Recently, Boulder, Colorado, has been making some National headlines as the number 1 real estate market in the United States. That’s great and all, but we live in Colorado Springs. While we are happy for our neighbors to the North, what does that mean for us? Well, a lot, actually.
According to Realty.org, the median home price in Boulder is now $549,600! That’s up by 18.5% since last year! That is great for them, but it is also pricing a lot of people out of the market. What does that have to do with Colorado Springs?
The median home price in Colorado Springs is $259,000. Now to me, that sounds a little more reasonable. Also, the growth rate of 5.9% seems a little more sustainable, in my opinion. With property values surging in the areas around us, like Boulder, Colorado Springs is looking more and more attractive by saving homeowners some money while still providing those iconic Colorado Vistas.
Colorado Springs is in a unique position, though. According to Ted Rayburn’s article at The Gazette, the transitional nature of the military personnel here in Colorado Springs leads to a constant high demand in rental properties. He states, “Our military bases bring the city a large pool of renters who have steady income, and that means fewer houses and apartments are sitting empty until permanent residents come along.” This has led to Colorado Springs rents rising at the fastest rate in the United States, according to Rich Laden of the Gazette.
Mr. Laden states in his article, “Colorado Springs rents rising at No. 1 rate in the US“, that Colorado Springs rents are growing at a rate 11.4% a year. That’s 28% faster than the number 2 on the list, Tampa, FL! Eat your heart out, Boulder; we are number 1, too. What does this all mean, though?
Well, it means that this could be a great time to start, or grow, your real estate portfolio. With interest rates still extremely low, and rents rising at record pace, adding a rental property to your portfolio sure is sounding appealing. But, can’t a rental property be a hassle dealing with tenants, repairs, and keeping it occupied? Well…that is where we come in.