- The Canovo Report
- Posts
- NEW Multi-Unit Deal Finder App
NEW Multi-Unit Deal Finder App
SLC Fourplex with 4.5% Seller Financing; Short Term Rental Causing Problems for Utah; Rates Above 7%... Again.
David Robinson
October 30, 2024
!NEW! Multi-Unit Deal Finder App!
> Be among the first to BETA test our new multi-unit property search, screening and analysis app. This tool is design to help you quickly screen for the best deals, seamlessly run initial proformas and take quick action on deals that match your criteria.
Click Here to test it out and give us some feedback!
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.
Utah Market Snapshot
Type | YTD Median Sold $/Sq Ft | YTD Total Sold Listings |
|---|---|---|
Multi-Unit (2+ Units) | +5.11% | +12.06% |
Single Family | +3.19% | +3.25% |
> Multi-Unit (2+ Units): Sold Listings and Median Sold Price Per Sq Ft
Multi-unit median sold price per square foot is up 5.11% YTD sitting at $252 compared to $239 last year.
Sold multi-unit listings is up 12.06% YTD sitting at 418 compared to 373 last year.
> Single Family: Sold Listings and Median Sold Price Per Sq Ft
Median sold price per square foot is up 3.19% YTD sitting at $233 compared to $225 last year.
Sold single family listings is up 3.25% YTD sitting at 30,555 compared to 29,593 last year.
Rates & Financing
> Mortgage Rates as of 10/30/024
Source: Mortgage News Daily
Property Management
> How important is a security deposit?
When most people think of a security deposit they think of a small amount of money that helps in the case of damage to the property.
We think of it a little different. We charge a security deposit and last month’s rent up front. When you then take into account that the tenant has to then pay first month's rent when they move in, that means they had saved over 2 and a half months of rent.
You might think that is a lot of money that we require of them and you are right. In fact we believe it is the most important qualifying factor for our prospective tenants. A tenant that has the habit of saving money and doesn’t live on the edge is much more likely to pay rent every month and be able to handle financial hiccups that come along.
This also gives the property owner insurance against a broken lease and any damage to the property. Some tenants will treat the property better if they know you have a big chunk of their money.
Let us know if we can help with your property management needs today.
Get professional property management for only $39/unit. Learn more.
Headlines & Insights
Featured Story
> Are Short-Term Rentals Squeezing Housing In Utah?
A new report highlights the impact of short-term rentals on Utah’s housing market, showing minimal statewide influence but significant effects in tourist-heavy areas like Park City and Moab.
Main takeaways:
Short-term rentals make up only 1.9% of Utah’s housing stock, but in tourist destinations like Summit County, they account for a notable share, with Park City seeing short-term rentals comprise 41.7% of its housing units.
While some local leaders advocate for tighter regulations, housing experts caution that short-term rentals are only a minor factor in Utah’s broader affordability issues, which stem from ongoing supply-demand imbalances.
Experts suggest that targeted, local policies—rather than statewide restrictions—may better address the unique housing challenges faced in Utah's tourist areas, where workforce housing for service jobs remains a primary concern.
More News and Reports
As interest rates ease, multifamily investors are increasingly eyeing markets with high affordability, population growth, and economic stability, with Nashville, Phoenix, and Austin leading the way in 2024 according to the Arbor-Chandan 2024 Multifamily Opportunity Matrix.
In September 2024, U.S. existing home sales plummeted to a 14-year low, driven by soaring mortgage rates and persistently high home prices, making affordability a significant hurdle especially for first-time buyers. Despite a slightly improved housing supply, elevated borrowing costs and the aftermath of regional natural disasters have further dampened market activity.
As mortgage rates climb to 7%, U.S. homebuyers have seen a dramatic reduction in purchasing power, costing them an average of $33,000 in the past six weeks. This increase in rates, driven by economic strength and concerns about government spending, comes at a critical time just before the presidential election, where housing affordability is a crucial issue for voters.
Morgan Stanley CEO Ted Pick announces that the era of zero interest rates and minimal inflation is conclusively over, signaling a future with higher interest rates and renewed geopolitical challenges. This statement was made during a panel discussion in Riyadh, highlighting significant shifts in global economic policies post-COVID.
What did you think of today's report? |
David Robinson
Principal Broker/Managing Partner
Whenever you’re ready, there are a couple of ways I can help you:
1. Buy The Best Multi-Unit Properties in Utah:
Skip the competition and discover exclusive off-market and top-performing multi-unit properties tailored to your investment goals.
2. List Your Multi-Unit Property for Sale
List your multi-unit property on the Utah MLS and dozens of other websites through our brokerage and save thousands with our flat fee MLS listing.
