More and more today people are renting. That means that finding reasonably priced rental properties, or even decent rental properties is challenging. So in Colorado, is this the case? No, but sometimes.
Before the housing bubble burst, purchasing a home was expensive, but renting wasn’t. More people wanted to own than rent, so finding a reasonable rental property or apartment was a snap. Not so much anymore. The bubble burst and housing values fell, hard.
In many areas of the country it’s actually cheaper to own than rent. The problem becomes, many people that would usually buy can’t, because of bad credit, inability to get a mortgage because of income (or lack thereof) or the fact that many banks just aren’t lending.
In many areas, though, the housing bust wasn’t as bad. In states like Colorado housing prices dipped, but not nearly as badly as other areas of the US. Our foreclosure rate dropped significantly from two years ago. That means more people are staying in their homes, and there is less of a glut of foreclosed homes on the market.
Where other areas saw huge drops in price, especially because of a growing buyers market, Colorado didn’t. Prices remained stable. In this environment, that means that rents also remained stable. Simple supply and demand. No huge need for rental properties meant that landlords can’t justify raising rents.
That’s not to say there aren’t more renters than before the bust. It’s also not to say that getting into investment real estate isn’t a good idea in Colorado. If you use a property management company, they can give you a good idea of fair rents, help you keep your property in great shape so you can get top rents, find you the best tenants and collect your rental payments. A one stop investment property solution.
Looking for a GREAT real estate property management company in the Denver area? Give us a call today! 303-452-5853