How to Recognize and Roll with New Opportunities in Denver
Live-work-play is the name of the new game in Denver. Refurbishments to the downtown Union Station and the West Rail Line have renters and developers rethinking where to live in The Mile-High City. These infrastructure and mass transit improvements especially resonate with 20- to 34-year-olds, who relocated in significant numbers to new apartments in the Denver metro region last year. Marcus & Millichap’s 2013 Real Estate Investment Research National Apartment Report ranked the city 11th out of 44, up three spots from their 2012 report, largely based on Denver’s core revitalizations and optimistic employment forecasts (almost 35,000 new jobs this year).
While much of the renovation work in the LoDo District near Coors Field garners newcomer interest, the established neighborhoods on the east side of the city remain popular with families and professionals. Congress Park offers quiet, tree-lined streets but still gives residents fast access to work and entertainment options in the central business district. Just to the south are older, established brick homes and manors that make up the Belcaro neighborhood. This area features some of the most expensive homes inside the Denver metropolitan region, but it’s a price residents seem willing to pay to keep the contemporary commercial development at bay. Belcaro’s unique restaurants and boutiques augment the charm and convenience that separates this neighborhood from new suburban developments on Denver’s outskirts. Renters looking for affordable established homes might prefer newly revitalized Berkeley, located a few miles northwest of Denver. Berkeley is an eclectic mix of old and new architecture without the expenses associated with properties closer to the city.
Marcus & Millichap predicts good things in Denver’s future. As the LoDo work nears completion investors should seek other value-added opportunities further away from the core and the West Rail Line. The vacancy rate should remain around 4.1%, but could be less for Class A rental holdings. Recognizing new opportunities is often easier for large, well-staffed rental property corporations, although independent and reluctant landlords could miss out on the action if they’re mired in day-to-day operations and routine maintenance. That’s why Rental Property Reporter put together helpful resources for real estate investors and do-it-yourselfers considering the transition towards using a professional Denver Property Management Company. Find out more and receive free quotes from these single-family property management companies:
- Secure Asset Management
- Renters Warehouse Front Range
- Denver Property Management & Leasing
- Real Estate Solutions
- Investor’s Realty LLC
- Northpoint Asset Management
- EcoSystems Inc.
- Real Property Management Colorado Denver Metro
- Executive Home Rentals
- Metropolitan Real Estate Services
- Meer and Co.
- Woodruff Property Management, LLC