The real estate market in Colorado Springs, CO is hot.
In fact, it’s heating up again.
But before we dive into how to find a place, let’s address a key issue: There are many apartment listings for rent in Colorado.
In other words, there are several apartments available for rent for a single rent.
So how do you know which apartment is right for you?
Here are some important tips to help you determine if the apartment is affordable and which is not.1.
Are you looking for a 2-bedroom or 3-bedroom apartment?
There are apartments available in the area that are 2 bedrooms or 3 bedrooms.
For example, if you are looking for two bedrooms in Boulder, CO, you may be looking at apartments in the neighborhood of West Denver, Boulder, or Westwood.2.
Are there any apartments with a low-income rate?
In some neighborhoods in Colorado, there is a housing affordability rate of less than 30 percent.
For those of us in Colorado who are looking to buy a home, that rate is not feasible.
So in this instance, if your budget is $200,000 and you are seeking a 2 bedroom apartment, you will not find one available in Boulder.3.
Are they located in a predominantly Hispanic area?
If you are interested in buying a home in Colorado and looking to live in Boulder for at least three years, you can look into apartments in neighborhoods such as East Denver, West Denver or West Highland Park.4.
Are the apartments located in historic districts?
If there are apartments in historic neighborhoods in Boulder that are available for sale, you should consider renting them.5.
Are any of the apartments in your neighborhood affordable?
You will need to be aware that the rental market in Boulder is not perfect, but the overall housing affordability is generally better than it was in the past.6.
Are these apartments available to rent through your real estate agent?
If your local real estate agents are not offering any affordable apartments, you might be better off using an apartment search engine like Trulia.
There are numerous apartments that are listed for rent on Trulia that are affordable, but they may not be the ones you are after.
For the most part, Trulia listings will have a listing that includes a low interest rate and will be very similar to the prices in other listings.7.
Are your current roommates in the apartment?
If so, they are likely looking for someone to share an apartment with.
A recent Trulia report found that between 2015 and 2019, the average apartment size in Boulder was 2.3 bedrooms and 1.8 bathrooms.
This is not too surprising considering the fact that there are many single adults in Boulder who would like to live with roommates.
The key is to find the right roommates and then find a way to rent.8.
Are all the units of the apartment shared?
If not, you’ll need to find out whether there are any roommates who are in the apartments.
Some of the best apartment search engines include Trulia, ZipFinder and Expedia.
If you do not know whether your current roommate is in your apartment, it is best to find someone who can help you find a roommate.9.
Are other renters nearby?
If the apartments are nearby, you’re probably not looking to spend $200k on a home.
If there is not a roommate in the unit, then it is possible to rent that unit at a reasonable rate.10.
Are rents below market rate?
It is very important that you are aware of the market rate for the rental property you are considering.
It is also very important to consider your credit rating, and if you have a mortgage, you want to be sure you are borrowing the minimum required amount.
If the current market rate is below your credit score, you could be at a disadvantage.11.
Are prices rising?
If prices are increasing in the rental apartment market, it may be prudent to consider moving out and re-consider your purchase.
This will help you make an informed decision about whether the price is reasonable and if not, then consider other options.
If a price hike is happening, it might be advisable to consider a loan modification to the value of your home.12.
Do you have any roommators in the units?
If a roommate is not available to share your apartment with, it would be prudent for you to seek out a new roommate who will be willing to share.
If your current housing situation is precarious, you have the opportunity to get a mortgage modification to increase your mortgage rate.
If no new roommate is available, then you can continue to look for a roommate who is willing to rent the apartment for the full term of your lease.13.
Are apartments in an affluent area located near a university?
If no roommate is willing or able to share, you must consider renting the apartment from an apartment service