It is no secret that the housing market is constantly changing, fueling spikes and declines in housing trends. However, the current state of the housing market is not just impacting those who are looking to buy and sell. The price for rentals has benefited from the latest surge in the economic upturn. With the price for rentals in Colorado Springs currently among the highest in the nation, you need property managers. Colorado Springs is one of the top cities for fast increases in rental rates. Without a property manager, you may be undercharging your tenants.
Property Managers: Colorado Springs Rising Rents
The national average for rent increases is holding steadily at 2.7 percent. However, in Colorado Springs, rent rates have increased more than 11 percent. As a result, Colorado Springs now ranks third in the nation for the fastest growing rent rates, only preceded by Orlando and Tampa.
Fueling the rising rent prices is largely due to the number of Millennials moving to Colorado Springs for employment opportunities. As more jobs become available, the available rental properties tighten. Landlords are able to use this in their favor to increase rent rates.
However, increasing rent can be tricky. You need to abide by the current rent average of other properties in the area. Increasing the rent too high will cause you to miss out on a long-term tenants, while setting rent too low will cause you to lose a money.
To ensure you set the appropriate rate to keep up with rent trends, you need property managers. Colorado Springs’ real estate experts at Mountain Peaks Real Estate will help determine your rental rate to meet the housing market average.
