Downtown Living

8z Rentals • Nov 29, 2012

There are a lot of benefits to living in a downtown metropolitan area especially here in Colorado. What are the most important questions to ask when looking for a property downtown? We’ll break down some of the big ones so you don’t have an unpleasant surprise after you move-in:

-Is There Parking? Having a car and living in an urban area can sometimes be a nightmare. Make sure you ask where it is located, how many spots are available, will it cost extra and where can my guests park. Many times higher end properties will have underground parking available. Making sure that the parking is secure is important as well as learning how easy it is to get in and out of the garage. Check to see how many transponders you will be provided with. You may have two spots but only one transponder which can be an issue. In terms of guest parking sometimes there is none! Checking to see parking costs and time limitations around you can be a valuable asset so your guests aren’t hit with large parking fines.

Where is The Nearest Grocery Store? This question isn’t usually your first concern, but it can be very important. Yes, you may be surrounded by shopping, restaurants and entertainment but when you want to cook dinner it can become a much bigger task then planned. If you live and work downtown you may not have a car which means that you’re either walking, biking, or taking public transportation to the grocery store. If it is far away lugging groceries may become a pain and having groceries delivered is another expense so make sure you check out the neighborhood and see what is closest to you and the fastest way to get there and back.

How Will Living Downtown Effect My Utilities?  In many downtown locations utilities actually tend to be lower! HOA’s will cover a lot of your utilities (Water, Sewer, Trash) and sometimes even electric or gas. Make sure you find out who the utilities provider is before you move-in and even give them a call for an estimate on utilities. Living in a large residential building actually can save energy by having a centralized heating and cooling system which uses less energy and in many cases your neighbors apartment/loft can help keep your apartment warm in the winter meaning you don’t have to touch your thermostat as much!

Where Are The Parks?  If you have a dog, living downtown can sometimes be a hassle! Learning where the parks are nearby as well as dog parks can save you some time when you’re walking your best friend. If you don’t have a furry friend, maybe you just want to take a stroll or read outside. Take some time to walk around the neighborhood in every direction before moving in to get a feel of what is around and how busy it is, who knows maybe you’ll find a nice pocket park no one knows about!

How Much Rent Is Too Much? When you’re looking to rent a property, sometimes everything can seem like too much money. Living downtown or close to downtown will in most cases cost more than everything else you find. Some things to keep in mind are that if you like going to dinner, drinks, shows, movies, etc. living downtown can save you a great deal of time and money. No longer will you need to drive to downtown, search for parking wasting gas and then usually pay for parking. As mentioned previously, utilities can be lower for many apartments meaning you’ll save some money there too. Another factor to consider is that you don’t have a lawn to water & mow, leaves to rake or snow to shovel! This can save you a lot of extra money that can be better spent elsewhere. So if the rent seems high, keep in mind all of the other expenses you aren’t paying.

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By 8z Rentals 22 Oct, 2020
The winter months can spmetimes be the toughest months in terms of finding a renter for your rental property. What causes this? Typically there are a few factors that go into what drives the demand.     One major factor is the school year, many families don’t like to move during the school year and having to […]
By 8z Rentals 05 Oct, 2020
1. Location Matters In Certain Circumstances : The rent you can ask can change dramatically based on walking/biking proximity to restaurants, entertainment, bars, shopping, parks and schools. Being within a few minutes driving distance typically will not warrant asking a higher rent. Also be aware that typically being within walking/biking distance to a Target or an Applebee's will not persuade a tenant to pay more rent. Tenants are willing to pay more to be closer to downtown, town centers and large parks with a lot of activity going on. If you’re not sure about it, think if you’d be willing to pay more each month on your mortgage for the location. 2. Don’t price your rental price based on square footage : Unlike selling homes where there are average price per square foot, pricing rentals doesn’t work the same way. If you have a 2,000Sqft home and were to price your home at $1 per square foot and ask $2,000/Month and your neighbor has a 3,000 Sq Ft home and is asking $3,000/Month chances are only the lesser priced home will rent. More square footage is always nice, but to a renter it comes down to the usability of that square feet. If there is 500 sq ft in the basement unfinished, the renter can’t use that space, but a buyer could potentially finish that space and use it. What’s more important is the number of bedrooms and bathrooms when determining a rental amount. 3. The time of year is very important : There is a pretty drastic difference between renting your home in the winter and renting your home in the summer. On average May-August are the best months to have your home on the rental market. During these months you have the most renters searching for a new place and you can typically price higher. In the winter months, a lot of tenants will decide to stay put to avoid moving during the holidays, in the cold or in snowy weather. If your home is coming on the market in the winter months be prepared for fewer renters to choose from and expect a lower rental rate. Many renters purposefully choose the off peak months to get a deal. 4. Take your emotions out of it : If you’ve lived in the home you’re trying to rent, you probably have a personal connection to it. You view your home completely differently than a renter will and you will value things that a tenant probably will not. Just because you personally laid the tile in the master bathroom, doesn’t mean a perspective renter is going to like it. The type of Granite you used in the kitchen, the type of windows you have and the cost of the carpeting in the bedroom will have no effect on a renter when they’re making their decision on their next home. 5. The Parking Situation : One of the most important things a renter looks for in a property is parking. A garage or a carport are the first things that come to mind for renters in Colorado, especially when considering the winter months. Having a garage or covered parking will not add much, if any, value to your property in terms of rent. It may make it enticing over other properties, but charging extra for it is not a viable option. Just because apartment communities can charge for parking doesn’t mean you are able to. 6. Utilities : There are many ways to handle utilities when it comes to a rental property. If it is a single family home, usually a renter is responsible for putting all of the utilities in their name and paying them each month. In an attached dwelling with an HOA, typically the HOA dues will cover some utilities such as trash and water.. Owners should always pay the HOA dues and not ask the tenant to pay them. If the HOA does include some of the common utilities it is usually easiest for the owner to pay them. This way you don’t need to spend each month back billing utilities and you can save yourself the headache. You can reflect these included utilities in your rental amount, but keep in mind that when advertising a lot of renters will only see the higher amount and may cross it off their list not realizing the utilities are included. For short term/fully furnished leases it is usually wise to include all utilities in the rental amount and make sure the rent reflects it. Also clearly state it in the title. 7. What Warrants A Higher Rent? : Every renter is different and places value in different aspects of a home. The two most important rooms tenants look at when considering a place and if it is worth the rental amount are Kitchens and Bathrooms. Updated kitchens have a huge effect on the rental price. Tenants love Granite/Stone/Tile Counter-Tops, Stainless Steel Appliances and updated cabinetry and lots of it. When looking at bathrooms, tenants look for clean, bright and updated bathrooms with tile floors. Pouring money into custom paint colors and light fixtures wont translate to a higher rental amount but could entice a tenant to choose your place over another property reducing your vacancy. 8. The Pet Problem : For good reason an owner probably doesn’t want pets in their investment property. They can scratch floors, destroy carpets, leave odors and hair behind, kill lawns and potentially make the home harder to rent or sell in the future. What an owner should keep in mind, is that a lot of renters have pets and saying no to them outright can have a huge effect on the amount of renters looking at your home. Apartment communities typically charge a pet rent of between $25-$50 extra a month. This is an uncommon practice for privately owned rentals and can scare away renters. Your best bet is to ask for a larger deposit to cover any potential damages. Tenants are usually willing to pay a larger deposit and expect it. It is good to note that many pet owners are very conscientious and take better care of the property so don’t automatically rule out a pet. 9. No two homes are the same : Just because your next door neighbor got $1,500/ Month in rent, doesn’t mean that you automatically will as well. Unless the home is a new build, it is going to different than your neighbors. Maybe you re-did the kitchen, moved some walls, finished the basement, remodeled the bathrooms or have more/less bedrooms. It is definitely a good idea to look around online and ask your neighbors about rental rates in the neighborhood because they will certainly give you a good range to work in. But never price your home the same as your neighbors just because they’re next door. That is why you have experts like 8z Rentals to help give you an expert opinion to get your property leased. 10. Know who you’re competing against : Unless you’re in a gated neighborhood or in a small town far from the next town, you’re going to have a lot of competition. Renters have the ability to be flexible and you’re not competing against just your neighborhood when renting your home, you’re competing against surrounding neighborhoods and towns. It could be $500 cheaper a month to live 10 minutes away a town over and a lot of times, a tenant will choose to save that money. Keep a close eye on homes in the neighborhood, if your neighbor has a similar home and decides to price $200 less than your home, chances are their home will rent first. Be ready to adjust based on the market at any given time, new homes come on the market everyday. Some owners don’t take into consideration all of the factors that determine the value and desirability of their investment property. It is a constantly changing and evolving market and if you’re not on top of it, it could end up costing you financially. 8z Rentals keeps an eye on the market every single day and is more than happy to help you with estimating what your home could be worth on the rental market. Find a local 8z Rentals leasing agent near you .
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