best places to Airbnb in Utah
Key Takeaways
♦ Salt Lake City is a fast-growing city with a good economy that is driven mainly by the tourism industry. It has helped many Airbnb hosts & investors to earn a nice passive income with rental properties.
♦ Check out the advantages that investors can have when investing in rental properties in Salt Lake City, Utah.
♦ Start your journey discovering the most profitable neighborhoods and nearby cities in Salt Lake City, along with their suggested property types and Airbnb data.
Introduction
Salt Lake City is the capital of the state of Utah and a portal to breathtaking natural surroundings. The city is situated on the Jordan River, bordered by the dense waters of the Great Salt Lake, and the snow-capped peaks of the Wasatch mountain ranges. Thanks to this, Salt Lake City is a popular tourist destination for outdoor enthusiasts.
The capital of Utah owns a unique history filled with Wild West topics, interesting museums, magnificent restaurants and of course, the icing on the cake, its natural wonders.
No wonder many real estate investors are interested in this city, but still, here’s where an important question arises – what are the most profitable areas around Salt Lake City for investment properties?
In this article, you’ll find the best places to Airbnb in Salt Lake City, Utah, and some of the benefits of Airbnb investment properties in this city. Want to learn more? Then you should continue reading.
Pros of investing in real estate in Salt Lake City, Utah
Buying a rental property in Salt Lake City, Utah, is an effective way of achieving financial freedom through Airbnb investments. This city offers extraordinary natural surroundings where travelers can easily enjoy a variety of enjoyable activities.
However, you may want to know what advantages does Salt Lake City offer to property investors? Check out some of the major reasons why buying a rental property in Salt Lake City, Utah is a splendid idea:
♦ Healthy economy
Salt Lake City has a strong economy that is steadily growing due to its growing population. Currently, the city is experiencing a tech boom with its economic activities and major companies. This includes Oracle, Microsoft, and Adobe among others in the city. Aside from the tech sector, Salt Lake City’s economy is also heavily driven by the tourism, education, and healthcare industries.
The capital of Utah also offers a thriving job market with an unemployment rate of 2.1% which is below the national average. As a matter of fact, Salt Lake City also ranks as one of 2023’s Best Cities for Jobs by WalletHub.
♦ Top-tier destination for outdoor lovers
Salt Lake City is heaven for all those who love outdoor activities because the city is a natural wonderland that offers endless opportunities for exciting adventures! In fact, the first thing that you notice when arriving in the city is the splendid Wasatch Mountains.
Visitors and locals alike also have easy access to other natural areas such as the Great Salt Lake and national parks like Zion National Park and Arches National Park.
♦ Diversity and inclusivity
While there’s a strong religious presence in Salt Lake City, it’s still a friendly place that is widely diverse. In fact, it is considered one of the friendliest cities for the LGBTQ+ community in the country.
Salt Lake City is indeed a welcoming city that offers a warm environment to everyone. On top of that, the city ranked in 12th place as one of the happiest cities in the US.
Is Airbnb Profitable in Salt Lake City, UT?
Are you wondering if an Airbnb real estate investment is worth it or not in Salt Lake City? Take it easy! Airbtics assures you that investing in real estate in Salt Lake City, Utah is indeed profitable. Despite that, investors should bear in mind that the level of profitability depends on the property type and location.
Based on Airbtics’ data, an Airbnb host can expect an average annual revenue of $41,321 and a median occupancy rate of 81% for operating a 2-bedroom property in Salt Lake City. With over 1,201 Airbnb listings in Salt Lake City and a seasonality of 35%, it’s definitely a catch for real estate investors!
10 Most Lucrative Locations near Salt Lake City for Airbnb
Salt Lake City is the capital and most populous city in the state of Utah. It has a variety of interesting neighborhoods. Hence, we understand if you’re struggling to choose the right location to buy your investment property in Salt Lake City.
Check out the best neighborhoods and nearby cities in Salt Lake City that are highly recommended for starting an Airbnb business:
1. East Central, Salt Lake City
- Total Number of Airbnb Listings: 216
- Best bedroom size: 4 bedrooms
- Median property price (4 bedrooms): $548,500
- Airbnb Annual revenue: $94,813
- Gross rental yield: 17.29%
2. Liberty Wells, Salt Lake City
- Total Number of Airbnb Listings: 67
- Best bedroom size: 4 bedrooms
- Median property price (4 bedrooms): $549,999
- Airbnb Annual revenue: $92,878
- Gross rental yield: 16.89%
3. Capitol Hill, Salt Lake City
- Total Number of Airbnb Listings: 136
- Best bedroom size: 3 bedrooms
- Median property price (3 bedrooms): $365,000
- Airbnb Annual revenue: $60,937
- Gross rental yield: 16.70%
4. Poplar Grove, Salt Lake City
- Total Number of Airbnb Listings: 31
- Best bedroom size: 4 bedrooms
- Median property price (4 bedrooms): $380,000
- Airbnb Annual revenue: $63,120
- Gross rental yield: 16.61%
5. Rose Park, Salt Lake City
- Total Number of Airbnb Listings: 28
- Best bedroom size: 3 bedrooms
- Median property price (3 bedrooms): $350,000
- Airbnb Annual revenue: $53,235
- Gross rental yield: 15.21%
6. South Salt Lake, UT
- Distance from Salt Lake City: 4 miles
- Total Number of Airbnb Listings: 65
- Best bedroom size: 3 bedrooms
- Median property price (3 bedrooms): $350,000
- Airbnb Annual revenue: $53,865
- Gross rental yield: 15.39%
7. Sandy, UT
- Distance from Salt Lake City: 18 miles
- Total Number of Airbnb Listings: 203
- Best bedroom size: 3 bedrooms
- Median property price (3 bedrooms): $345,000
- Airbnb Annual revenue: $50,272
- Gross rental yield: 14.57%
8. Park City, UT
- Distance from Salt Lake City: 22 miles
- Total Number of Airbnb Listings: 1,885
- Best bedroom size: 4 bedrooms
- Median property price (4 bedrooms): $1,900,000
- Airbnb Annual revenue: $201,561
- Gross rental yield: 10.61%
9. Orem, UT
- Distance from Salt Lake City: 41 miles
- Total Number of Airbnb Listings: 79
- Best bedroom size: 4 bedrooms
- Median property price (4 bedrooms): $380,000
- Airbnb Annual revenue: $54,708
- Gross rental yield: 14.40%
10. Provo, UT
- Distance from Salt Lake City: 45 miles
- Total Number of Airbnb Listings: 175
- Best bedroom size: 3 bedroom
- Median property price (3 bedroom): $295,000
- Airbnb Annual revenue: $44,285
- Gross rental yield: 15.01%
Summary
In short, Salt Lake City has a variety of profitable areas that offer fascinating investment opportunities to real estate investors.
In fact, the neighborhoods and nearby cities in Salt Lake City provide attractive rental yields and annual revenue. Yet, it’s important to carefully consider your options before taking any harsh decision.
Now that you know about the best places to Airbnb in Salt Lake City, Utah, we encourage you to go further in your journey and check our Airbnb profit calculator. Take advantage of the digital era and choose to stand out among your competitors!
Explore The Most Profitable Airbnb Locations Near Salt Lake City
