LRA's Weekly Main Street Blog with Home Buying & Selling Tips for Louisville, Superior, Erie and Lafayette, Colorado including Real Estate Investing and Market Reports and Analysis for the Colorado Home Owner, Buyer, Seller and Investor.
I meet a fair amount of folks coming into our offices asking if LRA knows anything about the rental market. Fortunately we do understand the rental market, but unfortunately for those who ask us, we don't work as leasing agents. But since we get enough questions in this area, I thought it may be worth a blog post to help out our readers who don't think they are ready to buy, but are eager to see a few rental homes in this very tight market.
First, it is important to understand who are the leasing agents in your area and who they work for. Leasing agents in the Boulder County area (including Housing Helpers, 8z Rentals or Fox Properties just to name a few) work with property owners to find good tenants for their clients, the home owner/landlord. These properties could include single family homes, apartments, or even commercial businesses. Leasing agents are typically paid a commission by the property owners and help them to navigate the complex nature of the property rental market. It is still a good idea to use a leasing agent since it will not cost you anything, but just remember that they represent the property owner, and so you will really need to understand what you are signing when you ink that lease.
Next piece of advice I have is to consider using Facebook to conduct your search. Here in the Boulder County area, there are FB Groups dedicated to matching renters with properties. For example, I see a lot of activity on "Homes on the Oh Oh", which is specific to Lousiville, Colorado. This is a closed groups so if you are interested you will need to join the group and be approved, which may only take 24 hours. Once you are a member, you can search lots of real time rentals in the "80027" area code, which includes Louisville and Superior. If you want to expand your rental search, just use the Facebook search bar to type in the town and the word "rental home" or "rental properties" and you will likely find something to fit your needs.
Finally, I suggest you run the numbers to see if it makes sense to keep renting. Rental rates are continuing to increase over the past few years and if your long term plan is to buy, then you may want to consider studying your options. One simple way to start is to use this Rent vs Buy Calculator to determine your best options. This tool, created by Realtor.com® can help you calculate the net cost of buying a home versus the cost of renting over time, thus taking some guess work out of your decision making process.
If you have been following Louisville Realty Associates on Facebook, Twitter or Instagram you will know that we provide regular updates on what we think home owners and home buyers may be like to know. We also provide snapshots of market data for East Boulder County. While it is easy to get lost in the multitude of statistics available for everyone to look at online, we always keep our data sweet and simple. Check out East Boulder Town market statistics here. At Louisville Realty Associates, our wonderful agents have the experience, energy and depth of knowledge to help you list your home for the best price. You can reach us anytime at firstname.lastname@example.org.