Colorado Springs vs Nearby Cities
The real estate prices in Colorado Springs are more affordable than prices in many cities within a 20-mile radius. The city’s median listing price is typically around $300,000, and the median sales price is often closer to $250,000. To be specific, the city’s average house price is $323,230. Compare those prices to the rates in Manitou Springs, which is located about five miles west of Colorado Springs. This city often features a median listing price around $400,000. About 20 miles north of the Black Forest, the median listing price is known to get close to $550,000. In Denver, the average listing price for a home is $489,272. That’s a pretty big difference compared to Colorado Springs. Even though the city sits high in the Rocky Mountains, its housing costs remain low. The average cost of housing in Colorado Springs is also lower than the national average, which is $367,825. At 6,035 feet the city stands over 1 mile (1.6 km) above sea level. This is even higher than Denver, though some areas of the city are significantly higher and lower. Colorado Springs is situated near the base of one of the most famous American mountains, Pikes Peak, rising above 14,000 feet on the eastern edge of the Southern Rocky Mountains.
There are some nearby cities that do offer lower prices than Colorado Springs. Pueblo, located about 40 miles to the south, is known to offer a median listing price well below $200,000. The average monthly rent in Colorado Springs is $1,273, which is slightly higher than the national average of $1,094. However, it’s still lower than the rent in Denver, which is $1,439 each year. Many people enjoy moving to Colorado Springs for its gorgeous landscape and affordability. In 2018, it was rated the second-best large city for first-time home buyers. The U.S. News & World Report also rated it the #5 best place to live in 2016. Colorado Springs is also a great place for investing; WalletHub gave the city the #7 spot in a roundup of best large cities for the real estate market. It’s a low-tax city, and Forbes listed it as #11 on their list of most affordable American cities in 2016. All of these factors make Colorado Springs a very alluring area for renters.
Colorado Springs Property Managers
If you need help managing your rental properties but don’t want to hire an official employee, a property manager working as an independent contractor is a good alternative. An experienced manager can handle all aspects of a rental business, including finding the best tenants and coordinating maintenance duties for all areas of your property. Since Colorado Springs is fairly close to Denver (about a 1 h 15 m drive away), you can expect to find expert property managers with extensive knowledge and experience.
There is a variety of franchise property management companies that manage rental units all across the state and country. Of course, there are a handful of locally-owned companies that provide services for certain neighborhoods in the city. For the most part, property management companies in Colorado Springs are highly-rated and widely trusted. They’re located throughout the entirety of the city and some may even serve areas outside the municipality. No matter what part of the city your rental property is in, you can be sure to find a company that will tailor their services to your specific needs.
Colorado Springs Property Management Company Fees
Property managers typically base their fees on the amount of rent collected from your tenants each month. The standard management fee is often around 10 percent, but it can go a bit lower or higher for some properties. You can expect to pay additional fees if you need services not covered by the base fee. Since Colorado Springs is close to Denver, you may encounter higher fees depending on the location of your property as well. For the most part, though, you can expect companies to add different tiers of services. Most of the management companies with price packages have three different options. The first is usually basic help with finding a tenant and setting up the lease. These are typically one-time transactions priced at a flat fee — usually in the $100-300 range.
The second option will be a basic selection of property management services like marketing, tenant screening, application processing, rent collection, maintenance, legal documentation, and so on. This is a full management package that will take care of all the little details so you don’t have to. Sometimes companies will offer a third tier of services with the same elements of a full management package, along with premium and bonus services and, like access to special management software or extra marketing strategies. Beyond these packages, companies may also have other one-time services available to property owners. For instance, they may charge an extra flat fee of $150 or so to set up a professional inspection of the property. All companies are different, but for the most part, Colorado Springs has a variety of property managers with decades of real estate experience. Doing your research and conducting a rental analysis will help you choose the best company to manage your unique property.
Colorado Landlord/Tenant Laws
- Landlords have no legal limitations when determining how much to charge for a security deposit, but they must clearly state the amount charged in the rental agreement.
- Unless otherwise stated in the rental agreement, Colorado landlords have one month to return a previous tenant’s security deposit. The landlord may be required to return the deposit if there are hazardous conditions that force the tenant to move out.
- Tenants can sue landlords in small claims court for the return of their deposit, up to a dollar amount of $7,500.
- Colorado landlords must give month-to-month tenants at least 10 days notice before raising the rent.
- If rent is late, landlords must give tenants 3 days to pay the rent or move out before filing an eviction.
- Tenants may withhold rent if a landlord fails to take care of important repairs, such as a broken heater.
- A landlord may give a tenant who has repeatedly violated any lease term an unconditional quit notice that forces the tenant to move out immediately. If the tenant does not leave, the landlord can file for eviction.
- Landlords must always abide by the Fair Housing Act, which states housing discrimination based on race, color, national origin, religion, sex, familial status, or disability is illegal.
To view a full outline of Colorado Springs’ landlord/tenant rights and requirements, refer to this document on the city’s website.