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Industry Blog

average rent for an apartment in Denver $1567 which is a 0.64% increase from last year

System - Wednesday, February 7, 2018

According to Rent Jungle:  As of December 2017, average rent for an apartment in Denver, CO is $1567 which is a 0.64% increase from last year when the average rent was $1557 , and a 0.06% increase from last month when the average rent was $1566. One bedroom apartments in Denver rent for $1377 a month on average (a 1.23% increase from last year) and two bedroom apartment rents average $1769 (a 0.68% increase from last year).  

Echo Summit, a leading property manager in Denver rentals, sees this trend, though it is more localized in certain areas of the city.

For more information:
https://www.rentjungle.com/average-rent-in-denver-rent-trends/ 

 

http://www.echo-summit.com/property-management-tools

Rents to go down in Denver?

System - Thursday, January 25, 2018

Per the Denver Post:

Thousands of new apartments continued to pour onto the market in metro Denver last year, pushing down rents and pushing up vacancy rates to their highest level in seven years, according to the Denver Metro Apartment Vacancy and Rent report for the fourth quarter.

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 more info:
https://www.denverpost.com/2018/01/19/metro-denver-apartment-rents-fall/ 

Denver Post: Home price gains and rent increases could flatten

System - Wednesday, January 24, 2018

Per an article recently published by the Denver Post:

“Our expectation is that 2018 may indeed be the year that home prices in metro Denver increase at about the same 5 percentish rate as the nation,” said Patty Silverstein, chief economist with Development Research Partners in Littleton.

Denver property manager Echo Summit Property Management, like many other professional property managers, have been seeing increased pressure on pricing corresponding to a general increase in Days on Market across the board. 

For more information, visit:

https://www.denverpost.com/2017/12/31/metro-denver-housing-market-forecast-2018/ 

 

New YouTube Video: Property Management Essentials: Fair Housing

System - Tuesday, December 26, 2017

New YouTube Video on Property Management Fundamentals

System - Tuesday, December 19, 2017
This is the first of many education videos. This short video explains the ins and outs of determining normal wear & tear on a rental property, what is enforceable by law and how to determine disposition of the security deposit

Watch it below or find it at:
http://www.youtube.com/user/residentialmanager

Analyzing Deals and MLS Listings

System - Thursday, December 7, 2017
This report gives valuable information on how to do a fast and thorough analysis of potential deals; a critical skill for finding the hidden treasures. This detailed analysis shows a foolproof step-by-step technique. 



Great Website for Zip Code Demographics

System - Friday, December 1, 2017
Here’s a great website where you can find all kinds of information about a particular zip code anywhere in the country. You enter a zip code and you’ll find types of information like: population demographic, typical living expenses, homes for sale and rent, tons of information on school districts (like teacher to pupil ratio, etc), crime rates, sales tax, job growth, job openings….and the list goes on! You will love this.



Minimizing Out-of-Pocket Closing Costs

System - Monday, November 13, 2017
Instead of offering $97,000 for a property, offer “$100,000 with $3,000 in Seller closing costs and/or prepaids.” This allows you a ‘free’ way to finance your closing costs, and not pay for closing costs with expensive post-tax dollars.

Not only will this maintain higher property values for the area, but it really makes no difference to the Seller (they get $97k regardless… likely tax free).

Contesting County Property Assessments – 60 percent of All Assessed Property is Over-Assessed

System - Monday, November 6, 2017
Statistically, 60% of all assessed property is over-assessed, and over half of homeowners who appeal are granted some form of concession. Fewer than 2% of taxpayers appeal, though. Especially if you have property in depressed areas (such as Aurora), you are likely giving free money to your local government.

Tips:
  • Find your county assessor at www.naco.org.
  • Write to your county assessors office and show your assessment is higher that recent comps in your neighborhood (found at www.domania.com and other sites).
  • If possible, have a professional Realtor (such as yours truly) prepare an official assessment… this will hold more weight with the assessor
  • National taxpayers union www.ntu.org has a booklet on how to fight property taxes as well

Did You Pull a Permit for That?

System - Tuesday, October 31, 2017
You are touring through a nice home and are admiring the custom enclosed porch, which has been included as a part of the properties square footage. Any time a properties structure has been modified (or even a new furnace installed), make sure that the Seller has pulled the appropriate permits and has performed all necessary inspections before making an offer.

Why is this important? Let’s say a fire starts in the wiring junction box of an addition that was built without permits. In most cases, your insurance company will not cover losses to any part of the property if they are caused by the addition. Also, if a fire breaks out in the main part of the home, damages to the non-permitted addition will also likely not be covered.

When you ask, make sure they deliver the actual signed permit paperwork. As a sanity check, visit county records to make sure any additions have been properly recorded. This is a good signs that the appropriate permits have been pulled.

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