Here's the executive summary from our property management panel:
- Rent collection still remains strong. June 2020 is within a couple of percentage points of June 2019.
- Leasing still remains hot. PMs are reporting continued rent increases on renewals and new leases.
- A higher percentage of tenants are renewing their lease to stay in the same unit.
- The eviction moratorium is expiring, but there is a 30 day notice period and they have concerns for a big back log in the courts. The recommendation is to work with your tenants.
- As of the recording, the extra unemployment benefits are set to expire soon which could cause more tenants to get behind on their rent.
Interview with Ellie and Devin Reimer - Aerowood Property Management
Aerowood manages 300 doors in the Denver metro area. Their portfolio consists of mainly condos, townhomes, and single family homes. They also manage a few small multi family units.
YouTube Video Interview with Ellie and Devin
Interview with Marc Cunningham - Grace Property Management
Grace Property Management started in 1978 and has grown to manage just under 1,000 doors. They range from single family, to small multi family and also do some commercial property. North Denver to south Denver
YouTube Video Interview with Marc
Interview with David Weiss - Rivendell Real Estate
Rivendell's property management division has been in business about 6 years. They currently manage about 230 doors in a mix of apartments, single family homes, and small multifamily properties. About 30% of their portfolio is section 8. The properties are all across the Denver Metro area from Thornton to Castle Rock.