All Forum Posts by: Gretchen P.

I think it depends how tiny, there is a huge difference in terms of livabilty between a 250' home and a 450' home or a 600' home. All are small compared to the standard American house. I just don't see people living in them long-term, could work for a single but a couple in a 250' home with one work-at home spouse (which is increasingly popular) would be rough long-term, or if a single finds a partner who has a lot of shoes or bikes, doesn't want to climb into a loft bed, etc., For a vacation home or for a short time span, they are great. Single-wide mobile homes are 600 to 1300'. That is livable, 1300' very livable with kids. 

Yep run. Period. This isn't someone you can trust. I am willing to be there will be nothing but unpleasant surprises for 5 years. 

Here is my take: 

It might be time for updates, new LVP flooring throughout (you should be able to get decent quality LVP for about $4/ft installed), online the carpet looks stained, and the edges of the linoleum in the kitchen and bath look grimy; having a patch of carpet in the living room makes the place look smaller. Paint the cabinets a solid color that coordinates with the counters (which look new) and replace the missing drawer, add cheap cabinet hardware, a microwave/hood combo and do a tile shower surround or replace the surround with one that isn't so drab. The white trim and baseboard look like they need to be cleaned or painted. For about $5K in updates you should be able to rent quicker, and get a better class of tenant, and the updates should last 5 years or more.

The door to the laundry should be closed in the picture of the living room, then a separate pic of the washer dryer. 

While it isn't always accurate Rentometer says average in the .5 radius for the last 6 months for a 2-bed average over $900.

Is it an "eviction" if the lease has ended, and it is month to month? Can't either party give proper notice?

I have several Colorado Springs rentals, January-March is rough. When I have put others up for rent in Spring or summer I have qualified tenants ready to move in within days, sometimes before renovations are complete! One unit was trashed (we just purchased the property) and the tenant put down a deposit based off flooring and tile samples. That said, I had a 4bed/2bath that took me over a month (just got it rented) It is updated and in a trendy area. I had to do a price drop, and would be getting $75-100/mo more in the summer. It was dead. You may need to drop the price, AND I would ask for a lease that ends May-August. 

Renters are picky, and expect updated units, no nasty carpet, or dirty looking units, plus you will get a better quality tenant. Do you have nice pictures online? How do your units compare to others in the area? Who is your target?

I think automatic yearly increases don't make sense because as others have said, turnover is a revenue killer. 

That said, the property manager completely ignoring your request is unacceptable and not businesslike. If they felt the increase was unwarranted they could have discussed it with you, then if you were still insistent upon the increase, passed it to the tenant. Most tenants don't want to incur a hassle of moving unless the property isn't well maintained or there are other issues that make them want to move. $25/month probably wouldn't make them bolt. 

@Richard Sherman - I don't think Colorado is far behind on this. 

I think it will be interesting to see how this plays out. I looked up the one year increase in 2017 in Seattle and Portland, one was 3% and one was 4%. The newly allowed 7% plus inflation (2018 was 1.9%) is higher than rent has risen over the past year. 

As a landlord in I currently haven't raised the rent on good tenants for the first renew, and if I do after the second it isn't for 7% year. Turnover is more expensive than the extra money from a rent increase. However, if I was in OR I would automatically raise the max allowable per year. I wouldn't want to get stuck after 4 years with the same tenant and modest increases without the option to raise to market rent for a new tenant, especially after incurring make-ready costs and vacancy associated with finding a great tenant. In my mind year over year of 7% increases (without inflation added) is hefty, $105 per year on $1500 rent. I'm guessing rents end up skyrocketing over time in OR, historically rents have risen about 4% nationally. Landlords have a good anchor for raising the max allowable - it is allowed by law. I'm not sure this law will help tenants keep rents low. Eviction seems like a thornier issue for landlords with the new regulations. 

In Denver First Bank will do 20% down on 1-4 units. 

Also, check out this link: you may want to keep an eye on the regulations in CS. It seems they are making some zoning changes to keep rents affordable for residents rather than draconian zoning restrictions in places like CA which restrict building.

https://coloradosprings.gov/adu