Renters, investors, and potential landlords will want to read for the scoop on Denver rental market trends.
Denver Rental Market Trends for Renters
It’s been a long time coming, but the trend in the Denver rental market has finally started to normalize. That’s good news for renters because it means rents are coming down. Between the second and third quarters of the year, rent for a typical 3 bedroom apartment in the Denver metro real estate market dropped by an average of $75 a month. This type of a drop usually only happens between the third and fourth quarters.
According to the Denver Business Journal, Denver is no longer one of the 20 most expensive rental markets in the U.S. Even so, there are segments of the Denver rental market that remain strong. Single family homes still have a low vacancy rate and strong rents. On the other hand, new apartment construction, particularly in downtown Denver, is forcing condo rents to drop to compete.
Denver Rental Market Trends for Investors and Potential Landlords
If you’re considering becoming a landlord and buying a property to rent, there’s still lots of opportunity in the Denver metro real estate market.
When buying a property to rent, you want to be sure the rent will cover not only the principal, interest, taxes, and insurance, but also cover the costs for professional property management…unless you enjoy being called out at night or on a holiday to fix a tenant’s broken toilet, LOL! Professional property managers can provide you with a rental estimate. They will advertise the property, qualify and background-check tenants, deal with maintenance and inspection issues, and handle move-ins/move-outs and evictions if needed. Fees for professional property management average 7%-10% of the collected rent each month.
I cover these topics – and some important tips for choosing a property management firm – in my interview with Brandi Bishop of Real Property Management. Click on the image below to view the brief video. Investors and potential future landlords can contact me at any time to set up a time to chat and explore the possibilities.