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Five Ways the Denver Rental Market Is Evolving

Five Ways the Denver Rental Market Is Evolving

Ask any long-time Denverite, and they can tell you about the many ways the city has changed over the last ten years. Surely some of the most salient changes will be about who has moved in, who has moved away, and what it takes to afford to live here. These migration patterns are linked to the fact that renting is becoming an increasingly common way-of-life in Denver. But like the city itself, renting has changed dramatically from what it was a decade ago. Below, we dive into five of the most important ways that renting is evolving in the Mile High City.

1. Today, more households rent than own

The past decade has precipitated a shift in the way American families pay for their housing. Across the country, homeownership has dropped to its lowest point in 50 years, and the switch from owning to renting has been particularly dramatic in Denver, where population and cost of living have increased steadily. The city added over 51,000 households from 2008 to 2017, and 73% of them rent. Today, Denver’s renter population (157,661 households) exceeds its homeowner population (153,668 households), a gap that could continue to grow as the affordability crisis puts homeownership out of reach for low-income families.
 

2. Today, there are over 4x as many renters earning six-figure incomes

Apartment List recently examined the nation-wide surge in high-income renters, a phenomenon driven by new demand for urban living and new construction of dense, renter-friendly, multi-family housing. High-income renter growth is happening faster in Denver than anywhere else in the nation; in the city, the number of renters with six-figure salaries quadrupled from 3,773 in 2008 to 16,172 in 2017, representing 329 percent growth. Lower-income renters are also on the rise, but at substantially slower rates of growth.

3. Today, there are fewer kids and more seniors living in rentals

Child-free households are driving the recent growth in Denver’s renter population. The city added 77,006 new renters from 2008-2017, but during that time the number of renters younger than 18 actually dropped by 585. As the cost of living continues to rise, more parents are electing to move out of the city in order to afford raising their families. Moving in are households that do not have kids and who are willing to pay a premium for an urban lifestyle. Denver’s senior renter population is also expanding, reflective of a broader national trend in which elderly Americans are ceding the responsibilities of homeownership in favor of better access to services and age-appropriate amenities. The number of renters ages 65 and older grew 26%, from 16,535 in 2008 to 20,805 in 2017.
 

4. Today, there are nearly 4x as many renters working from home

Non-traditional commuting patterns are becoming more popular across the country, and the fastest-growing commute type is actually no commute at all. This is particularly true in growing, mid-size technology hubs like Denver, which in 2017 had the nation’s third-highest rate of teleworkers. And among Denver renters specifically, the number working from home has nearly quadrupled in the past decade, from 4,238 to 16,593. As for those who do leave the house for work, some sustainable commuting habits have become more popular (i.e., walking or riding a bike), while public transit use is down and private vehicle ridership is up.
 

5. Today, nearly 20,000 married couples rent their homes and live with roommates

The typical story of the American family was once a simple one: first you get married, then you buy a house, then you have kids and raise them in a yard circled by a white picket fence. Today, that story has changed. Being ready for marriage is no longer synonymous with being ready to buy a home, and many couples – by choice or by necessity – are sacrificing a bit of privacy to live in their preferred city or neighborhood. In Denver, there are 19,422 married couples who not only rent their homes, but also live with a non-family roommate. This non-conventional living arrangement is more than twice as common in 2017 as it was in 2008.

Rob Warnock

Rob is a research associate at Apartment List, where he examines trends in the housing and rental markets. Previously he worked in public health policy, and before that, graduated from UCLA with a degree in Globalization.

 

 

For more information visit: https://www.apartmentlist.com/rentonomics/denver-rental-market-evolving/

Voted one of the Best Property Management companiesĀ in Denver!

 

 

PropertyManagement.com, a leading resource to help property owners identify reliable, trusted, and experienced property management services in the United States, has announced us one of the 2019 Best Property Management Companies in Denver, CO.

Our Experience

· We've been in the area for over 12 years, we know the neighborhoods!

· We use state-of-the-art technology along with a personal touch to help you achieve your Real Estate goals.

· Throughout our years of sales and property management experience, we have developed an aggressive marketing strategy that will get you Top Dollar for your home!

· We provide every home a customized marketing plan that WORKS

 

A little bit about Broker/Owner Jeff Kroll

· He spends lots of time with family, hiking, camping, & skiing. 

· Member of the Douglas/Elbert Board of Realtors, Colorado Board of Realtors, National Association of Realtors, Parker and Castle Rock Chamber of Commerce, Board of Directors of The Pinery Homeowners Association, and past Club master of Cub Scout Pack 649.

· He has climbed 57 of the 58 highest peaks in Colorado.

· Nearly 80% of The Dream Teams' business comes from past clients and referrals.

 

About PropertyManagement.com 
PropertyManagement.com is an online resource for property owners with expert-advice and data-driven research about the management of properties. The website provides a hand-picked list of the best property management companies across the nation. Users can also access free information and easy-to-use tools to help them make educated decisions about their investment property. For more information, visit https://www.prweb.com/releases/propertymanagement_com_names_best_property_management_companies_in_denver_for_2019/prweb16417418.htm

2019 Best of the Best Property Management company in Parker!

 

Colorado Community Media has voted us the Best of the Best Property Management company in Parker!

Our Experience

· We've been in the area for over 12 years, we know the neighborhoods!

· We use state-of-the-art technology along with a personal touch to help you achieve your Real Estate goals.

· Throughout our years of sales and property management experience, we have developed an aggressive marketing strategy that will get you Top Dollar for your home!

· We provide every home a customized marketing plan that WORKS

 

A little bit about Broker/Owner Jeff Kroll

· He spends lots of time with family, hiking, camping, & skiing. 

· Member of the Douglas/Elbert Board of Realtors, Colorado Board of Realtors, National Association of Realtors, Parker and Castle Rock Chamber of Commerce, Board of Directors of The Pinery Homeowners Association, and past Club master of Cub Scout Pack 649.

· He has climbed 57 of the 58 highest peaks in Colorado.

· Nearly 80% of The Dream Teams' business comes from past clients and referrals.

 

You can check out their magazine online at 

https://issuu.com/coloradocommunitymedia/docs/2019_best_of_the_best_issuu

See us on page 59!!!!

6 Landscaping Trends That Increase the Value of Your Denver-Area Home

6 Landscaping Trends That Increase the Value of Your Denver-Area Home

By Bill Edwards

 

Source

 

The good news is that it’s still a seller’s market. The not-so-good news is after years of a sizzling hot real estate market, sales — and prices — are levelling off. While the statistics are on the seller’s side, it’s also the time to make sure your home looks as good as it can. Here are six landscaping trends that will make that winning offer just a little bigger — and increase the value of your home.

1. Go Xeric

Xeric means “water wise.” In Colorado, the less water you use, the easier it is on your wallet and the less you'll be fighting Mother Nature. The Mile High City gets about 16 inches of rain every year. That means either your landscaping is drought resistant, or it’s not going to thrive without a lot of help. Native plants, such as the yucca, and trees including blue spruce and aspens are an easy way to xeriscape your yard. Check in with your local gardening store for suggestions on the right native plants, and adapted plants, to include in your yard.

 

2. Plan Hardscaping

Photo credit: creativelenna on Visualhunt.com / CC BY-NC-ND

 

If it’s rock, cement, tile, or another hard surface, it’s hardscaping. It’s not only eye-catching, but it also means less water use. Imagine a stone pathway to your front door, or pebbles bordering your driveway, or a patio made of stamped concrete. These are all examples of hardscaping that you can incorporate into your yard. From a DIY gravel project to a tiled outdoor kitchen, the price range depends on you. It can run from the hundreds of dollars to tens of thousands, depending on your vision and your budget.

3. Build a Drought-Resistant Lawn

Having a well maintained lush lawn is still king among Colorado homebuyers. Take a look around, and you’ll see it’s not impossible to achieve. But the grass you choose has to be a cool-season variety that will survive a Colorado winter and one that can hold up to a Colorado summer with little rain (except for the monsoons). Don't forget, the watering schedule gets a little complicated, depending on where you live. The city of Denver limits lawn watering to three times a week, while Fort Collins homeowners can only turn on the sprinklers twice a week.

 

Kentucky bluegrass remains one of the most popular varieties for our lawns but still needs regular watering. Regular maintenance goes a long way toward increasing the value of your home. A dry, brown, patchy lawn won’t entice prospective buyers. A thick, healthy lawn, on the other hand, may be the deciding factor.

4. Encourage Outdoor Living

Photo credit: Landscape Design Advisor on Visual hunt / CC BY-ND

 

One of the many reasons so many people love living in Colorado is the great outdoors. Features like an outdoor kitchen, a fire pit, or even a pergola with coordinated outdoor furniture can expand your home's living space. Outdoor kitchens are trending right now and a big draw in outdoorsy Colorado that should bring you a return on your investment. You can spend anything from a few hundred dollars for a fire pit and comfortable seating, to thousands of dollars for a state of the art barbecue grill and smoker, dishwasher, refrigeration, and entertainment system.

5. Plant Edibles

Think about making your landscaping edible. A crabapple tree thrives in the Front Range climate, producing beautiful blooms in the spring. It also produces fruit for jams and preserves and feeds local wildlife. A grapevine may complement your pergola, and provide extra shade on those sunny Colorado afternoons. An herb garden is not only attractive to the eye but serves as a natural insect repellent. And how convenient to grab a handful of basil from the yard when you’re making pasta.

 

6. Encourage Wildflowers

Source

 

Show your Colorado pride by growing clusters of the blue columbine in your flower beds. The soft purple longleaf phlox is another beautiful Colorado native, as are glamorous spikes of elephant flowers. There are showy wildflowers in reds, oranges, yellows, whites, blues, and purples — enough color to please everyone. These native flowers are low maintenance and give your landscaping a distinctively Colorado look.

 

The keys to increasing the value of your home aren’t just making it look good. It's also about making it water-wise in Colorado’s semiarid climate and catering to the outdoor lifestyle that so many Coloradans cherish. Let that guide you as you decide what changes you want to make to increase your home's value in the current market.

 

Bill Edwards is a landscaper and freelance writer who enjoys doing handyman project around the house. He and his children recently built a neighborhood gazebo next to the community pool.



 

Month of May Recorded Highest Housing Inventory in Metro Denver Since 2013

Month of May Recorded Highest Housing Inventory in Metro Denver Since 2013 and Record-breaking Average Single-family Home Price
In May, there were 8,789 new listings, up 16.97 and 38.12 percent from the previous month and year, respectively. At month’s end, 6,470 homes went under contract, up 5.65 and 10.5 percent from April and last year, respectively. Notably, the average single-family home price reached a record-breaking $555,482.

“Even with all of those offers written and accepted, we still ended the month with 8,891 homes for sale,” said Jill Schafer, Chair of the DMAR Market Trends Committee and Metro Denver Realtor®. “That’s an important number to note. It’s the highest end-of-month number of active listings since November 2013 when buyers had 9,352 choices.”

For further perspective, inventory in the Denver-area real estate market was at 26,333 active listings in May 2008.

Schafer adds, “The market has been experiencing a drought of new homes for years, so the increase in inventory is a welcome relief for thirsty buyers. Sellers have been experiencing an unprecedented increase in values. Even with the added inventory, prices were still up a bit.”

Beautiful home for sale in The Pinery (Parker, CO)

$670,000.00 6 bedrooms, 4 baths, 4,875 of finished SqFt, 5,407 Total SqFt            
What do you value? Privacy, acreage, large living spaces, an array of flex spaces, Mountain views among huge Ponderosa Pines? Check off all those boxes and more. Here come see the best street in the Pinery! You have an executive size 2-acre lot plus Hardiplank siding and a tile roof - most Pinery homes have cedar siding and asphalt roofs. Loft-like open feel with soaring ceilings and 6 skylights, great room with gleaming hardwoods anchored by a fireplace and built-in entertainment center can accommodate multiple living arrangements. Kitchen boasts stainless appliances with newer double ovens, maple cabs, tile counter, and fantastic breakfast nook. Sprawling master has room size closet, deck access and remodeled bath with cherry cabs and jacuzzi tub. Splendid dining room can fit the largest of tables.1452 SF of porch/deck for unlimited outdoor living options. Basement features large rec room with wet bar that walks out to a large patio, 5 bedrooms/flex spaces, workshop, huge storage & energy efficient 5 heating zones.

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Division of Real Estate Consumer Advisory: Understanding Appraisals & Appraisers

The Division of Real Estate receives weekly calls from consumers asking what is an appraiser and what do they do with regard to a real estate transaction. This advisory will breakdown some of the confusion around appraisals and appraisers, and provide Colorado Consumers a guide to the appraiser process when buying or selling a property. Most importantly, as The Appraisal Foundation states during Older Americans month, “older Americans are advised to hire a qualified appraiser to perform an appraisal which can help protect their equity and prevent fraud”.  

An appraiser produces a written, professional, unbiased opinion of market value, to be used in making decisions in real estate transactions. Appraisers will write a report that supports their opinion. Typically, appraisers are employed by lenders to estimate the value of real estate involved in a loan transaction. Appraisers also provide opinions in litigation cases, tax matters and investment decisions.

An appraisal report is an opinion of value. The appraiser uses a number of “approaches”, typically,'' typically three, to arrive at the estimation of value. The approach used most often for residential properties is the Sales Comparison Approach – where the appraiser finds similar properties within close proximity which have recently sold. Being the most popular approach, the Sales Comparison Approach is considered the best indicator of value for a residence.

In most real estate transactions, the lender requests the appraisal. While the homebuyer pays for the report as part of the closing costs, the lender retains the right to use the report or any information contained therein. The homebuyer is entitled to a copy of the report - it's usually included with all of the other closing documents, however, the home buyer is not entitled to use the report for any other purpose without permission from the lender.

A notable exception to this is when a homeowner engages an appraiser directly. In these cases, the appraiser and homeowner may stipulate how the appraisal can be used for property mortgage insurance (PMI) removal, estate planning or tax challenges, for example. If not stipulated otherwise, the homeowner can use the appraisal for any purpose.

Most importantly, consumers need to be aware of:

  • The appropriateness of the comparable sales utilized by the appraiser;
  • The appraiser’s conclusions regarding the quality of the subject property; and
  • The final opinion of value.

Reasons you might need an appraisal.

There are many reasons to obtain an appraisal. The most common is for real estate and mortgage transactions. A few other reasons for obtaining an appraisal include:

  • To obtain loan;
  • If you would like to reduce your property tax obligations;
  • To establish the replacement cost for insurance purposes;
  • To eliminate private mortgage insurance, which can be done once the equity in the home reaches 20%;
  • To figure out a reliable property value when selling real estate; or
  • To protect your rights in a condemnation case.

When the value of your home or other real property is being used to help you make a significant financial decision, an appraisal helps. If you are selling your home, an appraisal helps you set the most appropriate listing price. If you are buying, it helps to ensure that you do not overpay. If you are engaged in an estate settlement or divorce, it helps to ensure that property is divided fairly.  A home is often a person’s single, largest financial asset. Knowing its true value means you can make the right financial decisions

.What constitutes the appraisal report, and where does the appraiser obtain the information used to estimate value?

Each report must reflect a credible estimate of value and must identify amongst other things:

  • The effective date of the appraiser's opinions and conclusions;
  • The relevant property characteristics, including location attributes, physical attributes, legal attributes, and economic attributes;
  • The real property interest valued; and
  • All known easements, restrictions, encumbrances, leases, reservations, covenants, contracts, declarations, special assessments, ordinances, and other items of a similar nature.

Gathering data is one of the primary roles of an appraiser. Data can be divided into specific and general. Specific data is gathered from the home itself. Location, condition, amenities, and size are examples of specific data gathered by the appraiser during an inspection.

General data is gathered from a number of sources such as local Multiple Listing Services (MLS) that provide data on recently sold homes that might be used as comparable sales.

What preparation is needed before the appraiser inspects the property?

The first step in most appraisals is the appraisal inspection. During this process, the appraiser will come to your home and measure it, determine the layout of the rooms inside, confirm all aspects of the home's general condition, and take several photos of your house for inclusion in the report. The best thing you can do to help is make sure the appraiser has easy access to the exterior of the house. Trim any bushes and move any items that would make it difficult to measure the structure. On the inside, make sure that the appraiser can easily access items like furnaces and water heaters.

The following Items, if available, will help your appraiser to provide a more accurate appraisal:

  • A survey of the house and property;
  • A deed or title report showing the property’s legal description;
  • A recent tax bill;
  • A list of personal property to be sold with the house, if applicable;
  • A copy of the original plans; and
  • A copy of any prior appraisals in your possession.

What is the difference between an appraisal, a comparative market analysis (CMA), and a home inspection?

There is substantial difference CMAs and appraisals. What the CMA relies upon are trends to help buyers and sellers involved in real estate transactions such as set listing prices. Appraisals use comparable sales, which are verifiable resources. A CMA provides a "ballpark figure." An appraisal provides a supportable carefully documented opinion of value.

An even more important difference is the professional relationship between the homeowner/homebuyer and the person creating the report. A real estate agent creates a CMA. A licensed, certified professional who has made a career out of valuing properties creates the appraisal. Further, the appraiser is an independent expert, with no stake in the value of a home, unlike the real estate agent, whose commission is based upon the value of the home and the successful consummation of a sale.

Appraisers do not perform independent house inspections and are not home inspectors. A third-party home inspector will inspect the structure of the house. Commonly, a home inspection report includes air conditioning, electrical functions, the condition of the heating system, the plumbing; and then the structural capacity of the home such as the attic, exposed insulation, walls, floors, ceilings, windows. A home inspection report will also cover the foundation, basement and visible structures.

How long is an appraisal good for?

FHA appraisals are typically valid for 120-days. However, extensions are available in certain cases. If the initial home appraisal is updated it could be valid for a total period of a maximum of 240-days.

FHA lenders may use an appraisal up to four months on existing homes and up to 12-months on newly constructed homes. FHA appraisals work different from conventional appraisals. Once an FHA appraisal is completed on a home, the appraisal remains the authoritative valuation for the home until it expires.

Non-FHA appraisals do not have a prescribed period of validity but as FNMA, guidelines suggest that comparable sales should not be older than six months most appraisers and lenders agree that six months is the maximum time for which an appraisal should be applicable.

All the above guidelines are subject to the economic vagaries of the real estate market and natural disasters, which might result in a prior appraisal not being acceptable.

Multi-Level home in Highlands Ranch

Come see this 3 bedroom, 2 baths, 1256 square foot tri-level home now! Located on a very quiet cul-de-sac, it’s an easy walk to the elementary school and open space trails. And the massive, world-class rec centers of Highlands Ranch are at your disposal! The main floor is open with vaulted ceilings front to back, and 3 skylights bring great natural light in. The kitchen boasts Amana stainless steel appliances, composite sink, and sleek granite tile counters with slate tile backsplash. The family room is a perfect size and anchored by a wood burning fireplace. Other highlights include a lower level family room, master bedroom with his and her closets, Victorian chandeliers; new faux wood blinds, A/C, and new carpeting throughout. Rental price $1995/month.

More pix at REcolorado

Tri-Story home in Saddlebrrok (Parker)

 

Appreciate quality? You'll be proud to bring your friends and family into this 3 bedroom, 3 bath, 1381 finished SF tri-level home that is almost completely updated inside. 

Built in 1996 this pristine home is nestled on a perfect lot at the back of Saddlebrook Farms, which is a story-book setting to begin with, featuring white picket fences, flat walkable streets, and huge trees. To top it off, this home backs to vast open space with walking trails. Very private! 

The kitchen boasts Oak cabinets with brand new LG stainless steel appliances, stainless steel sink, and pantry. The breakfast nook walks out to the large deck and lower flagstone patio.

All 3 bedrooms are upstairs along with a full hall bath, and the master features 3/4 bath with walk-in closet. 

The spacious family room has a gas fireplace with built-in entertainment center and abundant windows. 

Other amenities include new carpeting throughout, new blinds, new paint, 2 new chandeliers, A/C, sprinkler system, covered front porch, unfinished 372 SF basement for storage. 

More pix at REColorado & Tour factory

The only way to set a showing is to text Jeff @ show contact info . Please reference the street name in your text. The application is at www.ColoradoDreamHomes.info and $40 each. 

Available immediately. No pets. Rental price $2275/month. Security Deposit is one month's rent.

Stunning updated duplex in Denver

Beautiful 3 bedroom, 4 bath, 1919 SqFt home. You're only a few minutes away from either Ri-No or City Park. Plus it has a park-like view out front with no houses across the street. This all neutral home features a kitchen w/ Cherry cabinets, under-cabinet lighting, high-end stainless appliances including French door fridge & gas range, glass subway backsplash, & gorgeous quartz counters. Downstairs is an immense open room that could be split up into multiple spaces; home theater, rec room, or office...& there is a 3/4 bath. The show stopper is the awesome coffered ceilings w/ crown molding & integrated LED lighting throughout the main level. Combine that w/ custom woodwork, wood floors w/ decorative inlay, baths with cherry cabs & nickel finishes & custom tile showers, & you have a truly elegant home. Other amenities include a private backyard, spacious dining area, attached 1-car garage plus extra street parking space, newer stacked Whirlpool washer & dryer, A/C. Dogs are OK no cats. Rental price $2750/month.

More pix at REcolorado

This site includes valuable information on Parker Colorado real estate and homes for sale, Parker CO homes, Elizabeth CO homes, and Castle Rock CO homes. Our Realtors can help you buy or sell Parker CO real estate and Castle Rock CO real estate. People who search MLS home listings, whether relocating or buying a first home in Parker CO, Castle Rock CO, and Elizabeth CO, will find useful information on real estate, home for sale, luxury homes, and horse property and golf course homes, with additional information on schools and regional highlights. 

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