St. George Utah is once again among the top 10 in the nation for population growth. This growth has been consistent over the past several years. In July of 2015 Washington County’s population was 160,245 and grew by over 3.1% in 2016. This makes St. George the sixth fastest growing city in the nation. This growth has provided some great opportunities for investment buyers.
Statistics of renters in St. George continue to grow as the population expands. It is expected that by July 2018 there will be 58,539 renters looking for homes in the St. George area. That is an average of over 1700 new renters moving in each year. This means that there will be even more drive for rental space in an already tapped market. Vacancy rates in St. George, Utah are under 1%. This means that these new renters will need to compete for space. A higher demand for rental properties increases the value and increases the rent that can be collected. Due to the great culture and weather of St. George it is predicted that this boom in growth will continue for years to come.
So, if you are looking to increase your portfolio with rental properties, St. George is the best place in Utah to start your search. Pairing the great market for investment properties and the presence of Red Rock Property Management to manage your properties make perfect sense.