If you have not checked them out, go see 'em!
Echo Summit, one of Colorados most respected property managers, has been on the front lines of the Denver area rentals for over a decade.
As much as rents have risen in metro Denver this decade, the increases could have been even higher absent the second-largest surge in apartment construction of any major metro area in the country, according to a new report from Apartment List.
Metro Denver added $12 billion worth of new apartments between 2000 and 2016. That ranks 11th among the nation’s 25 largest metros in dollar terms, but second only to Seattle after adjusting for the size of the population.
According to the Post: Metro Denver absorbed 11,821 new apartments last year, up from 11,056 in 2016. That represents the most in records going back to 1981, although the 1970s had years with more robust construction. For the second quarter in a row, both the average and median rent for an apartment in metro Denver fell, while vacancy rates shot up 6.4 percent from 5.4 percent in the third quarter and 5 percent in the second. The average rent dropped to $1,396 at the end of December versus $1,420 at the end of September, while the median rent fell to $1,353 from $1,370.
Over the past few months, I have reviewed many, many home-grown and ‘Realtor-provided’ tenant leases for individual investors and homeowners who are trying to go it alone in the property management route. I have been shocked by what I have seen.
My philosophy is that manageing your own property is always the #1 option… no matter what a PM company says, nobody will give it the care and attention that you will.
Tenant leases are different. This is where you can loose your shirt, your home, and sometimes both. I have spent over $20,000 in legal, financial and other fees over the years on creating the ‘perfect’ lease. Even with a perfect lease, it is easy for a career rental abuser to make the ‘apparently perfect’ application package. You will love them. You will empathize with them. You will want to have a drink with them. Then they will squat in your property for 6 months without paying rent, knowing there is nothing you can do.
Please, please, if you DO do your own tenant leasing, make sure you:
- Do not give more than 5 days grace period before posting a Pay or Quit noitice. This will be their first test for you.
- ENFORCE late fees. Behavior is learned, not inherited.
- Mandate they carry renters insurance. I make them add myself or Echo Summit as an additional insured under the Liability section.
- Include a PAYMENT OF FUTURE RENT provision that allows you to accept partial rent payments in the middle of the evicton process (otherwise, you have to re-start the eviction clock every time you collect a penny)
- Here are some good free forms that I am happy to share with you
- Many other elements to consider, but at least make sure of these.
Denvers hottest neighborhoods from Denver Post Another great article! What are metro Denver’s hottest neighborhoods for home buyers? Think south Denver, north Aurora and Lowry, among others Home price appreciation approaching 40 percent in three ZIP codes For more info: https://www.denverpost.com/2018/06/01/what-are-metro-denvers-hottest-neighborhoods-home-buyers/
Managing millennial expectations in Denver Rental Housing
According to Rental Housing Journal:
High turnover in the maintenance ranks is a problem in multifamily housing, especially among millennial maintenance personnel. They like easy-to-use technology applications on their smart phones and not old paper-based maintenance processes. That is why the company, Facilgo, did the study to research these questions.
- How do millennials' expectations for faster maintenance affect property management maintenance organizations?
- Are millennial maintenance personnel leaving multifamily due to the lack of technology solutions available in their day-to-day jobs? What can be done to retain them?
- What strategies are companies using to make their maintenance processes more efficient?
- How will these new strategies help retain millennial maintenance personnel and satisfy millennial residents?
- What will happen if companies don't do anything to cater to millennials' needs?
For more info: