How isthe Denver area rental market doing? Great!The vacancy rate isthe lowest it has ever been since they began tracking it in 2004. For those that follow this blog, youmay realize this is the third time I have written about this in the past year. I hate to sound like a broken record, but people need to realize just how significant this really is. In certain counties in the Denver metro area, the vacancy rate is a whopping 0%. Do you realize that means there are no rentals empty at this time?
I do not work with rentals and leasing, but this news is significant to me for two reasons. First, for investors this is incredible news. There are terrific deals out there right now on homes, especially in some of these counties where vacancy rates are so low. With almost no new construction on the horizon for these areas and more people moving to Denver every year, these trends shouldn't change anytime soon. And with interest rates so low, I have investors who were quoted a rate of5.25% for investment loans, cash flowing has never been easier.
The second reason this is important is for move up buyers. Now may not be the perfect time to sell your home even though you desperately want to take advantage of the great rates and deals out there. But with so many people searching for houses to rent right now, why not rent out your home and move up to the one you have been eying for awhile now? That is what I am doing and I rented my house in a day for more than I though possible. I keep writing about it and am amazed more people aren't taking advantage of it. If you have been considering it, but just aren't completely comfortable with the idea ofrenting and buying, give me a call and we can discuss. To read the full study on vacancy rate, click here.
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