Duchesne (UT) Investor Pulse Report (2025-Q4)

Landlords in Duchesne County own a substantial 4,014 SFR properties, representing a significant 62.8% of the total 6,392 SFR properties in the market, highlighting a high concentration of rental housing.

Individual landlords predominantly shape the market, controlling 79.0% (3,173 properties) of the investor-owned SFR portfolio, while companies hold a smaller 21.4% share (861 properties).

The vast majority of landlord properties, 86.3% (3,464 properties), were acquired with cash, indicating a preference for debt-free investments and robust capital availability among investors in the region.

Almost all investor-owned properties, 4,006 out of 4,014, are rented, underscoring that the primary motivation for landlord activity in this county is generating rental income.

The investor landscape is largely driven by individual entities, with 3,297 individual landlords accounting for 81.2% of all landlord entities, compared to 762 company landlords at 18.8%.

The average portfolio size for individual landlords is approximately 0.96 properties (3,173 properties / 3,297 entities), while company landlords average about 1.13 properties (861 properties / 762 entities), suggesting a market dominated by single-property owners.

Landlord acquisition prices in Duchesne County averaged $358,108 for the 4 properties purchased in Q4 2025, reflecting continued upward price trends from previous periods.

The price relationship between landlords and homeowners has fluctuated significantly: landlords paid a $30,407 premium (9.2%) in Q1 2025 and a $30,144 premium (9.1%) in Q2 2025, but then secured a $222 discount (0.1%) in Q3 2025 compared to homeowners, indicating varying market dynamics.

Overall acquisition prices for landlords have seen substantial appreciation, increasing by 36.9% from an average of $261,405 during the 2020-2023 period to $358,067 in 2025, highlighting robust growth in property values.

The shift from paying significant premiums to a slight discount against homeowners within 2025 suggests an evolving market or a change in landlord acquisition strategies, possibly indicating more selective buying or better deal-sourcing capabilities.

The average price of $358,108 in Q4 2025 maintains the higher price point observed throughout the year, marking a notable increase from the $326,262 average of 2024 acquisitions.

Landlords were the primary drivers of Q4 2025 SFR purchases in Duchesne County, acquiring 4 out of 6 total properties, which accounts for a significant 66.7% of all sales.

The Q4 market saw an exclusive focus on smaller investors, as 100.0% of landlord purchases were attributed to mom-and-pop landlords (Tiers 01-04), demonstrating their continued activity and market influence.

New single-property landlords (Tier 01) were the sole contributors to Q4 investor acquisitions, purchasing all 4 properties, indicating a strong influx of first-time or small-scale investors into the market.

The complete absence of institutional investor (Tier 09) purchases in Q4 2025 suggests that larger entities are not actively expanding their portfolios in this market, leaving room for smaller players.

With 4 entities acquiring 4 properties in Tier 01, the average properties per entity for Q4 purchases is exactly one, reinforcing the dominance of new or single-property entrants.

The low overall transaction volume of 6 SFR properties in Q4 highlights a relatively quiet market, making the landlord share of 66.7% even more pronounced in its impact.

Mom-and-pop landlords (Tiers 01-04) collectively own an overwhelming 100.0% of the investor-held SFR properties in Duchesne County, demonstrating their absolute market dominance over larger investors.

The market structure is heavily skewed towards the smallest investors, with single-property landlords (Tier 01) comprising the vast majority, owning 3,556 properties, which is 88.1% of the total investor-owned SFR portfolio.

The next largest segment, two-property landlords (Tier 02), holds a comparatively small 8.2% share with 330 properties, further emphasizing the extreme fragmentation of investor ownership in this county.

Institutional investors (Tier 09, 1000+ properties) have a negligible footprint, accounting for just 1 property in the entire market, which effectively translates to 0.0% ownership due to rounding against the large total.

The small-medium tier (11-20 properties) also shows a very limited presence with only 1 property, indicating that even mid-sized regional landlords have not significantly penetrated this market.

This distribution reveals that Duchesne County's rental housing market is almost entirely dependent on individual and small-scale investors for its supply, making it distinct from markets with significant corporate involvement.

Individual investors overwhelmingly lead in the most common tiers, holding 80.8% of single-property portfolios (2,887 properties) and 67.2% of two-property portfolios (223 properties), demonstrating their foundational role in the market.

A significant shift in ownership dynamics occurs within the 3-5 property tier, where company ownership reaches 46.8% (65 properties) compared to individual ownership at 53.2% (74 properties), indicating a near-equal split and a potential crossover point for company expansion in slightly larger portfolios.

Even in the 6-10 property tier, individual investors maintain a strong majority, owning 87.5% (7 properties) of properties compared to companies at 12.5% (1 property), highlighting their continued presence even as portfolio size increases.

The data reveals that company presence is strongest in the 3-5 property tier relative to other small tiers, though still short of a majority, suggesting that companies enter the market with slightly larger initial holdings or scale up quickly to this level.

The clear dominance of individual investors in Tiers 01, 02, and 04 solidifies the perception of Duchesne County as a market primarily serving small, independent landlords rather than corporate entities across most portfolio sizes.

Investor activity in Duchesne County is heavily concentrated in specific zip codes, with 84021 and 84066 leading by property count, holding 1,065 and 1,050 investor-owned SFR properties respectively.

While 84021 is a top region both by count and rate (88.5% investor-owned), zip code 84001 exhibits the highest investor ownership rate at an astonishing 90.7%, indicating nearly all SFR properties there are investor-controlled.

The contrast between count and rate leaders is evident in zip code 84066, which ranks second by investor-owned properties (1,050) but only has a 37.0% investor ownership rate, suggesting it has a significantly larger total SFR market than other high-count areas.

Overall, five zip codes in Duchesne County exhibit investor ownership rates exceeding 87.7%, demonstrating extreme penetration and a dominant landlord presence across substantial portions of the county.

This high concentration suggests that investment in SFR properties is a pervasive characteristic of the housing market across multiple communities within Duchesne County, rather than being confined to a few isolated pockets.

The top five regions by count collectively hold 3,114 investor-owned properties, representing 77.6% of the county's total investor-owned portfolio (3,114/4,014), indicating a strong geographic concentration of holdings.

Landlords in Duchesne County have consistently acted as strong net buyers, accumulating properties with a remarkable 50.0x buy-to-sell ratio in 2025 (100 buys vs. 2 sells), indicating aggressive portfolio expansion.

This pattern of net buying is also observed in the previous year, with landlords making 140 purchases against 13 sales in 2024, resulting in a 10.77x buy-to-sell ratio and a net gain of 127 properties.

The stark difference in buy-to-sell ratios between 2024 (10.77x) and 2025 (50.0x) suggests a further reduction in sales activity by landlords in the current year, intensifying their net acquisition strategy.

Institutional investors (1000+ tier) showed no recorded buy or sell transactions in either 2024 or 2025, underscoring their complete inactivity and marginal influence on the market's transaction dynamics in Duchesne County.

The high buy volume relative to negligible sell volume confirms that landlords are primarily holding assets for long-term rental income rather than engaging in frequent speculative trading in this market.

Landlords were highly active in Q4 2025, completing 4 out of 7 total SFR transactions, which accounts for a substantial 57.1% share of the quarter's market activity in Duchesne County.

The entirety of Q4 landlord transactions came from single-property investors (Tier 01), underscoring that new or very small-scale landlords are the predominant transactional force in the current market.

These Tier 01 investors acquired properties at an average price of $358,108 in Q4, indicating that the new entrants are paying similar market rates to the overall landlord average for the quarter.

There was no recorded inter-landlord trading activity for Tier 01 purchases in Q4 (0.0% bought from landlords), suggesting that new landlords are acquiring properties directly from traditional homeowners or other non-landlord sellers.

The complete absence of institutional investor (Tier 09) transactions in Q4 further solidifies the picture of a landlord market almost exclusively shaped by mom-and-pop entities, particularly at the entry level.

The low overall transaction volume of 7 properties in Q4 2025 indicates a relatively slow quarter for the SFR market, with landlords still representing the majority of buyers in this subdued environment.