Provo, Utah, is well known for its thriving academic environment, thanks to BYU and UVU. Whether you are a homebuyer looking for a vibrant community or an investor seeking strong rental demand, living near Provo’s universities presents several advantages.
1. Strong Real Estate Value
Homes near BYU and UVU tend to hold their value well, thanks to a consistent influx of students, faculty, and staff looking for housing. The demand for real estate in these areas remains steady, making it a solid long-term investment.
Additionally, Provo has seen steady home appreciation rates over the last decade. With limited land available for new developments near the universities, existing properties continue to be highly sought after. Many homeowners in the area have seen their property values increase significantly, making it a great investment option.
2. High Rental Demand
With thousands of students attending both universities, rental properties are always in demand. Many homeowners opt to rent out basement apartments or extra rooms to students, providing a steady source of passive income.
Investors who purchase single-family homes or duplexes in Provo often find it easy to secure long-term tenants, whether they are students, faculty, or university employees. Many properties near BYU operate as shared student housing, where multiple tenants split rent, creating a high return on investment for property owners.
3. Access to Cultural and Recreational Activities
Living near a university means being close to theaters, museums, concerts, and athletic events. BYU’s Museum of Art and UVU’s Noorda Center for the Performing Arts offer a wealth of cultural experiences.
BYU also hosts multiple sporting events throughout the year, drawing large crowds. Football games at LaVell Edwards Stadium and basketball games at the Marriott Center create an exciting, community-driven atmosphere. Provo’s downtown scene also offers a variety of restaurants, shops, and events that appeal to students and residents alike.
4. Thriving Local Economy
Provo’s economy benefits from the universities, leading to job opportunities in education, healthcare, technology, and hospitality. With companies like Qualtrics and Vivint headquartered in the area, residents enjoy a stable job market.
The universities themselves are major employers, providing thousands of jobs in various industries, from administration to research. Additionally, startups and businesses that cater to university students thrive in the area, adding further economic stability.
5. Family-Friendly Community
Provo consistently ranks as one of the best places to live in Utah, with excellent schools, low crime rates, and a strong sense of community. It’s an ideal location for families who want to be near educational institutions while enjoying a safe and enriching environment.
With top-rated public and charter schools, Provo offers strong educational options for families with children. Additionally, its numerous parks, hiking trails, and community events make it a great place to raise a family.
6. Accessibility and Transportation
Provo’s public transportation system makes it easy for students and residents to commute without needing a car. The UVX Bus Rapid Transit system connects BYU, UVU, and surrounding areas, providing free and frequent transportation. The Frontrunner train also connects Provo to Salt Lake City and other major hubs in Utah.
7. Long-Term Investment Potential
Whether you plan to live in the home or use it as an investment property, real estate near Provo’s universities remains a strong choice. As enrollment numbers continue to rise and more people seek housing near campus, property owners in these areas can expect a continued increase in demand.
Conclusion
Living near Provo’s universities offers financial and lifestyle benefits, from strong property values to a dynamic cultural scene. Whether you’re buying a home or investing in rental property, the area provides excellent opportunities. Thinking about moving near Provo’s universities? Contact THE JEAN TANNER TEAM today to explore the best available properties.
