New jobs throughout Colorado are bringing in lots of new residents from out of state. And along with a new job, new residents must also find a place to live. Even after years of low vacancy rates, as the Colorado economy continues to grow, so does the demand for housing. This increased demand is causing an increase in rental costs and made it easier for owners to rent their spaces.
How can Denver & Boulder area residents and homeowners make a few bucks, and help with the low vacancy rates?
1. Got A Carriage Houses or Extra Space? Some old Denver homes have a separate carriage house. Convenient for storage, yes. But, why not clean it out, renovate, and create some passive income with that space?
2. Become a Snowbird. Many retirees love Colorado summers but would rather stay clear during the cold snowy winters. Retirees can enjoy a little extra income from leasing their home during the months they are away. Their house doesn’t look empty, and the sidewalks stay shoveled after snowstorms.
3. Take a Sabbatical. Many of our landlords are leasing out their primary residence for the first time. Whether they’re taking a sabbatical from work, or taking on a work project out of state for a few months or a few years, renting their home provides extra income to cover expenses, and to keep the home for their return to town.
Never been a landlord before? That’s okay. As property management experts, we discuss homeowners’ needs to market the vacancy, and manage the property, to save you time and stress of having rental property.