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Old 08-29-2007, 02:18 AM
 
2 posts, read 5,004 times
Reputation: 10

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Greetings -

Moving back to Colorado Springs in a few months and very interested in purchasing a home. The plan is to rent it when (if!) we leave in two years.

How 'soft' is the rental market? I'll be looking to rent a 4 bed/3bath 2000+ sq ft home for around $1000/mo - just looking to break even with my known mortgage payment. Feasible?

If you have some websites or organizations I can check for local single-family rental statistics, I'd be obliged. So far, I see just the multi-family/apartment sites.

Your thoughts are appreciated.
M
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Old 08-29-2007, 07:38 AM
 
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Reputation: 5514
You'll be able to rent out anything, if the price is right.

Depending on the condition of the property you own, 4bed/3bath, you should expect upwards of $1200 per month. Make sure you find a good property manager who knows how to advertise. We rented our home online (though didn't sign the lease until after we saw it obviously), and thought it was the only one available in this neighborhood. I checked a lot different websites religiously for more than 6 months looking for a place to live. I called realtors in the area... long story short, we get here and both houses on either side of us are for rent. There were actually quite a few in Briargate, but online, I could never find more than a few per site.

PS Both houses on either side of us are STILL for rent... of course the owners wanted the same rent for those as this one, but they each have one fewer bedroom (though one just went up for sale).

(We just moved here, we're renting just the size home you described after a LENGTHY search)
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Old 08-30-2007, 02:42 PM
 
Location: Colorado Springs
9 posts, read 31,686 times
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Well right now there are about 45 homes to rent in the Springs area that match that criteria on the MLS. Ranging from $1,000- $1,300. In the month of August 16 homes were rented the quickest rented in 2 days. The average was 39 days at $1,199. The average was a bit high because 2 took 80 days to be leased. Keep in mind it depends what area the home is in and obviously condition. Hope that helps out some!
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Old 08-31-2007, 06:18 AM
 
2 posts, read 5,004 times
Reputation: 10
More detail: We plan to purchase (and eventually rent) this home in the 80922/80923 region.
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