People who buy rental properties in Denver create passive wealth.
According to a recent article by Main Street, owning rentals is easy, but being a landlord isn’t simple. Having a residential property management company find you reliable tenants can help because your property manager is the “tough guy.” Data from Real Property Management in Salt Lake City shows the rental market has grown by 31 percent in the U.S. since 2006. Meanwhile, investors can still take advantage of low-interest rates unless they decide to make an all cash purchase. If your goal is wealth creation, keep several factors in mind when hunting for investment properties and residential property management companies in Denver. It’s possible to find all kinds of architectural styles and types of homes in the Denver area. A good residential property management company will handle your concerns whether you buy a townhouse, condo or single family home in the city or the suburbs.
Choosing newer construction
One of the advantages of buying a new construction home or home that is less than 5 years old is the fact that the home will require very little renovation work or updates. In the Denver areas, some of the newest developments that are in high demand include the Stapleton neighborhood. Keep in mind, a master-planned community such as Stapleton, comes with added fees and maintenance costs. If you want to buy a new construction home to rent out, other new developments slated for the area include Sterling Ranch and Littleton Village.
Opting for hip, urban neighborhoods
Some of the most popular Denver neighborhoods with high rental market demand include Washington Park, Uptown, Lower Downtown, City Park and Lower Highlands. Investors can find a steady supply of well-paid tenants who want to live in modern lofts and condos in LoHi, the eastern section of Highland. Meanwhile, RiNo or the River North Art District is also a good place for investors.
If you are contemplating selling your high-rise condo, loft or single family home in the Denver area, consider renting it out for a profit. Legacy Properties can provide you with an estimate of the market rent your could receive whether you own a place in Ajax Lofts, Barclay Towers, The Beauvallon, Streetcar Stables, One Riverfront or other location.
At Legacy Properties-PM, we are proud members of NARPM, the National Association of Residential Property Managers. For more details on residential property management services in Denver, please call 720 989 1996 or contact us.