Welcome to Denver Property Management! And if you own rental property in Denver, congratulations. With a strong rental market and median rents increasing a whopping 10% over a year ago, it’s definitely a rental owners market.
Are Rents So High in Denver That Your Tenants Will Decide to Buy Instead?
Probably not. According to the 2016 Rental Affordability Analysis from RealtyTrac, for the time being it makes more sense to rent than to buy in Denver County. The analysis used federal data on average monthly wages, average monthly rent, and average mortgage payments prices on a median-priced home.
Why Do Renters Stay in Denver?
The answer is easy. Denver is a great place to live. From nearby four-season recreation, to fantastic restaurants, and a variety of cultural activities and events, Denver meets the lifestyle wants and needs of recreation enthusiasts and city slickers alike.
In addition, Denver’s healthy economy means high quality jobs at major employers such as Big O Tires, CH2M Hill, Molson Coors Brewing Company, Lockheed Martin, Kroger, and United Airlines.
Your Rental Property Could Be Your Best Investment.
Your rental property is worth protecting. That means putting in some effort. You need great tenants who will treat your rental with respect, pay their rent on time, and notify you when something needs repairing. And you need to make sure the property is managed well. If you have the time, that might mean that you decide to manage your rental property yourself. Or, perhaps it means you find a reputable property management company to run the property for you.
Should You Self-Manage Your Rental?
Obviously the decision about self-management versus hiring a property manager is highly dependent on your individual situation. To help you figure it out, here are some characteristics of good self-managers:
- Handy and able to make repairs, conduct routine maintenance tasks.
- Organized with an ability to establish and maintain filing system, do bookkeeping.
- Familiar with federal, state, and local landlord tenant laws.
- Comfortable dealing with difficult situations, such as turning down prospective renters or evicting tenants.
- Have the time to put into another property.
If you work full-time, have family obligations, enjoy lengthy vacations, or have other demands on your time, consider hiring a property manager. Denver has some excellent property management companies who can help you–for a fee of course.
Stay tuned for more information on self-managing your rental or how a property manager can help you find tenants, maintain your property, and make sure you’re compliant with landlord tenant laws in Colorado.