Utah: In the Spotlight
Utah, often known as the Beehive State, is home to around 2.9 million people. The state of Utah is the 33rd most populous state, and is also home to cities like Salt Lake City, which is the state capital as well as the most populated city in the state with more than 197,000 residents. West Valley City is another key location in the state, with more than 136,000 people calling the region home.
- Promontory, Utah is the site of the completion of the world’s first transcontinental railroad.
- University Healthcare is the largest employer in Utah, with over 10,000 employees.
- Mining, Ranching, and Salt Production are the largest industries in the state.
- The average household income is $71,621.
- The average age in Utah is 30 years old.
- Utah has 1.3 million employees across the state.
- The home ownership rate is roughly 70%, which leaves around 30% of the residents looking for apartments and rental properties.
Utah Apartment Loan and Multifamily Property Facts
Utah is seeing significant growth in many cities and regions when it comes to new residents seeking multifamily living. Condos and apartment buildings are growing in popularity once again, and with the development going on in some cities, opportunities will be plentiful for the foreseeable future. The 2020 market, like many, was a little slow, but it still made some big impacts.
- Utah is home to several cities that are prime markets for investors to acquire a rental property investment in for 2021.
- Rents in Utah are 3.39% higher than the previous year.
- The average rent in Utah is $1,037.
The market for commercial real estate in Utah is huge and growing by the day, thanks to an ever-expanding job market and a growing base of young families who prefer to rent rather than buy a home. Those who get in now will have a better chance of finding the best deals and not overpaying or missing out on the biggest profit potential. The state is expected to see above-average population growth through 2024, contributing to an ever-increasing demand for apartments, condos, and other rental units.
Utah Apartment Loan and Lending Options
In the state of Utah, there are several different ways that you can finance your new apartment investment, whether you’re looking for a massive multi-unit tower in Salt Lake City or a simple eight-unit property in an up-and-coming neighborhood of Provo. We work with opportunities like:
- Conventional apartment loans
- Fannie Mae apartment financing
- Freddie Mac apartment financing
- FHA/HUD financing
- Mezzanine financing
- CMBS loans
- Bridge loans
- Apartment construction loans
- And more!
Finance Your Utah Apartment Building Now
The team at Apartment.loans specializes in commercial financing for all kinds of real estate and apartments in Utah and throughout the United States. We have solutions for commercial real estate, traditional apartment financing, value-add opportunities, and more. We can even help you with ground-up developments or just get you financed for a stabilized property so you can be on your way.
Our team of experts knows what it takes to get the loan funds that you need. Whether you’ve got a special investment in mind, or you have basic funding needs, let us know how we can help. We'll give you all of the tools and resources you need to take your Utah apartment loans to the next level. To learn more and start your investment journey, contact our Utah Apartment Lending Specialists at [email protected] or (800) 567-9631.
Apartment loans from $750,000 and up.