Denver, CO: The Mile High City
With an estimated 715,522 residents, Denver is the most populous city in Colorado. It also functions as the state’s capital city. Other than “The Mile High City,” Denver is also nicknamed “Wall Street of the West” thanks to its thriving economy.
In terms of arts and culture, Denver is home to many notable landmarks, museums, and performing arts venues. Some of the most famous ones include the Denver Art Museum, the Denver Performing Arts Complex, the Denver Museum of Nature and Science, and the History Colorado Center. It also has several bustling neighborhoods, such as RiNo and LoDo, that are overflowing with art galleries, bars, restaurants, and clubs.
Denver makes for an enjoyable place to live. In addition to a great nightlife scene, the city also hosts annual events like the Great American Beer Festival, the Dragon Boat Festival, the Denver PrideFest, and the Moon Festival. It also has a diverse local cuisine featuring dishes from different cultures.
What Is Denver’s Rental Market Like?
Compared to other cities, Denver has a more expensive real estate market. The median listing price for a home in this city is $414,400. This is a whopping 82% above the national median. Perhaps it is due to this that about half of the population rents their homes. In fact, 50.1% of Denver residents are renters.
Image via towncharts.com
Despite expensive homes, Denver remains a lucrative place for property investors. In addition to a sizable pool of renters, the city also boasts a high median rent. In 2019, the median rent here was $1,468, significantly higher than the national median of $1,097 in the same year. Rent in Denver has also been steadily increasing since 2010.
Image via deptofnumbers.com
Although rent is rather high in Denver, that has not greatly affected the city’s vacancy rate. In 2019, the vacancy rate in Denver was 4.24%. This is notably below the national median rate of 5.97% in the same year. The rate also fell from 5.22% in 2017 and 4.83% in 2018. Beyond that, Denver is also a generally landlord-friendly state.
How a Denver Property Management Company Can Help
Managing a rental property requires time, dedication, and expertise — three things that not all landlords have. To become a successful landlord, you need to juggle a multitude of tasks. This includes collecting rent, enforcing the lease, and abiding by the countless landlord-tenant laws that apply to you. To the untrained, it can be too overwhelming.
This is where a Denver rental management company comes in. A management company can take over most of a landlord’s duties, if not all. You can rest assured knowing your rental property is in capable hands. What can you expect from a rental management company?
- 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 Denver?
If you are looking for a property management company in Denver, Rental Choice is the right place to start. Browse our online directory to begin searching for rental management companies in your city or state. Trust that we only list established and reliable companies that offer quality services!