For many people, renting a house is the best financial decision. Many people relocating need to find a temporary rental while they attempt to sell their home. Rents in Utah are going up, but there are plenty of apartments, houses, and homes for rent in Utah. Below are a few resources that can help you find your next Utah House to rent.
Utah Apartments for Rent
Here are some references for cheap Apartments to Rent in Utah:
Utah Houses For Rent - Properties that Allow Pets
For many Utahns, an apartment is not an option. Apartments and Townhouses have shared walls and restrict the privacy that houses have to offer. In addition, most apartments will not allow pets, and if they do they still do not offer the room and freedom dogs should have. Here are some websites that provide Houses for rent that allow pets, dogs and cats:
Rent to Own: Lease with an Option to Buy
Many people would like to buy a house, but it is not convenient, or not possible because of credit or employment history. Many Utah properties do provide the option to rent to own a property, or to Lease it with an option to buy (Lease Option). Other properties will allow seller financing.
To lease a property with an option to buy you must sign a purchase contract and a lease agreement.
Terms are set where the renter to have an option to buy in 1-5 years. At the expiration of that period the buyer is usally expected to obtain financing to pay off the remainder of the balance owed. The down payment becomes non-refundable if the renter backs out of the lease option. If the option to buy is exercised, and the renter purchases the house, then this down payment will be applied towards the house purchase. Many landlords also have a portion of the rent that is also applied towards the down payment of the house. If the renter fails to exercise the option then they lose out on that extra downpayment and end up paying higher rent.
How Much Down Payment is Required for a Lease Option?
When a property offers a lease to own option a substantial down payment is usually required. Some sellers want 5, 10, or even 20% down. Save your money. Sellers are rarely comfortable with someone who can't save money, and can't get a loan from a bank. It is possible to lease option with nothing down, but the payments will be higher and the seller usually likes to see that the buyer will be able to obtain financing within the contract period.
How do I find properties that will allow a Lease Option?
Many properties advertise that they will allow a lease option or Rent to Own, and there are many that don't but that are willing too. Simply look for houses that are for rent. Most rental property owners mix up their investment portfolio quite often and would gladly rent their house out for a higher than normal rate, and have hopes that they can sell the house in a few years without having to pay to market the house.
Some houses listed for sale will allow lease options or seller financing, but these are very rare in Utah. Houses that have been on the market for a long time and have been unable to sell are usually the best candidates for the lease purchase.These sites may also offer houses available to Lease Option
Is it best to Rent or Buy a House or Condo?
Government Subsidized Rentals
Utah is full of cheap Government subsidized rentals. With a government subsidized rental, the income restrictions are reversed. Applicants must make a minimum amount to qualify for the housing community. Many times these government subsidized rental communities pro-rate the rent based on income. For example, if you make $17,000 annually your rent would be $300 a month. However if you made $26,000 annually rent for that same apartment would be $500 a month. Government subsidized rentals really take away incentive to try and make more money. Many of these subsidized units are brand new, in nice areas, and in very good condition. If you are going to rent, you might as well see if you can get the Governemnt to help out. It's about the most affordable way to go for short term housing.
Utah Apartments for Rent
Salt Lake City Apartments
Provo Area Apartments
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