The growing rental market
Due to the increase in population in Denver, there has been a rapid growth in its rental market. Property prices are higher in the city. Statistics carried out by the U.S. News and World Report claim that when it comes to live-ability, Denver has ranked in the top 3 cities for three years in a row. It is among the cities with a low cost of living nationally.
The significant factor that attracts people to residential real estate in the city is the attractive job market and the low unemployment rate. Also, there are several colleges in Denver, and this increases the number of people interested in renting a property. This represents an opportunity for real estate investors.
Strong appreciation rates
Real estate values in Denver are stable. Statistics done by NeighborhoodScout show that the city’s real estate values appreciated by 103.25 percent over the last decade. Low inventory is the primary reason for appreciation. An intelligent real estate investor would not want to miss out on this real estate investing opportunity.
Colorado is more landlord-friendly than the west coast. For instance, it is not necessary to provide tenants with a notice that you are entering the property under certain situations. In addition, if your tenants delay paying rent, you charge them late fees and can begin the eviction process if they do not pay rent. The state of Colorado has no laws that prevent property owners from re-keying their locks after evictions.
Once tenants violate the lease agreement, you can serve them with a formal notice of 72 hours to either rectify the problem or move out. You can go to court if they cannot comply, and the sheriff can issue them with a 48-hour notice to vacate. This will help protect your investment.
The Rockies close to Denver attract many tourists. Other famous tourist attraction spots include Denver Botanical Gardens and the Denver Zoo. The city attracts close to 31.7 million tourists annually who prefer to rent apartments for a short period instead of living in a hotel. It also hosts over 80 conventions a year. Due to the demand for rentals in Denver, it is profitable to invest in a property, especially the short-term rentals.
Most real estate investors get into the business blindly only to lose their money when the market collapses. Real estate experts claim that the prices of properties in areas reserved for redevelopment always go up. Denver has several areas set aside for redevelopment, and they present excellent opportunities for real estate investors. If you are looking to increase your properties value check Denver Concrete Stain, our only trusted concrete contractor that got you covered when it comes to concrete.
Several reasons make the Denver housing market strong. The population is rising, and many tourist attractions exist. Therefore, the real estate industry creates more opportunities for new investors. If you are looking for a rental property to live in, you can contact the Holmes Real Estate Group. We have furnished and unfurnished apartments for rent both for the long term and short term.