Central Denver appears to be headed for another record year of apartment sales prices. To many observers it might seem that nearly everything is selling for $200,000+ per door; but are they really?
Denver’s apartment market has been on the rise for nearly a decade. That run has some investors worried that we are now “late in the cycle”, anticipating that an inevitable downturn is on the horizon. However, there are several reasons to believe that the market will continue to push ahead.
Encouraging news was published in late July within the Apartment Association of Metro Denver’s 2nd Quarter Vacancy & Rent Report.
The average multifamily sales price reached $127,275/unit in Central Denver, a remarkable 19% increase over 2013! The purpose of our newsletter is to provide insight on the direction of the Central Denver apartment market, and to highlight the transactions that occurred from 12/15/2014 to 3/15/2015.
The Denver Apartment Buildings For Sale website is proud to release our neighborhood statistics report. Take a look at the Capitol Hill apartment sales market (below) as well as my […]
Kyle Malnati’s Central Denver Apartment Market Report for 1Q2012 details Apartment Buildings Sold in Denver during the 3rd and 4th Quarters of 2011. The statistics for Congress Park Sales are […]
Kyle Malnati’s Central Denver Apartment Market Report for 1Q2012 details Apartment Buildings Sold in Denver during the 3rd and 4th Quarters of 2011. The statistics for Uptown Sales are 8 […]
Below you will find the past 5 years of Central Denver Apartment Comps: Central Denver Apartment Market Report – by Kyle Malnati 1.1.11 – 12.31.11 Central Denver Apartment Market Report […]
Kyle Malnati’s Central Denver Apartment Market Report for 1Q2012 details Apartment Buildings Sold in Denver during the 3rd and 4th Quarters of 2011. The statistics for Washington Park Sales are 7 properties sold: […]
1) Clarify Management Agreement Terms (either professional manager or resident manager)
– Leasing Fees – typically 50% of the 1st month’s rent
– Overall Management Fee – ranges between 6%-12% for apartments, but typically around 10%
– Everyone knows to use Craig’s List, but you can set yourself apart by creating a rental brochure on V-Flyer (http://www.vflyer.com/) or a Postlets (http://www.postlets.com/) to insert into Craig’s List
3) Rental Application Process
– Charge for accepting a rental application! Suggested minimum charge of $30 per adult applicant
– Make sure all areas are completed (include: emergency contact, cars, pets, etc.)
4) Lease (several options for written form/agreement)
– Become a member of Apartment Association of Metro Denver (http://www.aamdhq.org/)
– Have an attorney draft your lease. My clients use Foster Graham Milstein & Calisher, LLP (http://www.fostergraham.com/) and Tschetter · Hamrick · Sulzer (http://thslawfirm.com/) to name a few
– Include all addendums, lead based paint, etc.
– Specify which utilities tenant pays, who is responsible for lawn care, how pets are handled.
– Make sure all adult occupants sign the lease (it sounds fairly obvious, but it doesn’t always happen)
5) Apartment Tenant Move In/Move Out
– Move-in: checklist is very important
– Move-out: Security Deposit disposition – what does your lease specify – 30 or 60 days? Maximum timeframe for release of funds is 60 days
For more helpful information about how Denver’s apartment market and what the boutique apartment owner wants to know, please continue to visit: http://www.denverapartmentbuildingsforsale.com/