what areas in Colorado Springs are growing in mid-term rentals?
Right now is a great time to buy! I am an agent here at Coldwell banker in the springs and now am looking to purchase an investment property. I am seeing and hearing more about midterm rentals. Anyone know what location would be a good investment? I was looking into a duplex or triplex. This would be my first investment property. I am all abut Learning. Any advice given would be appreciated. I plan to utilize my commission for buying myself and ask for some concessions.
I am also a realtor here in Colorado Springs. I own a primary residence currently where we STR the lower level but plan to Mid-Term Rent the entire house once we buy our next primary residence. As for location, that is going to be very subjective. I would personally focus on an area that needs temporary "workers" like Hospitals, Military Bases and Colleges. Hospitals tend to have traveling nurses, Military bases constantly have soldiers moving in and out of the area, and College students generally don't want to rent for a full year. They key is to find your target client and work backwards from there to discover what it is they want in a mid-term furnished stay and provide those wants! Simple right? haha
Honestly the closer you are to one of the facilities I have listed, the better off you will be for finding a pool of renters, but also consider most people are willing to drive to work or school, so location may not be as important as the quality of the house in most areas of Colorado Springs.
I hope this helps! If you ever want to chat over some coffee (or tea) please don't hesitate to reach out!
Good luck on your investment journey!