Owner Occupied or Boulder Rental Property?
I’d be lying if I said I had never looked at the neighboring houses of a property I was showing and speculated as to which ones might be owner occupied and which ones were rented.
I am guilty of guessing that those homes with well maintained landscaping and a single nice car in the driveway are more likely to be owner occupied. Then guessing that the properties sporting 4 cars in and around the driveway and a certain degree of deferred maintenance, were rental properties. But I also know I’m not alone when I see red plastic cups adorning the porch and think “student rental”!
My definition of “owning” includes those who have a title in their name but who might owe up to 100% of the value of the home. The home-ownership line is a bit gray, isn’t it? The truth is that I was once a tenant. I was gainfully employed, planted flowers in the front yard and only had one “nice” car parked outside! I lived in a neighborhood that was a mix of rentals and owner occupiers. On my block alone, resided students, families and single professionals who rented. We were interspersed with families, professionals and retirees, who owned their homes.
We live in a university town and a city that is pricey to buy into. Renters have a vital role to play in our economy and landlords fulfill a need too.
However, I completely understand it when a Buyer wants to use rental licensing information to help create an overall picture of the area they are considering buying into.
My job as a Realtor is to assess all the needs a buyer has and seek to get them the information they need to determine if this home/area is a good fit.
Reasons for wanting to know which and how many homes are rentals:
- People feel most comfortable with like-minded people.
- Owners traditionally have maintained and improved homes to a greater extent than tenants.
- It is fair to assume that rental properties are likely to have a faster turn over of residents than owner-occupied properties.
How does one really know which homes are rented and which are owner occupied?
Well, since rental properties in Boulder require a rental license, it is fairly easy to find out.
Check out the City of Boulder’s rental license look-up page. You can even visit a map of ALL the rental licenses issued.
Yes, I know…. This map cannot possibly show rentals that are unlicensed.
And as your Realtor I will always recommend you spend a little time and introduce yourself to your potential new neighbors. There is nothing like a little chit chat to get a feel for the personalities who could be your new best friends. The people who collect your mail and shovel your walk as you vacation in spring, or who call the police when you party too loud or long.
Consider it a part of your due diligence checklist.