Utah’s economy fared well in the previous year. According to reports, the stable economy of 2015 is expected to continue this year. The Economic Report to the Governor stated that Utah would continue to have a robust economic growth and excellent labor market performance this year. The number of people moving to Utah will continue to increase as well.
Rental Investment Opportunities
This growing economy and strong labor force create ripples that affect other sectors, including the house rental market. Salt Lake City’s rental market is now one of the leaders in the nation’s rental home investment sector.
Utahans should make the most of this financial growth and explore the property market. Though the housing construction has increased, the demand is still bigger than the supply. The market is not yet saturated; there are still investment opportunities for everyone.
Mortgage companies can help you. Find the lender with the best rate and apply online. Make sure the mortgage company offers financial assistance for rental property investments.
In the UK, letting a property is a popular trend, sweeping the property market and creating a new phenomenon known as “multi-letting.” Here, landlords sub-let the rooms to multiple families. Forbes reported that in the US, the multi-family housing scheme is doing fine as well.
The multi-family rental scheme yields a better return on investment. For instance, a 3-bedroom home is costing $950 per month and a 1-bedroom house costs $550 a month. If you’re going to employ the multi-family scheme and rent out each bedroom for $550, you can almost double your income.
As long as Utah’s economy remains strong and the property market has not reached market saturation, there is a fortune in rental property investment. It’s a matter of employing the best scheme and getting the right mortgage company for finance you.