyer. If you want homes or foreclosures emailed to you the day they come on the market then fill out this form.
Mark,
I wanted to let you know how much I appreciated your help. Because I relocated from out of state, I had to trust your judgment of the Salt Lake City area and I was not disappointed! The location and neighborhood is exactly what I wanted. I also commend you for your patience. I am the type of person who likes to be involved in every detail and you were fantastic at keeping me informed during each step of the home buying process. Thank you,
Emily Lucht
Dear Mark,
Garret & I want to thank you for all your help & time in both selling and purchasing our homes. thank you for making the effort to find a home that fit our needs so well. We love our home & neighborhood. It meets our needs perfectly. Your calm, reassuring nature made, what can be a stressful experience, pleasant and easy. Your professional, kind, thoughtful, and patient way meant a lot to us.
Sincerely,
Brooke & Garrett
Dear Mark,
Just a quick note to let you know that Jon and I couldn't be happier with the home you found for us. When I gave you my specifications and expectations, I didn't think it would be possible to find the exact house we wanted in the market in which we were looking. You turned those expectations around. I had worked with other realtors and did not experienced the type of attention you showed to us. Through your dedication, not only did you find the perfect home for us, you made sure that we were happy with the decision - down to the last detail. In short, you found our dream home and we couldn't be happier.
Kelly Williams
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