If you have been looking for a house to rent in northern Colorado, you are not alone. It seems that available rental housing is becoming increasingly difficult to find. In fact, the Northern Colorado Business Report recently reported that Loveland has one of the lowest vacancy rates in Colorado. Some of the highlights of that report include the following:
- The multifamily vacancy rate in Loveland was 1.9 percent for the fourth quarter of 2012 which was the lowest rate in the state.
- Rents in Loveland are averaging $952/month which is significantly higher than Greeley and higher than portions of Fort Collins.
- Certain parts of Fort Collins are experiencing even lower vacancy rates with the northwest and northeast areas of town showing vacancy rates of 0.9 percent and 0.6 percent.
- Average rental rates for Fort Collins as a whole continue to exceed $1,000/month.
- Greeley’s vacancy rate of 3.2 percent continues to be higher than both Fort Collins and Loveland, however it has dropped from 6.4 percent for the same period last year.
- Rental rates for Greeley are nearing a six-year high at $692/month.
What does this mean for landlords? It means that now is a good time to own investment real estate in Northern Colorado. However, being a landlord is not an easy endeavor. Individuals entertaining the idea should do their homework and consider these tips offered in a previous post which are aimed at protecting your interests as a landlord.
If you would like more information regarding your investment real estate please contact our Business Law Group partner, David A. Closson at [email protected].