Do you have an empty rental property? It hurts your bottom line when you have trouble finding renters. It is only when someone pays rent that you make money.
Even if you have a beautiful property and are a terrific landlord, you may have trouble finding renters. Any Colorado landlord would find this scenario stressful and a nightmare.
Different actions can be taken to attract tenants. For more ideas, check out our blog post on The 10 most wanted features and amenities of today’s renters“
Renting out your home during peak rental season is the best way to take advantage of higher demand.
When is Peak Rental Season in Colorado?
Renters in Colorado tend to look for new homes most often from May to August. Demand will be highest at this time. Summer is the most popular time of year for many reasons.
- In Colorado, moving during the summer is easier. When you move, the weather is pleasant, and you won’t have to deal with snow, cold, or bad road conditions.
- It is important for families with children in school to minimize disruptions. Summer is the ideal time to move, since one school year has come to an end and a new one hasn’t begun.
- Students also seek rentals according to their college schedules. During the summer, many graduates move to new cities, and students planning to return to school want to sign a lease.
Finding tenants in the summer has many benefits
You want the process of finding renters to be as easy as possible. Renting to responsible tenants and maximizing your rent price are important.
Make the most of higher demand
You can be more selective when there are more people searching for a rental. Getting your rent paid doesn’t mean settling for anyone you can find. It is possible to be more selective if you have a large number of applicants.
Your rental property should be taken care of by someone who pays their rent on time. At Colorado Realty and Property Management, Onc, we ensure that rental applications are thoroughly reviewed, incomes are verified, and prior landlords are contacted. Additionally, check tenant credit reports and background checks. Those who don’t meet your criteria will be denied.
Minimize Vacancies
Renting at the peak of demand lowers the likelihood of your rental sitting empty. As a result, your bottom line benefits.
Preparing Your Home for Summer Rent
During peak season, you need to be prepared. While there should be plenty of applicants, you should still ensure that all your processes are in order and your home shines.
Prepare the Property
We will make sure any repairs or maintenance is completed before peak season. All appliances should be working properly, including leaks, broken cabinets, and broken windows.
We will ensure a good cleaning service is contracted, as well as making sure the carpets are taken care of. Professional photographs should be taken once the home is in top condition. Listing pictures online should show your rental at its best.
Update Your Rental Listing
Our leasing team will list your property with your new photos, making your rental listing stand out by highlighting the best features. Your home should be listed on the most popular rental listing sites in your area.
Tenant screening should be updated
We use the same screening process for everyone, and we have the tools available to screen potential tenants.
Digitized processes
Online forms make it easier to complete everything. Creating a process that includes an online rental application, a digital lease, online rent payments, and accessible communication about problems or repairs keeps everything organized.
Finding a Tenant during the Winter
Finding a tenant during the winter may not be ideal, but it is possible. It is necessary for people to move throughout the year. It will be harder to be as picky when it comes to your tenants.
Getting your property on a summer rental schedule is the goal. You might consider asking your tenants to sign a 6 month or 18 month lease, to make this possible. In this way, the proper schedule can be restored to your property.
Performing repairs or renovations is another option. You can raise your rental price if you invest some money in your property. Having your unit ready to rent by peak season will allow you to complete the work on time.
Property Peak Rental Season in Colorado
Summer is the best time to rent a house, condo, townhome, or apartment. This is the time to get your listing out there if you are a new landlord. It may be possible to shift the terms of your lease so you can find renters during peak season if the lease expires in winter.
As a result of a higher demand during the summer, we have a larger pool of applicants when your property is ready to rent. We can be more selective this way. As a result of the higher demand, in some cases we can also charge a higher rent.
In Colorado, renting during peak rental season opens more doors for you. Your chances of your property sitting vacant are minimized when you combine smart timing, a well-kept rental, and a professional property manager. You’ll save time, money, and get a better return on your investment.
Contact us today to schedule a free discovery call.
