Real estate experts expect increased demand for rental homes and apartments in Colorado as part of the aftermath of catastrophic flooding, hurricanes and wildfires throughout the country. Rental property owners often rely on solid property management companies so they can expand their rental business. According to a recent article by realtor.com, home owners affected by hurricanes Irma and Harvey and wildfires will likely rent or buy less expensive homes. Some homeowners with insurance premiums find the payout is not enough money to rebuild their entire homes. In addition to demand created by unfortunate circumstances, demand is also high in Colorado because of positive job growth.
Looking forward to future growth
According to a piece by westword.com, studies show a new Amazon HQ headquarters in Denver would likely send rents sky-high. Some predict that if Denver becomes home to Amazon, it will mean 100,000 new jobs. Analysts say new employees relocating to an area typically rent for a year or two before buying a home. During a period of rapid job growth, landlords experience additional rent growth for years. When buying a home to turn into a rental property in Colorado, consider starter-type homes that appeal to construction workers with less income as well as luxury homes for higher-paid executives.
Dealing with fewer restrictions and headaches
By hiring a property management company, it's easier to focus on renovating fixer-upper investment properties and handling other financial and job goals. Owning a rental property is often less complicated than using an investment for short-term rentals. Many home owner associations forbid residents to list a home on Airbnb and similar home-sharing sites. Also, investors worry about guests destroying their properties with little accountability as well as cleaning headaches. A reputable property management company helps you achieve yearly leases with appropriate paperwork and accountability.
At Housing Helpers, we follow the latest economic and real estate developments in Colorado. For more information about how we provide property management services, please contact us at 303-545-6000.