Is your rental property sitting empty? When you have trouble finding renters, it hurts your bottom line. You only make money when someone is paying rent.
You might have a beautiful property and be a terrific landlord, but sometimes it’s difficult to find renters. This scenario is a nightmare for any landlord in Colorado and causes stress.
You can take different actions to attract tenants. Look back to our blog post on why properties might not be renting for more ideas!
These strategies can help, but renting out your home during property peak rental season is the best way to take advantage of higher demand.
When is Peak Rental Season in Colorado?
The most common time for renters searching for a new home in Colorado is from May to August. This is the time there will be the most demand.
There are many reasons why summer is the most popular time.
Moving during the summer in Colorado is easier. The weather is pleasant, and you don’t have to deal with snow, cold, or poor road conditions while moving.
Families with children in school like to minimize disruption. It’s simpler to move during the summer when one school year has ended, and another hasn’t begun.
The college schedule also dictates when students are seeking rentals. Many graduates are moving to new cities during the summer, and students going back to school want to sign a lease before a new school year begins.
Benefits of Finding Tenants During the Summer
When searching for renters, you want the process to be as easy as possible. You want to find responsible renters and maximize your rent price.
Take Advantage of Higher Demand
With more people searching for a rental, you can be more selective. You won’t have to settle for anyone you can find just to make sure you get your rent payment. If you have lots of applicants, you can be more selective.
You want to choose someone who will pay their rent on time and take care of your property. Be sure to thoroughly check rental applications, verify their income, and contact prior landlords. In addition, look at tenant credit reports and perform background checks. Deny anyone who doesn’t meet your criteria.
Minimize Vacancies
You lower the chances of your rental sitting empty when you rent at the time of highest demand. This helps your bottom line.
You can Charge More for Rent
Rent prices are higher when demand is higher. You can charge more, just be sure to keep your rates competitive.
How to Prepare Your Home to Rent During the Summer
When peak season hits, you want to be ready. Take the time to prepare. Although there should be no shortage of potential tenants, you still want to make your home shine and have all your processes in order.
Prepare the Property
Take care of any repairs or maintenance before peak season. Fix leaks, replace broken cabinets or windows, and make sure all appliances are functional.
Also, hire a company to perform a deep clean. Don’t forget the carpets. Once the home is in top condition, have professional photographs taken. You want your rental to look its best in listing pictures online.
Update Your Rental Listing
Use your new photos and update your listing. Show off the best features of your rental and make your listing catch the eye. Be sure to list your home on the most popular rental listing sites in your area.
Update Your Tenant Screening Process
Did you learn anything from your past experiences with tenants? Is there anything you should add or do differently while screening tenants?
Revamp your screening process and use the same process for everyone. Have the tools in place and ready so you can screen potential tenants as needed.
Create a Digital Process
It’s easiest to fill out everything online. Create a process that offers an online rental application, a digital lease, online rent payments, and accessible communication about problems or needed repairs.
Hire a Rental Management Company
If you are trying to do everything yourself, or have been working with a subpar rental management company, make the switch before peak rental season. Professional rental management companies have the tools and processes to make your life easier and keep your property rented.
What to Do if You Need to Find a Tenant in Winter
Winter isn’t the best time to find a tenant, but it can be done. People need to move all months of the year. However, you will not be able to be as picky with your tenants.
The goal is to get your property on a summer rental schedule. To make this possible, consider asking your tenants to sign a slightly shorter or slightly longer lease, say 6 months or 18 months. This can get your property back on the proper schedule.
Another option is to take some time to perform needed repairs or renovations. If you put some money into your property, you can raise your rental price. This timing allows you to complete the work and have your unit ready to rent by peak season.
Property Peak Rental Season in Colorado
The best time of the year to rent a house, condo, townhome, or apartment is the summer. If you are new to being a landlord, this is when you want to get your listing out there. If your current rental is on a lease that expires in the winter, you can work toward shifting the terms of your lease so you can find renters during peak season instead.
When your property is ready to rent during the summer, you have a larger pool of applicants because the demand is higher. This allows you to be more picky. Because demand is higher, you can also charge a higher rent and increase your bottom line.
When you rent during peak rental season in Colorado, you open more doors for yourself. When you combine smart timing with a well-kept rental and a responsive property manager, you minimize your chances of your property sitting vacant. This means more money, less stress, and a better return on your investment.
Our team at HighPoint knows the North Denver area rental market and understand the importance of taking advantage of peak property rental season. We are professional property managers you can count on.
Want to operate with peace of mind and a consistent cash flow? Contact us today to schedule a free discovery call.