Invest In Apartment Buildings In Davis County, UT

Who Rents In Davis County

About 22.7% of households in Davis County, UT rent their home. That's 26,265 renter households, according to the Census Bureau's ACS 2020–2024 estimates. Renter households rose 9.3% over five years, close to the population trend (up 7.3%).

The typical Davis County household earns $110,884 a year, 33.1% more than in the 2015–2019 survey. The number of employed residents rose 12.4% over the same period, and unemployment stood at 2.7%. Rent has risen faster than income (46.7% versus 33.1%), so more tenants are stretched. Well-run older buildings that rent below new construction tend to hold up best in that setting.

Davis County leans toward ownership. Apartment buildings compete with single-family rentals for tenants, so we look closely at how a property's rents compare with nearby rental houses.

The Supply Picture In Davis County

Median gross rent in Davis County, UT is $1,621 a month, up 46.7% from $1,105 in the 2015–2019 survey (U.S. Census ACS 2020–2024). That pace was well above long-run norms. We treat it as history, not as a forecast, when we underwrite a building.

Rental vacancy is 5.3%, within the normal range for a balanced market. 47.1% of renters spend 30% or more of their income on housing. That is close to the national picture, where roughly half of renters do, so rent increases need to track local wage growth.

About 11.3% of homes in Davis County are in buildings with 5 or more units, roughly 13,712 homes. That count rose 22.2% over five years, a sign of meaningful new apartment construction that newer buildings will compete with. The median home was built in 1993, so the housing stock is relatively new. Value-add plans here lean more on management and amenities than on heavy renovation. For comparison, HUD's fiscal year 2027 Fair Market Rent for a two-bedroom unit in the Ogden, UT MSA is $1,591 a month.

Where Davis County Stands Among Its Peers

Out of 5 Utah counties in our data, Davis County comes in 1st for median gross rent, 5th for renter share and 3rd for five-year rent growth. That puts its rents near the top of the group, so tenants here are already paying more than in most nearby markets. Put in counts rather than percentages, that is roughly 25,157 more residents, 2,235 more renter households and 2,491 more homes in buildings with 5 or more units than five years earlier. Growth in renter households and new apartment homes has been roughly in balance.

Cities In Davis County At A Glance

We follow 6 cities in Davis County. The largest is Layton, with a median gross rent of $1,538 a month.

Davis County Compared With Utah

Davis County's median gross rent of $1,621 is above the Utah median of $1,496.

Can Tenants Afford Davis County Rents?

The median rent in Davis County works out to $19,452 a year, about 17.5% of the median household income of $110,884. Under the common 30% guideline, a household needs about $64,800 a year to cover that rent comfortably. That's a lighter load than the Utah average of 18.9%. Renters usually earn less than the all-household median, so the real burden for tenants is higher than this simple ratio shows.

Since the 2015–2019 survey, the median rent rose $516 a month ($6,192 a year), while median household income rose $27,575 a year. Rent has outpaced income, so we are careful about how much further a business plan pushes rents on renewal. HUD's FY2027 Fair Market Rent for a two-bedroom unit, $1,591, is close to the median gross rent for all unit sizes. That gap matters for buildings that accept Housing Choice Vouchers, since local housing authorities base voucher payment standards on it.

Davis County Rental Market In Numbers

These are the core numbers for Davis County, UT, each from the Census Bureau's American Community Survey.

• Davis County, UT has 370,924 residents, up 7.3% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Davis County, UT is $110,884, up 33.1% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Davis County, UT is $1,621 a month, up 46.7% over five years (U.S. Census ACS 2020–2024).
• 22.7% of households in Davis County, UT rent, about 26,265 renter households (U.S. Census ACS 2020–2024).
• 11.3% of homes in Davis County, UT are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Davis County, UT is 5.3%, and 47.1% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Davis County, UT was built in 1993 (U.S. Census ACS 2020–2024).

What We Look For In Davis County

Skyline buys 5+ unit apartment buildings in Davis County that either run well today or can run better with new management or renovation. We start with rents, occupancy and the condition of the building, and we price on what the property earns now.

Property taxes are a big line item for any Utah apartment building. We underwrite the tax bill after purchase, not the seller's current bill, since a sale often resets the assessment. Utah has no statewide rent control law, though local rules on notices, fees and deposits still apply. Insurance quotes in Utah reflect wildfire risk, so we get a quote before we make an offer.

Given how fast rents rose here, we assume much slower rent growth going forward and make sure the deal still works if rents stay flat for a while.

Due Diligence For Apartment Syndications In Davis County

The data on this page turns into a short checklist for evaluating an apartment syndication in Davis County.

• What vacancy does the plan assume? Rental vacancy in Davis County is 5.3%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 46.7% over five years. Ask whether the plan assumes that pace continues, and what happens to the deal if rents stay flat.
• How was the property tax bill estimated? A sale often triggers a reassessment, so the bill after purchase can be well above what the seller pays today.
• How big is the repair reserve? The median home in Davis County was built in 1993, and even newer buildings need money set aside for roofs, HVAC and appliances.
• How will the building compete with new supply? Homes in 5+ unit buildings in Davis County rose 22.2% over five years, so newer properties are part of the competition.
• How and when does capital come back? Ask what the plan is for a refinance or sale, and what happens if that takes longer than expected.

How Passive Investing In A Davis County Apartment Syndication Works

In an apartment syndication, Skyline acts as the general partner. We find the Davis County property, negotiate the purchase, arrange the loan and oversee management and any renovation. Limited partners put in capital and own a share of the entity that owns the building. They don't sign on the loan or deal with tenants and repairs.

Expect your money to be tied up for years, with no easy way to sell your share early, and remember that any investment can lose money. Most deals are open only to accredited investors under Rule 506(b) or 506(c). See investing with Skyline Capital for how we work with limited partners.

Getting Started

Start by joining our investor network. Members get market updates and educational content by email. When we have an opportunity in Davis County or another market, we contact eligible members directly. Joining is free and doesn't commit you to anything.