|Specialty||# of Agencies|
|Single House or Condo||31|
|Home Owners Association||19|
|Total Local Companies||55|
Colorado Rental Market Overview
Diverse Job Sector Growth Outpaces U.S. Average in Colorado
Colorado consistently avoided the worst of the recession and continues to beat the U.S. economic growth percentages, largely due to improvements in diversified sectors like mining, energy, technology and agriculture. Data from the U.S. Department of Labor indicates that Colorado's nonfarm employment improved by 2.4% in in 2013 while the national average was 1.6%. A recent Colorado 2014 Economic Outlook report published by Wells Fargo Securities suggests that Colorado's 2013 job increase percentages in the Quarterly Census of Employment and Wages may have been understated by half a percentage point and that the numbers may be revised upward in the near future. The report explained that this growth was probably weighted toward value-added industries like mining, construction, manufacturing and energy extraction. The point is that there is plenty of economic upside in Colorado, something rental property owners should consider if they're considering expanding their rental assets in the Centennial State.
Moderation in Economic Growth Expected to Continue
While real estate markets in other parts of the country experienced notable highs prior to the housing crisis and remarkable lows during the recession, Colorado properties didn't follow extreme fluctuations. The housing recovery continues in moderation, as noted at the Institute of Real Estate Management's Colorado Springs 2014 Economic Forecast presentation, where MLS data indicated a consistent and steady decline in foreclosures and distressed property sales. There are still attractive property deals out there, but it's harder to find them than in 2009. Like other metro areas in the state, Colorado Springs enjoys a lower inventory and higher demand than previous years. Denver ranked just outside the top ten rental markets in the nation in the 2013 Marcus & Millichap National Apartment Report. Is this the ideal entry point for small landlords and independent investors? While there might be fewer bargains, persistent recessionary concerns appear to be waning in many Colorado rental markets. The best option is to consider firsthand advice from real estate professionals employed by the many Colorado property management companies throughout the state. Besides helping clients with day-to-day rental property management services like maintenance, property showings and tenant screenings, many Colorado property managers provide clients with insights regarding their local real estate markets. Take a moment to review the property management companies on this page and request your free information today.