Introduction
Colorado real estate is one of the liveliest upcoming state markets. The Centennial State’s consistent success has helped in building Colorado’s reputation, and thus it’s considered as one of the best states for real estate investment. Below are some reasons why it’s the perfect time for rental investment in Northern Colorado communities.
Tourism
The state’s buzzing tourism industry is of great benefit to the Colorado real estate market; the city is well known for its cultural events, outdoor activities, and arts and culture. Skiing, to be specific, is number one of Colorado state tourism.
Growing Population
Colorado housing market is experiencing rapid population growth, with the states anticipated growth rate at 1.37% for 2019. It is ranked at the 7th place among the fastest-growing cities in the US. The state’s urbanization has been a key factor for the incredible growth of the city. Due to its tremendous growth and urbanization, Colorado’s rental property has been in great demand.
Landlord-Friendly State
As a landlord in Colorado, you can access your rental property without any notice requirement unlike other states in the US where it’s illegal for a landlord to access their property without legal notice. This adds to the reasons why you should become an investor in Colorado real estate market. As if that is not enough, the eviction procedure in this state is very simple—as the law enforcement sides with the landlord. A compliance notice is obligatory with a time limit of 72 hours, in which occupants can either pay off the rent or reinstate the property to the property owner. For these reasons, Colorado will attract anyone who would wish to become a landlord in the city real estate market.
Flourishing Economy
Population growth and economy of a city usually go hand in hand. When the population and economy of a state increase then its demand from tenants is at a higher rise which is an added advantage to the real estate investors. This has been the case in Colorado’s rental market which is at the top in the entire nation—it’s the best. On the other side, its occupation development rate for 2019 is projected to be 2% which is main in the country.
Having known the reasons why Colorado is the best place for rental investment, below are the best communities to invest in Northern Colorado.
1. Fort Collins
Located at the North of Denver, Fort Collins is a lively city with a lot of cafeterias and varied cultural attractions. With its clean running river, peaceful lakes and with snow covering the mountains, people here do have a lot of fun. To some extent, Fort Collins’ arithmetical performance is similar to Colorado Springs’. The cities are both lucrative for traditional investment properties and Airbnd and still in both cities Airbnd has been legalized. Both Fort Collins and Colorado Springs are below the city median in average Colorado investment property values. Fort Collins Airbnb necessities comprise of a limited rental permit and a 3% Lodging Tax. Compared to Boulder’s, Fort Collins asset properties are more reasonable, yet both cities have a slight difference in investments returns. These reasons make Fort Collins be among the best cities of Colorado real estate investment markets.
2. Denver
Denver is the capital city of Colorado and among the top cities best in real estate investment. It has a strong economy as a result of the low unemployment rate and a steady job market development. As seen from the Mashvisor’s data statistics for a Colorado asset property in this state are highly impressive. The median real estate investment is lucrative for the traditional rental plan. As earlier mentioned, an increase in economy goes hand in hand with an increase in population. Some of the qualified workers are relocating to Denver, and this has led to an increase in demand for residential real estate properties in Denver. Airbnb is legal in this city for homeowners, and the most distinguished Airbnd guidelines are the primary house obligations and a 10.75% Lodger’s Tax. Denver is the best place in the Colorado real estate market.
3. Colorado Springs
Another best rental investment in Colorado state is Colorado Springs. It has the most reasonable Colorado rental property average value of the states in the list. The city’s most remarkable feature is its affordability as the median price of homes for sale is $550,216. Colorado Springs is a lucrative state for rental plans. Just like other cities, Airbnb is also legal in this city. The most remarkable Colorado Springs Airbnb guidelines are a sales tax license and a limited rent permit.
4. Timnath
Timnath is an agricultural community located on the southeast of Fort Collins. The city’s population is growing at a higher rate, between the year 2000 to 2010 the state’s population increased by 180% and an additional 85% between 2010 and 2012. Due to its proximity to Windsor and Fort Collins, many residents of Timnath work in these communities and thus strengthening its economy through the low rate of unemployment. The investment property in this city is affordable with an average home value of $492,200. The state also has a favorable climate of not less than 300 days of sunshine every year.
5. Windsor
Windsor is located between Fort Collins and Greeley. Between 2010 and 2012, the state’s population increased by 7.7% with home ownership of 79.1%. Windsor is a desirable market for investors, because of its low property prices investors can easily access the market. The price for rental purchase is surely attractive, not mentioning its potential growth which is very strong and because of this, Windsor has the strongest economy. In 2017, the median sale price of residential properties in the state was $264,750 which is quite below the provincial of $588,005. The tremendous population growth in Windsor has led to an increase in demand for residential real estate properties with retirees taking advantage of the low cost of living and investors have recognized the bountiful opportunities.
6. Loveland
With no signs of slowing, Loveland has had one of the fastest population growths in Northern Colorado. This city is an attractive place for people to stay long with public amenities in Centerra marketing area and the lakes at Centerra housing communities. For investment, Loveland offers a varied housing stock with stockholders able to purchase higher-end homes, mid-range condos and older homes. Commercial properties are also varied extending from the historical center area to the recently industrialized east side of town. Manufacturing properties, vacant land, and restaurants are also available. The variety in housing generates stability of valuing and given a large number of local businesses, Loveland is nudged in the list of best places for rental investment.
7. Wellington
Wellington is located north of Fort Collins. The two communities share the same recreational opportunities, just like Fort Collins Wellington has four favorable seasons. The city’s population has been increasing with approximately 6,800 residents, and this has led to an increase in demand for residential properties from tenants. The city hosts several events like public sporting not forgetting Christmas cavalcade. These events are of great benefit because they’ve lead to the increase and expansion of the local businesses, resulting in the attraction of investors. On the other hand, Wellington’s closeness to lots of lake and Roosevelt National Forest has offered added incentives for outdoor activities.
Conclusion
In conclusion, owning investment properties is not only costly, but also, it’s a hard task. Electing a reliable property managing partner in Northern Colorado can make all the difference. Once you’ve established the right location for your Colorado rental investment, it’s important to look for ways to manage it—you can either settle up and be your manager or hire a qualified property managing company.