Utah Multi-Unit Property Closes 2024 Up 5.5%

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> Mortgage Rates as of 1/1/2025

Property Management

 > Streamlining Move-In and Move-Out Processes

A smooth move-in and move-out process can make a big difference in tenant satisfaction and your bottom line. To avoid confusion and disputes, create a clear, step-by-step checklist for both events. For move-ins, ensure tenants receive a welcome packet with property details, emergency contact info, and instructions for using any amenities. For move-outs, provide a detailed checklist on how to leave the property in good condition, including cleaning expectations and key return instructions. By streamlining these processes, you can minimize turnover time, reduce cleaning costs, and maintain a positive relationship with your tenants.

Headlines & Insights

Featured Story

> Top 10 States Americans Moved to in 2024

Key Takeaways:

• Arkansas was the most popular state for movers in 2024, driven by low costs of living, tax cuts, and job growth.

• States with no income tax, like Tennessee, Washington, and Alaska, attracted many new residents.

• The top reasons for moving were new job opportunities, family proximity, and affordability.

Top 10 States People Moved To:

1. Arkansas

   • Largest metro: Little Rock

   • Median home price: $285,000

   • Monthly payment: $1,494

   • Income needed: $59,760

2. Rhode Island

   • Largest metro: Providence

   • Median home price: $539,900

   • Monthly payment: $2,830

   • Income needed: $113,208

3. North Carolina

   • Largest metro: Charlotte

   • Median home price: $428,750

   • Monthly payment: $2,248

   • Income needed: $89,902

4. Washington, D.C.

   • Largest metro: Washington-Arlington-Alexandria

   • Median home price: $585,000

   • Monthly payment: $3,067

   • Income needed: $122,665

5. Idaho

   • Largest metro: Boise

   • Median home price: $579,900

   • Monthly payment: $3,040

   • Income needed: $121,595

6. Tennessee

   • Largest metro: Nashville

   • Median home price: $539,900

   • Monthly payment: $2,830

   • Income needed: $113,208

7. Maine

   • Largest metro: Portland

   • Median home price: $615,000

   • Monthly payment: $3,224

   • Income needed: $128,955

8. Connecticut

   • Largest metro: New Haven

   • Median home price: $399,900

   • Monthly payment: $2,096

   • Income needed: $83,852

9. Washington

   • Largest metro: Seattle

   • Median home price: $740,000

   • Monthly payment: $3,879

   • Income needed: $155,165

10. Alaska

• Largest metro: Anchorage

• Median home price: $450,000

• Monthly payment: $2,359

• Income needed: $94,357

Why People Are Moving:

• 32% moved for new jobs.

• 25% relocated to be closer to family.

• 10% moved for affordability.

States with lower taxes and affordable housing markets continue to draw people looking to maximize their income and quality of life.

More News & Reports

Utah

Utah Slashes Homelessness Funding Amid Site and Budget Constraints: Governor Spencer Cox of Utah proposes reducing the homelessness budget from $186 million in 2024 to $18.8 million in 2025 due to delays in acquiring land for a new shelter and budget deficits. The plan focuses on long-term solutions like addiction recovery, allocating funds for a second family shelter and maintaining existing facilities.

National

Soaring Housing Inventory Tied to Unsold Homes: In November, over half of U.S. home listings remained unsold for 60 days or longer, reaching a four-year high in housing supply—a 12% increase. This rise is attributed not to a boom in new listings but rather to a backlog of unsold homes, many perceived as overpriced by potential buyers. This trend has left a significant number of properties stagnating on the market, complicating the housing landscape.

Multifamily Investments Surge Despite Oversupply Risks: Despite concerns over an oversupply in the multifamily market, investors are actively pursuing opportunities. Major players like Portman Holdings are launching new ventures to acquire multifamily properties, focusing on markets with solid long-term fundamentals and potential for rent recovery. Industry forecasts predict declining vacancy rates and rising rents, attracting further investment into this sector.

Why Mortgage Rates Stay High Despite Fed Cuts: Despite the Federal Reserve cutting interest rates, mortgage rates remained stubbornly high throughout 2024 and are expected to stay elevated into 2025. Mortgage rates are more closely tied to 10-year Treasury bond yields, influenced by inflation concerns and economic policies like those proposed by President-elect Trump, including higher tariffs. Experts forecast that while there may be slight decreases, mortgage rates will likely hover above 6% for the year.

Consumer Confidence Drops as Economic Worries Mount: Consumer confidence fell to a three-month low in December, dropping from 112.8 to 104.7, largely due to fears about potential tariffs and economic uncertainties. The decline in confidence, especially in future economic expectations which nearly reached the recession-warning threshold, reflects growing consumer pessimism. Despite negative views on business conditions, labor market perceptions improved slightly.

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