Fort Collins was identified as one of the hottest real estate markets in the nation according to a new report and summarized by the local paper the Coloradoan:
What does this mean for home owners who are looking to rent their homes or investors looking to add to their inventory of rental homes?
- Rent rates will go up with the tight supply of housing
- It will be more difficult for investors to acquire new housing (rentals) at a price that makes sense ROI wise
- Many more people will need to rent as house prices may be too high for some people who might have been planning to buy previously
So what does this mean as an investor? First of all, if you are trying to buy a new investment property, you may need to make offers on several houses before having an offer accepted. You will need to be persistent and have financing ready to go (or have cash, cash is king and can get you to the closing table faster than anything else).
If you already have a house or houses that you have been renting and are tired of the headaches involved in managing them yourself, you may want to look into property management. It is true that with the hot real estate market there are plenty of potential tenants, but a professional property management company can screen for the best possible tenant and handle any issues that come up during the length of the lease.
It is an exciting time to be living and investing in Fort Collins and Larimer county. Now if we could just figure out how to deal with the ever increasing traffic with the surge in population!