Shortage of rental units

Vernal has very few apartment communities therefore the market is very underserved by apartments. Enterprising investors are filling this need by purchasing individual condos and town homes to lease. These investors are generally seeing average rents for a 3 bedroom 2 bath condo of $1500 to $1800. Prices to acquire condos or town homes range from $150,000 to $180,000. This is resulting in monthly cash flows of $400 to $600 plus per property.

Property Management Companies

Vernal has several property management companies that are locally run. Currently the largest management company is Real Property Management Uintah Basin. They have over 100 properties under management in the Vernal area. Real Property Management is reporting that they are receiving walk in traffic of 12 or more people daily looking for places to rent.