Welcome to the topic “WHY COLORADO IS A GOOD STATE FOR REAL ESTATE INVESTMENT”
Whether you are planning to move or looking to invest, you will find Colorado investment properties to be the best one to do so. Colorado has a beautiful climate; it is gorgeous and has a large number of activities. Most of the housing trends that are occurring there prove that now is the right time to invest in Colorado. We are likely to see these trends in the future, and this makes it an excellent state for investment. Therefore, it is the right time to consult your best realtor team and start making a real estate investment.
Reasons to invest in Colorado real estate market
One of the top up-and-coming state markets is the Colorado real estate market. This state’s consistent success helps to build the reputation of Colorado as the best state to invest in real estate. The following are the great reasons why you should invest in the Colorado housing market.
Population growth is always a clear indicator that real estate is in demand. The housing market experiences a high population growth, which is lucky for real estate investors. Colorado currently stands as the seventh fastest-growing state in the US, and most of its development is because of the rapid urbanization of the state.
More than half of the state’s population lives in the Denver-Aurora-Broomfield Metro area; thus, population growth and urbanization are significantly increasing the demand for rental property.
A growing population and boom in the economy often go hand-in-hand. When this happens, the real estate investors get a chance to benefit from the increased demand from tenants. This is also the case with the Colorado real estate market.
For the last five years, Colorado has an annual growth rate of 2.7% annually, which is the 4th most massive increase in the US. The job growth rate in Colorado is also one of the highest in the country. The top-tier economy of the state acts as a huge incentive to invest in Colorado real estate.
Landlord friendly state
Another main reason to invest in the Colorado real estate market is that it is considered a landlord-friendly state. There are very few states that allow the landlords to access their rental property with the requirement of advanced notice, and fortunately, Colorado is one of them.
The state’s eviction process is also straightforward as law enforcements tend to take the side of the landlords. There is a compliance notice requirement; e.g., it is limited to 72 hours for the tenants to either pay their rents or restore the property to the landlord. If the compliance notice expires, the eviction will occur within 48 hours after the demand. The appeal to be a landlord friendly state will help to attract those people who have plans to become landlords in the Colorado real estate market, and this will also be attractive for the Colorado licensed realtors.
The Colorado real estate market is also very beneficial for the buzzing tourism industry of the state. The Colorado State is renowned for its cultural events, outdoor activities, and arts. Skiing is also a staple of Colorado tourism. This state is the top ski destination in the United States, as it accounts for 21 percent of all the overnight ski visits.
Some people might not be aware that Airbnb is legal across the state. Over the past few years, Airbnb is becoming a great source of income for many investors. The main reason is Colorado is a top-rated tourist destination. Therefore, this makes Colorado a great location to rent out the investment homes to the guests who stay for the short term. Renting out the vacation homes to the tourists has grown from 6000 to 40,000 annually over the last five years.
Although Colorado is a competitive market for the homebuyers, the real estate market offers a number of opportunities to the investors. There are breathtaking mountaintop views and 300 sunny days per year. Colorado attracts a large number of vacationers, no matter what the season. You also see a steadier influx of wealthier buyers, and this creates a more versatile array of opportunities for the real estate investors.
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