Skip to main content

Property Management Blog

RENTAL MARKET PULSE – 1st Quarter of 2016 | Colorado Springs Property Management Blog | { % snippet name='company-name' %}
RENTAL MARKET PULSE – 1st Quarter of 2016

RENTAL MARKET PULSE – 1st Quarter of 2016

 I will say that this year’s rental market is looking more engaged than I have seen in some time.  Now, most of us Coloradans have heard some of the housing shortage statics in Colorado, but in the interest of really providing some front-row or ‘pulse’ examples of what we are dealing with please continue reading. 

1)  I’ve been in rental home management for about 12 years now, and prior to 2015 I had only experienced a portfolio of 300+ units/doors seeing a zero percent vacancy rate, two times.  In the past twelve months we’ve had a zero percent vacancy rate three times.  Yes – THREE (3) times.  That’s right, 350 units (mostly single family homes) and zero vacancies for longer than just a day or two.  

2) The ebb and flow of rentals and the inventory available on the market is largely dictated by landlords and property managers.  Many of us make a reasonable attempt to keep homes from going vacant in the winter months because we know from our past experiences that homes generally lease slower and lease for less ($) during the winter.  I’m here to tell you that this winter, this was not the case.  We were renting homes in a week or two in DECEMBER of 2015 at spring/summer rates.  That is a clear sign of a landlords market.

3) I had an open-house showing last week in Briargate at a home that I honestly felt was fairly aggressively priced (by about $150 per month).  I had about 8 people standing in front of the home when I pulled up and after speaking with them a few literally ran to their cars to go apply.  My jaw dropped a little – I was stunned. 

Now, as an advocate for my home owners, I love to see this.  Homes are renting quickly, they are renting for more, and we have a better selection of applicants to choose from!  However, as someone who also cares about our tenant customers who are out there shopping, I will say that it is very rough out there.  If you are in a lease now but aren’t 100% happy w/ the home or area, you might want to consider simply renewing this year instead of diving out there into the open rental market of shark infested waters.  Then you can either hope the market cools down a bit in 2017, or just start saving up to purchase.  Also, if you do opt to brave the waters – be very careful of the many rental scams out there.  NEVER send money to someone if you haven’t confirmed that they are, without a doubt, the landlord or management company. 

With all of that said, here is my prediction.  This spring/summer is going to be one of the strongest landlord markets in the past decade. 

If anyone out there (tenant customer or owner client) need any advise, we really enjoy helping people in any way we can and are always willing to help.  Just give us a call!