If you haven’t heard, owning Denver Investment Property right now is gaining popularity. Why, you ask? Inventory is low and demand high. Vacancy rates are below 5% in the Denver metro area; however, I’ve heard numbers supporting below 2% in the following areas: City Park, Congress Park, Cheesman Park, Washington Park, Capitol Hill, Cherry Creek, Riverfront Park, Lower Downtown (Lodo), The Highlands, and Lower Highlands (Lohi).
The Denver Post just released this article yesterday, here is an excerpt discussing why vacancy rates are so low, and rents on the rise:
“Gordon Von Stroh, a University of Denver business professor and the report’s author, said the vacancy rate reflects a tight market.
“The vacancy numbers haven’t been lower than this since before the dot-com bust in Colorado, and that was a period marked by a scarcity of rental housing in many areas,” said Von Stroh.
Von Stroh said it has become increasingly difficult for people — especially younger people — to move into single-family residences. Key factors are the unemployment rate, tightened credit and higher down payments.
He said there is a population increase in young people in the Denver area of about 35,000 a year, and many move into apartments. There also continues to be a large influx of people [all ages] into Denver.”
I have been hearing this statement quite a bit lately: “We can’t find a rental in the areas we want to be in on Craigslist, what should we do?” The truth is, most of my clients fill the rare vacancy now with their waiting list, word of mouth, or a sign in the yard for no more than a day. They are then able to pick what they feel is the most qualified candidate.
There are essentially three buying options right now, regarding Denver Investment Properties, concentrating on Denver Multi-Family buildings. I’ll be discussing those later this week. Stay tuned….
For a consultation regarding Denver Investment Properties, please Contact Me for a time to meet.