I receive calls from people both across the nation and across town asking me about the rental market in Park City. If a picture speaks 1000 words, this graph says it all. As the number of owner occupied homes decreases across the nation, there is an incredible opportunity today to invest in residential income property. Why is today such a great time?
1. A thirty-year fixed mortgage is at an all time low. Low mortgage payments can be locked in while rental income will rise with inflation.
2. Home prices have stabilized and may even begin to trend up. We have hit the bottom of the real estate market. The question is not if home prices will go up, but when.
3. The quality of potential renters has never been better. Relocating families who are stuck trying to sell a home in another state become excellent renters; families who suffered a short sale or foreclosure are locked out of the market and must rent; some families who relocate every few years are permanent renters.
4. Homes listed for sale are down nation-wide, including in Park City. Rental demand is stronger than ever with few homes available for rent. This places landlords in the enviable position of being able to choose their tenants and demand higher rents.
There are some excellent properties for sale in Park City that will generate immediate cash flow with a 20% down payment. Give me a call if you would like more information.