Owner News: Rental Update
Rental News
Notes for our owners:
Pre-leasing – We are proud to announce we are 100% leased for Fall Preleasing 2018. Rents increased an average of 1.4% year over year for student rentals. This is the smallest increase in 11 years. We continue to see interest in 3-4 bedroom rentals on the Hill.
PG Rentals expands into Fort Collins – PG Rentals has recently assisted with purchases and the management of rental properties in Fort Collins CO, home of Colorado State University. The market in Fort Collins has interested a number of current and new PG Rentals clients who have been purchasing investment properties there. We anticipate having a permanent presence in Ft Collins in the very near future. If you have any questions about the Fort Collins real estate sales or rental market, please contact Todd.
Turnover preparations – We have begun planning for Turnover 2018, and will be sending inspection reports to owners as the inspections are conducted. If there is specific work, improvements, repairs, etc (other than SmartRegs work) that you would like to get an estimate on, please email Todd before May 15th to be on the work schedule for this summer. We can help with kitchen and bath upgrades, painting, flooring, landscaping, lawn care and much more by our in-house professional home & property maintenance company, Pillar Property Works.
Boulder – Fourth Quarter Rental Stats
Each quarter our CEO and Property Management expert Todd Ulrich does an in depth analysis of the rental market to be sure our owners receive the maximized rent and our renting renters aren’t being over charged. This maintains a healthy balance for both parties which leads to tenants that stay longer than average.
Average Rent per Bedroom per Month – $882 (-14.00)
Highest Rent Area – Hill
Lowest Rent Area – South End
Average $/SQ FT/Month – $2.04 (-$0.10)
City Average vacancy rate: 7.9%