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- The Canovo Report - November 21, 2023
The Canovo Report - November 21, 2023
🗞️ Davis County 13-unit, SLC Duplex, Warning from a Utah Housing Audit
Happy Tuesday! I wish you all a very Happy Thanksgiving and hope you enjoy some down time with family this week.
Today in the Canovo Report…
A rare Davis County 13 unit, Utah Housing Audit warns of trouble ahead, a gem of a 14-unit deal gets gobbled up in Salt Lake, and more interest rate hikes may be necessary.
If you have any questions about buying or selling multifamily property in Utah, you can schedule a brief strategy call with me here.
Happy Investing,
David Robinson
New Multifamily Listings
> Our team has analyzed these deals using our custom bulk property analyzer. If you’d like more detail regarding any of these listings, click the links below. If you’d like to learn how we help exclusive investor clients find and acquire off-market multifamily, click here.
$3,200,000
361 W 4900 S #1-13 Washington Terrace
Type: 13
Est Proforma Cap: 4.30%
Total Monthly Expenses: $44445
Gross Monthly Income: $16,393
$545,000
782 E 12th St #3 & 4 Ogden Utah , 84401
Type: 2
Est Proforma Cap: 5.46%
Total Monthly Expenses: $886.26
Gross Monthly Income: $3,468
$500,000
975 E 16th St Ogden Utah , 84404
Type: 2
Est Proforma Cap: 6.02%
Total Monthly Expenses: $856.03
Gross Monthly Income: $3,468
$435,000
3084 S 300 E Salt Lake City Utah , 84115
Type: 2
Est Proforma Cap: 6.00%
Total Monthly Expenses: $743.38
Gross Monthly Income: $3,008
$650,000
6723 W Scrub Oak Dr West Jordan Utah
Type: SFR+
Est Proforma Cap: 5.43%
Total Monthly Expenses: $1,054.88
Gross Monthly Income: $4,122
Canovo Group may not be the listing brokerage for the above properties. The information provided is not guaranteed and should not be relied upon to make investment decisions. Buyers should complete their own analysis and due diligence before making any investment.
Sold Multifamily Listings Last Week
> Here's a roundup of multifamily properties sold over the past week. We've estimated their selling cap rates using our bulk analyzer. Curious about your property's value? Request a complimentary broker's opinion of value.
What is Your Property Worth? Request a Free Valuation.
Utah Market Data
Interest Rates and Financing
Source: freddiemac.com
> Interest rate hikes could yet be needed despite recent encouraging signs on inflation, says Boston Federal Reserve President Susan Collins on Friday. (More)
Property Management
> Minimizing tenant turnover translates to increased revenue. Retaining existing tenants helps you sidestep the challenges of extended vacancies, advertising costs, and potential loss of rent over several months. Seeking new tenants often involves a slew of tasks, effectively doubling your workload.
Naturally, there's always potential to boost tenant stability rates. Concentrating on specific strategies can make tenant retention almost effortless.
Strategies for Prolonging Tenant Occupancy:
Cultivate a sense of community and organize social gatherings at your property.
Quickly respond to repair and maintenance request.
Adopt and implement property technology solutions.
Actively seek tenant feedback and address their concerns promptly.
> Quality property management companies that are experienced in multifamily property are hard to find in Utah. If you’re looking to outsource your property management or looking to change property management companies, just reply to this email and ask for our list of preferred PM companies in Utah.
Other Top News, Reports and Insights
> Utah Housing Audit finds urgent need to address its housing shortage and diversify housing types to keep up with population growth. Legislative auditors recommend that Utah should build nearly 28,000 housing units a year and shift towards higher-density housing to avoid exacerbating the shortage. They also suggest implementing policies to increase zoning density and encourage varied housing types.
Key takeaways:
Urgent Housing Shortage: Utah needs to build about 28,000 housing units annually to match its forecasted population growth.
Shift from Single-Family Homes: Continuing to focus primarily on single-family homes is seen as problematic, with a push for more diverse and higher-density housing.
Policy Recommendations: The audit suggests increasing zoning density and using incentives and penalties to ensure compliance with housing goals, drawing on examples from other states and countries. (More)
> Decline in builder confidence due to high mortgage rates, but anticipation of improved housing market conditions in the coming months, marked by a decrease in mortgage rates and an increase in housing demand. (More)
> High rents, combined with escalating home prices and mortgage rates, are making homeownership increasingly elusive. In 2022, a median-priced single-family home rental consumed about 40% of the average U.S. household's income. California and Florida metros have the least affordable rents, while areas like Cleveland and Jacksonville, North Carolina, offer more affordable options. The ongoing challenge is improving affordability amidst rising rents and stagnant household incomes. (More)
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