Denver CO Rental Realtors are looking for investors to purchase properties and rent them! People are looking to rent in this area so now is the best time to buy real estate investment property in Colorado to help fill that need.
Before the housing bubble burst, many people who couldn’t afford to purchase a home because of the inflated prices found that renting was an affordable alternative. Rents were inexpensive and owning rental property was much less productive than it is currently. Now that the housing market is a buyer’s market, the opposite is true, renting is much more expensive. In the Denver metro area, I am here to tell you, realtors are looking for people to purchase investment properties.
According to a study conducted by Harvard University, the percentage of renters who spend more than half their income on housing costs is at its highest level in half a century. It’s not just low income tenants being affected, either. About 26% of renters spend more than half their pre-tax income on rent and utilities. The reason is twofold.
First, incomes have slipped dramatically due to the recession, and rents have risen as the demand for rental properties have increased. People walking away from underwater homes, evicted because of foreclosure or who just wanted out from under an undervalued property are now padding the roles of tenants.
Further aggravating the situation is the fact that developers have cut back on projects, and not just single family homes. Yet one more contributing factor is that financing for high end projects is more easily procured by developers, as opposed to the middle and low end properties that displaced families, young workers and many others are able to afford.
Ideally, if you are renting, you shouldn’t be spending more than 30% of your income on housing. Reality is that most aren’t holding to that advice.
In the West, scarcity of affordable rental units is even more pronounced, now that we are headed towards what almost appears to be a new buyers market. If you have enough to put down on a property for an investment, you can provide a rental property for a qualified tenant relatively easily (if you have a great property management company!)
To find out more about how to buy investment properties in Denver, call Denver CO Realtors, Denver Realty and Rentals today! 303-452-5853
We can help you buy Denver rental properties and maintain them effortlessly through our real estate and property management expertise.