Even if you have no plans of selling your Utah home, the market still favors you. In Salt Lake City, houses for rent can be worth $1,627 a month. That’s about $1.45 per square foot. If your home is in the metro, you can ask for more. Many will still pay $1,674.
These figures are higher than the national average. According to Zumper, most US rentals in 2019 cost $1,216 for a one-bedroom apartment. The problem is it’s a seller’s market. While the demand is high, supply can also go up. To attract many offers, make sure your home is ready for renting. Begin with these facts:
1. Kitchens Still Appeal to Home Renters
The potential renters are no different from the buyers. Two of the most captivating home features for them are the bathroom and the kitchen. When it comes to the kitchen, they prefer an open-plan layout. It allows them to move freely. It also suits families with small children.
They also want the kitchen to have enough storage space. For the countertop, granite remains a popular choice. These can increase a property’s resale value by 25%. Their appeal comes from their durability, easy maintenance, and beauty. They’re not that easy to install, though. Find specialists in granite countertops in Salt Lake City to work on it.
2. Millennials Are Living in the State
Utah has one of the biggest concentrations of millennials in the United States. These are people born during the 1980s to the late 1990s. The older ones are in Utah to begin a family while others are chasing jobs in IT and health care. These are two of the popular industries in the state today.
For home renters, this fact matters. Millennials have different tastes in homes than the other generations. For example, most prefer to live in the suburbs. Lots of green spaces are also attractive to them.
The younger ones are more likely to share their home with colleagues or friends. A multiple-room home suits their needs well. The millennials are also tech-savvy. They look for properties online first. If this is your market, it’s time to make your advertising digital.
3. Boomers Are Renting As Well
It’s not only the millennials who are renting. So are their older parents and grandparents. By 2020, over 5 million of them will be renters. Many of these baby boomers already own a home. Several might have already paid off their mortgage.
A lot, though, prefer to downsize. They can sell these properties and move to a smaller space. Like the millennials, they want amenity-rich properties. Unlike the younger generation, they can pay higher rental costs.
Remember that some of these baby boomers are frail. You might need to add access-friendly features. These include handrails in the bathrooms or stairlifts. Just because the market is hot doesn’t mean you can rent your property right away. Tenants still want to get the best value for money.
With these three facts, you can design your house according to the needs of your target market.