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Report says real estate investors flock to Salt Lake City

Utah real estate

Utah real estateSalt Lake City’s commercial real estate market ranked as the third favorite destination for real estate investors, according to a PricewaterhouseCoopers and the Urban Land Institute report.

Mitch Roschelle, the report’s co-author, said that property investors have become more interested in smaller cities, due to their affordable markets and the presence of young professionals. At the same time, these smaller urban areas have “diverse and robust” economies, Roschelle added.

First-Time Ranking

For the first time, Salt Lake City joined the top 10 cities of the Emerging Trends in Real Estate 2018 report. Last year, the city ranked on the 18th spot. Seattle ranked on top of the list, followed by Austin, Texas. Despite Utah capital’s small population, its employment market and a growing number of young and skilled workers attracted real estate investors.

The cost of business in the city also served as an advantage, as it is 12% cheaper than the nationwide average, according to Roschelle. If you are interested in dabbling in real estate yet have limited funds, you should consider applying for government-backed multi-family mortgage loans such as Freddie Mac at Bonneville Multifamily Capital.

Other Cities

The market in Raleigh-Durham, North Carolina climbed to 4th place from its previous rank as the seventh best city. Dallas-Fort Worth, Texas, which was the second favorite in 2016, fell to the fifth spot. Fort Lauderdale in Florida significantly increased its ranking from being on the 35th spot last year to sixth place.

The report based its findings from a survey of more than 1,600 property experts. It surveyed the professionals prior to Hurricanes Harvey and Irma.

Conclusion

There are many ways to invest in real estate with flexible terms. The only question that remains is where you intend to spend the money. Do you think Salt Lake City is favorable for property investments?

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