With the recent change in rental occupancy laws in Colorado, it's possible that more tenants will be grouping up and living together rather than spreading out among different rentals. This change in law is ultimately beneficial, but some landlords may have concerns, especially if they've already struggled with rental leasing.
As long as you're a good landlord with a high-quality property, you shouldn't have to worry. We're here to offer some quick tips and strategies that will keep your vacancies low. Read on to learn more.
Offer Flexible Lease Terms
Offer shorter-term leases (like terms of six to nine months) to attract tenants who need temporary housing. It's common for people to need shorter lease terms either because of work, a transitional period or because they're just not sure what's coming next for them. By offering a shorter lease, you'll stand out among the crowd and reduce vacancy rates.
You can also consider month-to-month leases for added flexibility.
It's also a good idea to provide lease extensions or renewals with incentives (such as rent discounts, but we'll discuss that later). This way, people have more motivation to extend rather than go elsewhere.
Consider Rent Concessions and Incentives
Offer discounted rent for the first month to get new tenants. You can also offer a month or so of discounted rent to tenants who choose to renew as a show of goodwill. For new tenants, you can even provide a free rent period by giving them the first month free.
If you can, try to include extras like free parking, utilities, or amenities. You can also choose to skip fees like pet rent that are common elsewhere.
Offer Unique Amenities and Services
If you're trying to lower vacancies during the Fort Collins property leasing process, offer unique amenities. These can include things like a fitness center, pet park, or community garden (among others, of course). Amenities make properties more appealing.
Provide services like (optional) house cleaning or concierge services to create a more upscale rental experience. These are uncommon, and many people would prefer to have them, even if it means paying a slightly higher price.
You can also partner with local businesses to offer exclusive discounts to tenants.
Upgrade to Virtual and Flexible Tours
Virtual tours have been all the rage for the past few years. Offer virtual tours (like 3D walkthroughs or video tours) to attract out-of-town tenants who are moving into the area.
You should also provide flexible tour scheduling for evening or weekend tours. Remember, most people work on weekdays, so expanding your tour times will also expand your tenant pool.
Try These Rental Leasing Strategies
These rental leasing strategies can help you fill those pesky vacancies with wonderful tenants. If your normal leasing strategy ideas aren't working, it's time to make a few changes.
Are you in need of rental management tips for your Fort Collins property? At PMI Northern Colorado, our team of experienced property managers is ready to help you with everything from marketing to lease renewals. Schedule a free consult with us today!
