Denver Investment Property Upgrades, by Naka Designs:
The Denver real estate market has a similar relationship to the economy as do interest rates: when the economy stinks interest rates are low, when the economy is booming rates on borrowing are high. Similarly, when the Denver real estate market is doing poorly, rental rates, and therefore Denver investment properties are flourishing. The Denver real estate market is experiencing record lows relative to apartment vacancies and there is, therefore, a huge demand on investment properties. While there is great competition for apartment rental space, there is also a need for investment property owners to offer the best aesthetic and amenity package at their apartment rental so they can demand the highest rental rates possible.
There are a number of ways a Denver investment property owners can upgrade their building with limited effort and relatively small cost. First of all, curb appeal does matter; so there should always be investment in the landscape and exterior look of the building. A fresh coat of exterior paint with an inviting color palette goes a long way in sprucing up tired rental property! Secondly, the experiences potential residents and existing residents have is important. Common areas (including entry vestibule, mail room, laundry room, and common corridors) should be well lit, clean, and inviting. Again, a fresh coat of paint goes a long way, as do updated light fixtures and new carpeting that is not from the previous millennium!
This is a great time in Denver real estate to have an investment property, as your rental roles are full and you are likely making a nice profit, but don’t forget, a well designed space and building is an in-demand building! Good luck!
Please contact Momo or Fitz at Naka Designs for a consultation on how to spruce up your Denver Investment Property, or Denver primary residence!