LTR & STR financial performance, market growth indicators, and school ratings.
LTR Financial Performance
Median Price
LTR Rent
$1,462
Monthly Cash Flow
-$1,046
Principal + Equity
$3,585
Annual Total Gain
$30,462
Cash on Cash
-10.55%
Net ROI %
Market Grades and Information
Best Places to Live Ranking
Public school quality, cost of living, commute, and lifestyle ratings.
B
Overall
Top-level market grade
Healthiest Cities in America
#39out of 229 markets
Healthiest Places to Live in America
#39out of 230 markets
Best Cities for Outdoor Activities in America
#46out of 229 markets
B
Public School
Short-Term Rental (STR) Regulations
Local rules and guidelines for operating short-term rentals in Provo, UT.
In Provo, UT, Short Term Rentals (STRs) are regulated by the city's zoning ordinances and licensing requirements. Here are some key regulations that an investor should be aware of before investing in purchasing a property for STR in Provo:
1. Zoning Restrictions: Provo has specific zoning regulations that dictate where STRs are allowed to operate within the city. Investors should check the zoning map to ensure that the property they are interested in purchasing is located in a zone that permits short term rentals.
2. Licensing Requirements: In order to operate a STR in Provo, property owners must obtain a business license from the city. This license must be renewed annually and may require an inspection of the property to ensure it meets safety and health standards.
3. Occupancy Limits: Provo has occupancy limits for STRs, which vary depending on the size of the property. Investors should be aware of these limits and ensure that they comply with them when renting out their property.
4. Noise and Nuisance Regulations: Provo has noise ordinances in place to prevent disturbances to neighbors caused by STRs. Investors should be aware of these regulations and take steps to ensure that their guests are respectful of the surrounding community.
5. Taxation: STRs in Provo are subject to transient room taxes, which must be collected and remitted to the city. Investors should be aware of these tax obligations and factor them into their financial planning.
6. Homeowner's Association (HOA) Restrictions: If the property is located in a neighborhood with an HOA, investors should review the association's rules and regulations regarding STRs. Some HOAs may have restrictions or prohibitions on short term rentals.
Overall, investors should thoroughly research and understand the regulations and requirements for operating a STR in Provo before purchasing a property for this purpose. Failure to comply with these regulations could result in fines, penalties, or even the revocation of the business license.
Market Trends Over Time
Explore 25 years of market data for Provo, UT, including median property prices, long-term rental rates, and days on market — identify growth potential and gauge market stability.
Median Price
Median Rent
Days on Market
Nearest Markets
Explore nearby investment markets close to Provo, UT.
The LTR Genie Score of Provo, UT is 68 and STR Genie Score is 66, indicating a moderate level of attractiveness for both long-term and short-term rental investments. The LTR Rentability is low, which may be due to the stagnant LTR Rent Growth Rate of 0.0%. However, the LTR Net ROI is relatively high at 25.58%, suggesting that despite slower rent growth, investors can still see a good return on their investment. On the other hand, the STR Net ROI is even higher at 31.16%, indicating that short-term rentals may be more profitable in this market. The 1-Year Price Appreciation Forecast of 1.43% suggests that property values are expected to increase slightly in the near future. The STR Occupancy rate of 55.56% and STR Revenue of 2371 also point to a decent demand for short-term rentals in Provo.
Provo, UT is a growing city with a strong economy driven by technology and education sectors. The city is home to Brigham Young University, which attracts a large student population and contributes to the rental market demand. Additionally, Provo offers a high quality of life with outdoor recreational opportunities and a family-friendly environment, making it an attractive location for both long-term and short-term rental investments.
In conclusion, Provo, UT presents opportunities for both long-term and short-term rental investments. While the LTR Rentability may be low, the high LTR Net ROI and strong STR Net ROI suggest that investors can still achieve good returns in this market. Considering the city's economic growth and rental demand, real estate investors may find success in both long-term and short-term rental properties in Provo.
LTR Genie Score 64
$325,000
🛏 3 Beds🛁 2.0000 Baths🏙 1,806 sqft.🏠 SINGLE FAMILY
