Owner News: Rental Update
Notes for our owners:
New 2018 Management Agreement – The 2018 Management Agreement has been sent out for electronic signatures. My apologies to the owners that received 2 versions to sign. We tried out a new feature of Docusign that allows us to send the contract to a large group for unique signatures. There was a glitch with Docusign on the first attempt. If you have not signed the agreement yet, please do so as soon as possible so we may continue to manage for you.
Pre-leasing – We are approximately 70% 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. You can see from the stats below that the overall market has stabilized slightly lower than last year’s rental rates.
City Council and Enforcement – We have a new City Council that appears to be less favorable to Owners and Landlords in a few aspects of property management. We anticipate revised and new ordinances where it seems the city will aim to gain more control of rental units in the City. We also anticipate additional fees and expenses for owners within the City. PG Rentals will keep you as up to date as possible, sending more Owner updates than in years past as the new regulations are proposed and adopted.
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 received 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 – $896 (-81.00)
Highest Rent Area – Hill
Lowest Rent Area – South End
Average $/SQ FT/Month – $2.14 (-$0.13)