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> Mortgage Rates as of 1/29/2025

Property Management

 > Pre-Screen Tenants with an Interview

Beyond credit scores and background checks, a quick phone or in-person interview can provide valuable insight into potential tenants. Ask about their rental history, employment stability, and expectations for the property. Listen for red flags like frequent moves, past disputes with landlords, or an unwillingness to follow lease terms. A short conversation can help you gauge reliability, communication style, and whether they’ll be a good fit—saving you from potential headaches down the road.

Headlines & Insights

Featured Story

> Existing Home Sales Hit 30-Year Low Despite Recent Gains

Existing home sales saw a surprising jump in December, reaching a 10-month high, but 2024 still ended with the lowest total sales since 1995. High mortgage rates and record home prices kept many buyers sidelined, even as inventory showed some improvement.

Main takeaways:

• Total existing home sales for 2024 fell to 4.06 million, breaking below the previous record low of 4.10 million in 2023.

• The median home price hit a record $407,500 in 2024, marking 18 consecutive months of year-over-year price increases.

• Sales in the Western U.S., including Utah, saw the strongest regional growth, rising 12.9% year-over-year.

What this means for investors:

With supply still tight and mortgage rates remaining elevated, demand for rentals is likely to stay strong, making multi-unit properties an attractive investment. Investors with cash or creative financing strategies may find opportunities as affordability pressures keep many potential homebuyers in the rental market.

More News & Reports

Utah

Utahns Divided on Housing Crisis Causes – A new survey finds over two-thirds of Utahns see housing as a serious issue, but they disagree on the reasons. While many blame interest rates, construction costs, and out-of-state migration, fewer recognize the core issue of housing supply. The survey also revealed stronger public support for low-income housing over starter homes for young families.

Smith’s Ballpark Revamp Unveiled – Salt Lake City will transform Smith’s Ballpark into a mixed-use entertainment hub with green spaces, retail, and housing. Mayor Erin Mendenhall’s plan retains the west stands for concerts and events while converting the field into a community square, reflecting public input favoring adaptive reuse over full demolition.

Utah Renters Face AI-Driven Price Hikes – A DOJ lawsuit accuses major landlords, including one operating in Utah, of using RealPage’s AI software to coordinate rent increases. The suit claims the tool shared competitor pricing data to inflate rents, impacting tenants in Salt Lake City, Midvale, Sandy, and Draper. Greystar denies wrongdoing, while state officials push homeownership as a solution to rising costs.

National

CRE Fundraising Declines Again – Commercial real estate fundraising fell for the third straight year, with just $80 billion raised in 2024, the lowest since 2016. Despite the downturn, core funds hit a record $9.5 billion, and an increase in funds seeking capital suggests early signs of market recovery, particularly for trophy office and net-lease assets.

Apartment Market Rebounds – After a dip, U.S. apartment occupancy returned to historical norms by the end of 2024, reaching 94.8%. A record supply surge initially lowered occupancy, but demand caught up. Class B apartments led the recovery, overtaking Class C as the tightest segment. While all asset classes remain below pre-pandemic averages, steady improvement signals market stabilization.

Mortgage demand continues to decline despite stable interest rates. The average 30-year fixed rate remains at 7.02%, with purchase applications down 0.4% from last week and 7% year-over-year. Refinance applications fell 7% for the week, though still slightly above last year’s levels. Experts anticipate potential improvement if rates stabilize and inventory increases.

Rental Market Struggles – A CFPB report highlights ongoing financial challenges for renters. While late payments have decreased, outstanding rental balances have surged 60% since 2021, and average late fees have risen to $85. Nearly 60% of renters who pay late fees do so multiple times a year, signaling continued financial distress despite some improvements.

FreedieMac 2025 Market Outlook – The U.S. economy grew faster than expected in late 2024, with strong job growth and resilient consumer spending. Housing activity picked up despite high mortgage rates, and home sales increased. In 2025, growth is expected to moderate, but home sales and inventory should improve as buyers and sellers adjust to sustained higher rates. House price appreciation will likely slow but remain positive, supporting increased purchase and refinance activity.

Whenever you’re ready, there are a couple of ways I can help you:

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