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Foreclosures Contribute to Colorado Rental Boom
Foreclosed homeowners are contributing to a boom in the Denver Home rental market. Nearly half of property managers recently surveyed — or 47 percent — say they're seeing an increase in applicants moving to rental units from foreclosed properties.
However, foreclosed homeowners may need help finding big deals in the rental market. As vacancies shrink, many property managers say they have increased prices on their rental units in the last year, according to a new survey of 1.252 property managers across the country by TransUnion, which provides rental screening solutions to both large property management companies and independent landlords.
Foreclosures in Colorado are boosting demand for rentals in Denver metro.
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"Most respondents said that they are not having problems finding residents even with the increases," says Mike Mauseth, vice president of TransUnion's rental screening business unit.
Rentals in Denver are in high demand: Nearly 90 percent of survey respondents report having a 10 percent or less vacancy rate.
Despite the boom in the Home rental market, South Denver property managers say that "finding reliable tenants at an optimal once the point is paramount for this industry ' Mauseth says, "A reliable tenant ensures property managers are both solvent and profitable. Conversely, an unreliable tenant can cost property managers thousands of dollars in lost rent and property damages/
Source: 'TransUnion National Rental Survey Finds Large Property Managers Able to Raise Rates and
Attract Reliable Tenants," TransUnion (June 24, 2011)
