May 2025
Market Minute
Utah #1 in Overall Rankings
A recent US News article announced that for the 2nd year in a row, Utah ranked the Best State in America. “The 2025 Best States rankings from U.S. News & World Report assess the performance of the 50 U.S. states using 71 metrics across eight categories. The data behind the rankings aims to show how well states serve their residents in a variety of ways”, reads the US News article describing the methodology. New Hampshire, Idaho, Minnesota, and Nebraska rounded out the top 5.
In the Economy category where Utah ranked #3 overall, the article highlights that Utah had job growth of 2.1% compared to the national average of 1.5%. Additionally, net migration of 0.9% outpaced the national average of 0.6%.
As Utah continues to come out on top of these national surveys and gains additional exposure, we will continue to see what we have seen for the last half decade—steady employment and population growth, a flourishing economy, and greater opportunities for investment in multifamily real estate.
‘Nxt Level’
Yardi Smarties
We are thrilled to announce our expanding footprint in the St. George region, now managing nearly 600 units across a diverse range of communities. This growth is a testament to our commitment to excellence in property management, as well as the trust we've built with property owners and residents alike.
As Southern Utah continues to experience rapid development and increasing demand for quality housing, Nxt is positioned to lead the way in delivering exceptional service and innovative solutions. Our team is dedicated to enhancing the resident experience, optimizing property performance, and supporting community growth in one of Utah's most vibrant regions.
With a focus on cutting-edge technology, proactive maintenance, and unparalleled customer service, Nxt Property Management is redefining what it means to live well in St. George. We are excited to continue building strong partnerships with property owners and investing in the future of this thriving community.
Value of the Month
May’s Value of the Month is: Act Boldly. We celebrate fearless action and learn as we try new things. We empower people to improve, innovate, create, and adapt.
Ask the Editor
Question from Reader: What are best practices for boosting NOI without major capital expenditures?
Answer: This question is best answered by analyzing income and expenses separately with the goal of increasing income and/or decreasing expenses.
Income:
Conducting frequent market surveys with comp analysis with the goal of maximizing rents on move-ins and renewals
Ensuring other income and rentable items are being charged appropriately
Offering additional amenities as services (i.e. valet trash, internet, smart home functionality) which offer profit margins
Expenses:
Frequently re-bidding contracts such as landscaping, pest control, etc. to ensure contract pricing is competitive
Analyzing marketing spend and conversion ratios to ensure funds are being allocated to the best sources
Sharing staff with another property (where appropriate) in order to achieve greater payroll efficiencies
Implementing preventative maintenance to ensure issues are addressed and bulk orders are placed before emergencies arise
Ensuring quality control on turned units with replaced items
Amenity maintenance to boost resident retention
As always, feel free to send any questions about the apartment world to sales@nxtmgt.com and we would love to feature and answer the question in next month’s newsletter.
Until next time,