Denver’s property market is booming as more people flock to the city searching for better education, healthcare, and employment opportunities. The city has become something of a jobs mecca as many large corporations are setting up national or regional offices in Denver due to its centrality.
With an influx of people comes increased demand for rental property. Most people are reluctant to buy homes as they feel the economic outlook is still variable. However, real estate investors are making the most of this chance to make substantial profits.
As mentioned before, Denver has a diverse, robust economy. It has weathered the COVID-19 storm far better than other cities its size. Indeed, the Mile-High City looks set to make a strong recovery as 2021 progresses. The multitude of jobs available from companies relocating to Denver or expanding their operations there ensures a steady stream of potential renters in need of accommodation. According to those in the know about local property management Denver rentals, such as Evernest and Pioneer Property Management, Denver rentals have seen skyrocketing demand.
Denver’s housing market has a history of strong price appreciation, and most rental property owners enjoy a good return on investment (ROI). Despite any setbacks caused by the COVID-19 slowdown, property prices should continue appreciating. If you are looking for somewhere to invest in rental property, Denver is an ideal location. Here are four places in the city you should undoubtedly shortlist:
Northeast Park Hill
Northeast Park Hill is a landlord’s paradise. More than half the homes in this suburb are rentals. There is a distinctly suburban feel to this neighborhood that is dominated by single-family dwellings. There are many bars, restaurants, and parks in Northeast Park Hill, making it ideal for families looking to rent homes.
Northeast Park Hill boasts some of Denver’s best public schools and is rated as Denver’s second-most diverse neighborhood. Median home values sit at about $350,000, and the average rent charged is around $2,000. Experts at property management giants like CBRE and JLL rate this area as a great investment opportunity.
Stapleton was recently rated as the second-best neighborhood to buy a house in Denver, making it a desirable location for rental home investors, according to local companies like Real Property Management Colorado and Pioneer Property Management. This must be the case as nearly three-quarters of the houses in this suburb are privately owned.
It was also rated Denver’s fourth-best neighborhood to raise a family in, so buying rental property in this area will get you family tenants who tend to stay in one place long-term. Expect to pay nearly half a million dollars for a home in Stapleton and earn about $3,000 in rent each month.
Families and young professionals dominate Stapleton’s residents, and parents favor the area as it is zoned for above-average public schools. The suburb also boasts many parks and opportunities for outdoor activities.
With more of an urban feel, Goldsmith takes renters away from the traditional suburban feel of Northeast Park Hill and Stapleton. There is a lively entertainment scene and nightlife culture in Goldsmith. While there are family homes in Goldsmith, the area is more popular with young professionals. About two-thirds of residential properties in Goldsmith are rented. For families wanting to live in the area, Goldsmith allows them to access above-average schools for their children.
Properties in Goldsmith are much smaller than their sprawling suburban counterparts and can cost anywhere between $200,000 and $400,000. Expect to charge no more than $1,500 in rent if you want your rental home to compete with others on the market.
More than half of Elyria Swansea’s residents rent their homes, and the area has a small population of about 6,500. This sparse urban location is popular among young professionals, and few families make it their home. It should not be regarded as rental property investment if you are looking to attract families with children. A vibrant nightlife featuring clubs, restaurants, and other entertainment makes it ideal for younger people looking for things to do after a long day at work.
Like most Denver neighborhoods, residents have ample access to outdoor activity spaces, such as parks. Homes in the area cost between $200,000 and $250,000, with a median rent figure of $1,500.