Colorado Springs has grown to become the second most populous city in the state of Colorado.
The rental property market has also expanded considerably. Today, townhome owners throughout the city can generate income from renters.
Of course, the situation isn’t as simple as that. Navigating the laws and regulations that govern the rental market is challenging. Add to that the difficulty most owners have in screening tenants, collecting rent, and managing property maintenance, and it’s easy to see why so many owners struggle.
There’s good news: with a trusted partner like RPM Colorado on your side, everything is simplified. We bring years of experience to the table, as well as knowledge and insight only available from local experts. We help you successfully navigate the rental market, deliver vital tenant screening capabilities, and provide customized townhome management solutions to fit your unique needs and goals.
Understanding the Unique Townhome Rental Market in Colorado Springs
The first step to becoming successful in the rental industry is to understand the market. Colorado Springs is a unique area with a small and highly fragmented industry. That means it’s crucial to take the right steps when marketing your townhome in the first place, as well as understanding the various audience segments here.
Colorado Springs is a college town, which means there’s a great deal of demand for housing of all types. However, it also has a considerable population of active-duty military members and their families, which introduces additional complexity.
In terms of rates, you must set your rent commensurate with comparable properties in the area, but also in line with the features, locations, and benefits that your specific home brings to the table. We can help you set the right rate, so you attract your ideal renters and earn a profit but avoid the problems that come from over or underpricing.
Unsure how to proceed in the Colorado Springs rental market? We can help. And, unlike most of our competitors, we’re solely focused on property management and tenant screening. We’re not involved in buy/sell transactions, so you never need to worry that we’ll prioritize other activities over managing your property.
Of course, there are many other things you’ll need to consider beyond discoverability and rent rates. For instance, how often will you visit the property in person? This is a crucial step because you need eyes on the property to make sure that your tenants are not violating any rules or regulations. You’ll also need to make sure to be proactive when it comes to exterior and interior property maintenance, yard care like mowing and snow removal, and even dealing with things like late or missing rent payments.
All of that requires time, dedication, knowledge, and connections with trusted local service providers. Most of our clients lack the time, expertise, and connections needed – they have other things on their schedule, don’t know which service providers to trust, and are not sure how to hold tenants accountable for violations.
We can help. We deliver essential solutions to all your property management needs, from marketing your property effectively to dealing with late and missing rent payments, and everything in between.
At RPM Colorado, we’re committed to providing you with access to townhome management services that streamline the experience, ensure your property is profitable, protect your investment, and build better tenant relations.
One of the most common challenges that Colorado Springs townhome owners face when they rent their property is the threat of damage from tenants. This can range from the mundane, like unauthorized painting and torn or damaged blinds, to the severe, like holes in the walls, damaged plumbing, and broken cabinet doors.
Of course, you’ll also face a wide range of other lease violations. Many of our clients have found their tenants harboring unauthorized pets, smoking in non-smoking properties, neglecting the exterior needs of the property, and more. All these violations cost you money and time, but they also reduce the value of your property. In some cases, they can increase the likelihood of pests or put your home at risk of a fire.
In other cases, our clients experience challenges stemming from their tenants and dealing with the HOA governing the home. Often, property owners must act as go-betweens, communicating between the tenant and the HOA, which can be immensely time-consuming and stressful.
Ensuring that tenants correct any violations cited by the HOA and then communicating the rectification to the association can also be difficult. We work with your tenant and the HOA to minimize problems from the outset and, in the rare case that violations occur, streamline the process to achieve a resolution.
The good news for townhome owners is that because these properties often have little or no yard, there is less potential for damage or neglect of landscaping and other outdoor areas. This can also be used to market your property and make it more visible to specific audience segments – retirees who are seeking a home with no real exterior maintenance needs, for instance.
Finally, rental townhomes stay on the market for very short periods. Like apartments, single-family home rentals, and condos, townhomes are usually only vacant for a couple of weeks.
That means you need to move quickly to make the most of the demand for rental properties between tenants and ensure that your property is marketed correctly.
At RPM Colorado, we understand the unique challenges that townhome owners face when it comes to renting their properties and managing those rentals over time. We offer a turnkey experience that includes everything from marketing to tenant screening. Our team is made up of local experts with decades of combined experience and expertise, and we bring that to bear in our efforts to reduce your risk and time commitment while maximizing your financial return.