You have probably noticed a new apartment building going up in your neighborhood. The housing shortage, which caused rent rates to rise, attracted investors to the market (in droves). More and more new apartments are hitting the market. This creates competition and in turn causes rental rates to go down. Yay for tenants, but landlords take note! Make sure you are pricing yourself competitively so that your tenants aren’t checking out the lazy river at the newly built apartment building down the street.
Sellers are coming out to play
The market is always changing. The latest change, or rather “tweak,” is that more properties are hitting the market. The number of houses on the market in August reached a 4 year high. 8,228 is still a small number compared to a “normal” market of around 25,000, but it does indicate that the Seller’s market might be easing up. Home values jumped so significantly in past years that it became difficult for people to move around the metro area, so they just stayed put. Well, people can only stay put for so long. It seems only natural that more properties will be coming to market in the next few years as people adjust to the new normal.
Ongoing: Attention Denver Citizens and Landlords!
Denver City Council has proposed to require landlords to accept Section 8 tenants by adding “source of income” to the list of things a landlord cannot ask about or consider when selecting a tenant. Some landlords love Section 8 and some hate it. If this bill passes, you no longer get the choice. Read the proposed bill here. If you live in Denver, call your representative and offer your perspective.
QUOTE OF THE WEEK
“Kindness is the language which the deaf can hear and the blind can see.“
See you soon,