A study has revealed major shifts in property ownership in Boulder. Authored by real estate agent Jill Grano, the report calls for groundbreaking changes.

BOULDER, Colo. - July 5, 2024 - PRLog -- The city of Boulder is undergoing significant changes in property ownership patterns, as revealed in a groundbreaking new study authored by Jill Adler Grano, a renowned real estate agent and housing researcher at the University of Colorado Boulder. Titled "Changing Patterns of Ownership in the City of Boulder, Colorado," the report uncovers the rise of institutional investors in the multifamily rental housing market and a substantial increase in second homeownership.

The study highlights how large institutional investors, entities that own more than 1,000 properties, have increasingly acquired multifamily apartment buildings in Boulder. These corporate landlords leverage economies of scale to implement higher rents, introduce new fees, and reduce maintenance efforts. Furthermore, tenant advocates report that these investors are more likely to evict tenants to replace them with higher-paying occupants, exacerbating housing instability for many residents.

"The entrance of large institutional investors into Boulder's housing market is reshaping our community in ways that undermine our social and economic stability," said Grano. "These entities extract value from the community rather than retaining it, posing a serious threat to housing affordability and availability."

The study also identifies a surge in second home purchases, driven significantly by the pandemic. As affluent individuals sought new living spaces during the lockdowns, the demand for second homes grew rapidly, outpacing the demand for primary residences. This increased competition has driven up property prices, contributing to a growing number of vacant homes in the city.

"Boulder is becoming a playground for the ultra-wealthy, with second homes driving up housing costs and reducing availability for local residents," noted Grano. "This trend is reminiscent of Aspen, where second homes constitute nearly 43% of the housing stock, creating numerous social and economic challenges."

To counter these trends, the study recommends several policy measures, including implementing or strengthening rent control laws, instituting a residential vacancy tax, and prioritizing the construction of market-rate housing units affordable to the local workforce. Additionally, increasing flexibility within low-density residential zones to accommodate more housing units without sacrificing neighborhood character is crucial.

For more information and to access the full report, please visit the University of Colorado Boulder's website.

About Jill Grano

Jill Grano is a third-generation Real Estate Agent in Boulder, Colorado. With two decades of experience and dozens of professional accolades, she helps clients buy their dream homes and sell their greatest investments. To connect with Jill, reach out online.

Photos: (Click photo to enlarge)




Source: boulderseomarketing.com

Read Full Story - Boulder Real Estate Agent Explores Property Ownership Shifts | More news from this source

Press release distribution by PRLog