Northern Colorado- Better Times Ahead for the Rental Market
The most Southern reaches of Northern Colorado as well as the Denver rent market seems to be tightening.
The Longmont Daily Times has recently reported a 3.
9% vacancy rate for the city in September 2007.
The publication reported a contributor to the tightening market is tied to the number of foreclosures as the past owners migrate back to the rental market.
Therefore, perhaps the rental population may begin traveling north to find not only affordable but plenty of housing to choose from.
Also, a contributor to the tight market is job creation.
I know many people who commute to Boulder, Longmont, Broomfield, Lafayette and Louisville to work and many have moved to those communities due to the high cost of commuting.
With foreclosures a factor in reducing the vacancy rate then couple that with a 4,000 net new jobs forecast for 2008 as stated by the regional economist Martin Shields and reported by Northern Colorado Business Report the communities of Loveland, Fort Collins and Greeley may soon begin seeing a tighter vacancy rate and the region could begin to see some of the excess housing absorbed.
Shields also stated the regional population will grow at an average annual rate of about 2.
5% for the next few years.
The Fort Collins rent market seems to be the most active of the 3 communities, at this time, as filling vacancies is a short process.
The ad lengths are reduced as there seems to be a large pool of rental candidates searching for rooms in the community.
One factor was a lack of housing for CSU students as enrollments were at a record level.
A conversation with the owner of a property management company stated they were filling vacancies within 2 weeks inside of Fort Collins proper.
Greeley and Loveland rent markets are filling vacancies, but with an abundant amount of vacant property the market continues to produce value with many properties to choose from.
There are many rooms neighboring the university in Greeley that were once filled with students but are now vacant due to the overbuilding with in the community and its nearby neighbors.
Loveland has grown considerably at the intersection of I25 and U.
S.
highway 34 where many different residential opportunities are available and within convenient proximity to the commercial center of the region.
Landlords should look at other alternatives and more effective ways to advertise their property during these trying times.
Marketing your rental takes time and you need to get the word out through all types of relevant channels to shorten the time to fill your vacancy such as: oBe sure to post a "For Rent" sign that can be clearly seen from the street.
oMake eye catching flyers for the local Coffee Shop include some pictures of your property.
oUse an internet service like Rentmarkets.
com to list your property and be sure to take advantage of all their services.
This will list your property to the entire nation.
(Did you know that more than 80% of apartment renters have access to the internet and they use it regularly for shopping)?
The Longmont Daily Times has recently reported a 3.
9% vacancy rate for the city in September 2007.
The publication reported a contributor to the tightening market is tied to the number of foreclosures as the past owners migrate back to the rental market.
Therefore, perhaps the rental population may begin traveling north to find not only affordable but plenty of housing to choose from.
Also, a contributor to the tight market is job creation.
I know many people who commute to Boulder, Longmont, Broomfield, Lafayette and Louisville to work and many have moved to those communities due to the high cost of commuting.
With foreclosures a factor in reducing the vacancy rate then couple that with a 4,000 net new jobs forecast for 2008 as stated by the regional economist Martin Shields and reported by Northern Colorado Business Report the communities of Loveland, Fort Collins and Greeley may soon begin seeing a tighter vacancy rate and the region could begin to see some of the excess housing absorbed.
Shields also stated the regional population will grow at an average annual rate of about 2.
5% for the next few years.
The Fort Collins rent market seems to be the most active of the 3 communities, at this time, as filling vacancies is a short process.
The ad lengths are reduced as there seems to be a large pool of rental candidates searching for rooms in the community.
One factor was a lack of housing for CSU students as enrollments were at a record level.
A conversation with the owner of a property management company stated they were filling vacancies within 2 weeks inside of Fort Collins proper.
Greeley and Loveland rent markets are filling vacancies, but with an abundant amount of vacant property the market continues to produce value with many properties to choose from.
There are many rooms neighboring the university in Greeley that were once filled with students but are now vacant due to the overbuilding with in the community and its nearby neighbors.
Loveland has grown considerably at the intersection of I25 and U.
S.
highway 34 where many different residential opportunities are available and within convenient proximity to the commercial center of the region.
Landlords should look at other alternatives and more effective ways to advertise their property during these trying times.
Marketing your rental takes time and you need to get the word out through all types of relevant channels to shorten the time to fill your vacancy such as: oBe sure to post a "For Rent" sign that can be clearly seen from the street.
oMake eye catching flyers for the local Coffee Shop include some pictures of your property.
oUse an internet service like Rentmarkets.
com to list your property and be sure to take advantage of all their services.
This will list your property to the entire nation.
(Did you know that more than 80% of apartment renters have access to the internet and they use it regularly for shopping)?
Source...