Colorado Springs, CO: Olympic City USA
With an estimated 478,961 residents, Colorado Springs is the second-most populous city in Colorado. It also serves as the country seat of El Paso County. Known as “Olympic City USA,” Colorado Springs is home to numerous national sports governing bodies. This includes the United States Olympic Training Center and the United States Olympic & Paralympic Committee.
Colorado Springs also boasts an active tourism industry as well as a thriving arts and culture scene. Notable attractions include the Garden of the Gods, the ANA Money Museum, the United States Air Force Academy, Old Colorado City, Cheyenne Mountain Zoo, and the Colorado Springs Fine Arts Center. In addition to that, the city also hosts annual cultural events such as the Colorado Springs Labor Day Liftoff, the Colorado Springs Festival of Lights, and more.
What Is Colorado Springs’s Rental Market Like?
In Colorado Springs, homes are relatively affordable. The median listing price for a home in this city is $291,600, which is 28% above the national median. Colorado Springs is favorable to rental property owners because of its large pool of potential tenants. In fact, 41% of the city’s population are renters.
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Additionally, Colorado Springs commands a higher rent compared to the national median. The median rent in the city was $1,251 in 2019, while the national median was $1,097. Rent has been steadily increasing in Colorado Springs since 2016.
Image via deptofnumbers.com
Furthermore, Colorado Springs also has a low vacancy rate. The vacancy rate in the city was 3.21% in 2019, down from 2018’s 4.15%. Meanwhile, the national vacancy rate was 5.97% and the state’s vacancy rate was 4.60% in the same year. The laws in Colorado are also generally landlord-friendly.
How a Colorado Springs Property Management Company Can Help
As a desirable place to live and visit, Colorado Springs unsurprisingly has countless rental properties. Behind these properties, though, there are usually landlords who feel overwhelmed with the amount of work it takes to manage their rentals. If you feel the same way, then perhaps it is time to hire a Colorado Springs rental management company.
A rental management company can take over all of your duties as a landlord. If you lack time, expertise, or interest in rental management, professional help is the answer to your problems. What can a property management company do for you?
- Advertise your listing
- Screen and process tenants
- Oversee property showings
- Set and collect rent
- Create a lease agreement
- Perform move-in, move-out, and routine inspections
- Enforce your lease terms
- Manage maintenance and repairs
- Respond to tenant complaints
- Manage your budget
- Help with tax calculations
- File evictions
In Need of Property Management in Colorado Springs?
If you need a property management company in Colorado Springs, Rental Choice is the first place to look. Browse through our comprehensive online directory and narrow down your search by city or state. We only list reliable property management companies, so you can rest assured your investment is in good hands.