According to ApartmentList.com’s recent Renter’s Migration Report, Denver ranks second as a desired destination for migrating renters. Ranking just behind Tampa, Florida, 55 percent of renters looking for homes in Denver were from out of state. And the 69 percent within the city looking to relocate were still choosing locations within the state, specifically eyeing the Colorado Springs, Boulder, Fort Collins and Greeley areas. This is excellent (or outstanding) news for real estate investors and explains why the current demand for Colorado property management continues to surge.
Why is Colorado the place to be?
With two cities topping US News & World Report’s 25 Best Places to Live in the US 2019 list, Colorado has major appeal on many fronts. Coming in at number three on their list, Colorado Springs ranks consistently for its strong job market and lower home prices in comparison with number two, Denver. The Mile High City continues to thrive despite reports of unaffordability, largely due to its flourishing job market, tech boom, natural beauty, and proximity to a wealth of outdoor entertainment. The state itself has ranked 4th on USA Today Travel’s 2019 list of Best States to Live In, Ranked, which cites the state’s 2.8 percent unemployment rate (4th lowest in the nation), 10.3 percent poverty rate (9th lowest), 80.2 year life expectancy rate (8th longest) while highlighting a 10 year population change of +15.3 percent, the 5th largest increase nationwide. Colorado also tied Montana for 7th place on CNBC’s Best Places to Live in America 2019 list, scoring a 221 out of 335 points for quality of life, noting inclusiveness, health, and attractions among its top strengths. Colorful Colorado has a lot to offer renters and Colorado property managers know how to get them into the proper home!
Influx of renters increases demand for Colorado property management.
Fulfilling the needs of renters has made real estate investors recognize that hiring a Colorado rental property management company is critical. While many investors are willing to take on the responsibility of landlord, it comes with a high price tag: advertising the property appropriately and in places easily accessible by renters, processing applications, conducting resident screenings and background checks, rent collection, accounting, coordination of evictions, and the dreaded middle of the night emergency maintenance calls. And still many renters may shy away from a personal rental, afraid the customer service will be unprofessional and dealing with the homeowner too challenging.
Property managers secure the relationship between investor and resident to provide a streamlined process that benefits both parties. Hiring a property management company ensures that the asset is maintained and cared for properly so that it is desirable to renters and provides them with a safe, secure place to call home. Property managers also minimize the turn time between residents, often increasing the rate of renewal and the length residents live at a property.
Having a dedicated property management company in Colorado also improves the owner’s reputation. By harnessing property managers’ expertise, visibility and experience, owners are able to reach more potential renters than going it alone. And potential renters who see the property will feel more confident that issues will be resolved in a timely and professional manner.
Colorado will continue to enjoy its popularity among renters, as it doesn’t show signs of slowing. Colorado real estate investors can also capitalize on this desire by hiring a property management company that will ensure their rentals flourish.