Colorado Springs real estate is hotter than ever as the market continues to grow. Tucked among the Rocky Mountains, the city nicknamed Little London boasts a unique mix of outdoor adventure and urban living. But to make the most of your investment, investors must understand the importance of maximizing their ROI, or return on investment.
In this article, we’ll explain why Colorado Springs is a great location for rental property investments, plus how the right Colorado Springs real estate management can significantly improve your profitability.
Why Colorado Springs is a Prime Location for Rental Property Investments
As local Colorado Springs real estate management companies know, this city has everything an ROI-focused investor dreams of, including:
A Growing Population: A steadily increasing population means a wealth of opportunity for Colorado Springs real estate management companies and investors. According to the experts at the Colorado Springs Gazette, the metro area of Colorado Springs is sit to cross one million residents within the next 20 years. As more people move to this area, more housing is needed - and with the Springs’ influx of military families, professionals, and retirees, it’ll be easier than ever to find great tenants.
Strong Job Market: As the population continues to grow, Colorado Springs job opportunities are following suit. The lead economist of the nonprofit Data-Driven Economic Strategies told the Gazette that “[they] forecasts a combined 45,235 [would be] employees added.” A strong job market translates to renters ready and able to consistently pay for housing, which is a great sign for Colorado Springs real estate management and investors!
Affordable Living Compared to Denver: Compared to its Northern neighbor, Colorado Springs is significantly more affordable. According to Zillow, the average rent in Colorado Springs is $1,850 and the average rent in Denver is $2,095 - meaning tenants spend nearly 12% less for housing in the Springs. This often means that Colorado Springs real estate management companies and investors have to offer fewer concessions to fill their units.
Outdoor Lifestyle and High Quality of Life: The city’s proximity to nature, hiking, and recreation attracts long-term tenants. There are a plethora of trails available and more than enough opportunities to try out other activities, including white water rafting. And it’s not just the locals who have noticed. Colorado Springs real estate management companies are celebrating the city ranking in the top three Best Places to Live in America list from US News.
Increasing Property Values: Beyond the natural beauty, affordability, and quality of life, Colorado Springs real estate management has also seen an impressive increase in property values over the years.The median Colorado Springs home price is $462K, which is 8% higher than the national average, according to Redfin. That’s a 7% appreciation rate year over year - almost double the national average appreciation rate of 4.27%.
Clearly, this city has plenty to offer - that’s why Colorado Springs real estate management is such a hot topic. But how can you make the most of your investment in Little London?
How Colorado Springs Real Estate Management Enhances ROI
The best way to keep your passive income truly passive is to hire a Colorado Springs real estate management company, like Evernest. A Colorado Springs real estate management group offers a wealth of benefits, including:
Time and Effort Savings: Your Colorado Springs real estate management handles day-to-day tasks, like raddressing maintenance issues and collecting rent - giving you time to focus on other things.
Market Expertise: What can you expect when working with a high-quality Colorado Springs real estate management team? Your rental property manager will provide accurate pricing to ensure a healthy ROI along with legal compliance and tenant screening tailored to Colorado Springs.
Preventive Maintenance: A Colorado Springs real estate management team should handle both reactive and preventative maintenance. A good property manager will keep your rental in top shape, reducing costly repairs.
Tenant Satisfaction and Retention: Keeping tenants satisfied is a hallmark of great Colorado Springs real estate management - and for good reason. Enhancing the tenant experience leads to longer leases and reduced turnover.
If you’re still not sure whether you should hire a Colorado Springs real estate management team, let’s discuss some of the most common mistakes investors make that lower their ROI.
Common Mistakes That Can Lower ROI in Colorado Springs Rental Properties
Without a trustworthy Colorado Springs real estate management team behind you, it can be easy to stumble into a situation that actually lowers your ROI. Whether you opt to make your passive income easily or prefer toughing it out alone, it’s important that you avoid:
Setting incorrect rental prices that lead to vacancies or underperformance
Delaying maintenance, resulting in expensive repairs
Practicing poor tenant communication, leading to dissatisfaction and high turnover
Ignoring local rental laws, risking fines or legal disputes
If that sounds too complicated, don’t worry. There are fantastic local Colorado Springs real estate companies like Evernest ready to help.
Still not convinced? It’s time to examine the benefits of hiring a Colorado Springs real estate management team.
Benefits of Hiring a Local Colorado Springs Real Estate Management Company
The best part about real estate investments is that you’re not required to do everything yourself. You can bring in an excellent Colorado Springs real estate management team to handle everything for you. Beyond their real estate knowledge, such a team offers:
Local Expertise: Cash in on their knowledge of neighborhood trends in areas like Briargate, Old Colorado City, and Broadmoor.
Network of Trusted Contractors: Don’t worry about spinning through your Rolodex, hoping to find a trustworthy contractor. A local Colorado Springs real estate management team has access to the quick, affordable maintenance solutions you (and your tenants) need.
Tailored Services: Your investor goals are unique, so your management team should be too. Evernest offers customized management based on property type and owner goals designed to bring your vision to life.
Wrapping Up: Is Colorado Springs Real Estate Management the Key to Maximizing ROI?
The answer is clear: Colorado Springs real estate management is the key to maximizing your ROI. Having a local team available to handle day-to-day tasks, like tenant screening and collecting rent, enables you to keep earning a healthy ROI with limited involvement. Their expertise and vast network of contractors will help you and your tenants enjoy your rental property, leading to higher ROI than a messy DIY situation.
If you’d like to amplify your ROI without increasing your workload, contact Evernest Colorado Springs today. We look forward to helping you maximize your rental income while minimizing your stress!
