In this edition of The TurboTenant report, we will be focusing on the best places to buy an investment property in Colorado. Three towns made our list – Colorado Springs Denver, and Westminster. Once again we curated data from studies on the best places to buy an investment property, median sale prices, and proprietary TurboTenant data. The TurboTenant Data includes stats on the average number of leads a rental property received, as well as the average number of days on the market. These two points will help an investor determine the strength of the rental market, as well as estimating potential vacancy rates.
Colorado boasts over 300 days of sunshine per year, which definitely contributes to its place on the list of the fastest-growing states. We’d be remiss not to mention a few other Colorado amenities – breweries on every corner, epic skiing, and we must give another shout out to the amazing weather. It’s not a coincidence that TurboTenant calls Fort Collins, Colorado home – we love it here.
As fall approaches, Colorful Colorado does not disappoint. Let’s take a look at the best places to buy an investment property in The Centennial State.
The Best Cities to Buy an Investment Property in Colorado
#3: Westminster, CO – Honorable Mention
- Population growth: .8%
- Employment growth: 3.2%
- Increase in home values: 8.4%
- Median Sale Price: $380k as of August 2019
- Average Rent: $1871 for a 2 bedroom
- Average Number of Leads per Property: 34
- Number of days on the rental market: 11
#2: Denver, CO
- Population growth: 3.8%
- Employment growth: 2.8%
- Increase in home values: 7.3%
- Median Sale Price: $426k as of August 2019
- Average Rent: $1848 for a 2 bedroom
- Average Number of Leads per Property: 11
- Average number of days on the rental market: 12
#1: Colorado Springs, CO
- Population growth: 4.1%
- Employment growth: 3%
- Increase in home values: 10.3%
- Median Sale Price: $335k as of August 2019
- Average Rent: $1397 for a 2 bedroom
- Average Number of Leads per Property: 45
- Average number of days on the rental market: 5
Use our handy map tool to explore top rental markets throughout the U.S.
About the TurboTenant Report
The TurboTenant Report analyzes data from active listings across all 50 states, as well as third party real estate, population and employment growth data. Our goal with the TurboReport is to empower seasoned and novice investors to make wise purchasing decisions when purchasing a rental investment property. For more information or custom data requests, please contact [email protected].
Methodology:
In order to determine the best cities to invest in each state, we curated data from a number of reputable sources as well as using TurboTenant proprietary data. Our main city selections were taken from a study that evaluated four main factors for each city: employment growth, population growth, increase in home values and rental yield. We combined that with TurboTenant data on the average rent price, the number of rental leads per property, as well as the average number of days the rental stays on the market.
We also included an honorable mention where applicable. They are pulled from this study on the best places to invest in every state. These were determined using Zillow’s Buyer-Seller Index and Zillow Home Value Forecast, and AreaVibes’ Livability Score. Other methods for determining honorable mentions include using TurboTenant proprietary data to determine which cities return the best rental investment R.O.I. using data points including days on market, the number of leads per property, and average rent price.
DISCLAIMER: TurboTenant, Inc does not provide legal advice. This material has been prepared for informational purposes only. All users are advised to check all applicable local, state and federal laws and consult legal counsel should questions arise.
Sources:
- TurboTenant Rental Data
- Fastest Growing States Population
- The Best and Worst Cities to Own Investment Property
- Real Estate data provided by Redfin, a national real estate brokerage.