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Denver, CO, is undoubtedly one of the best places to own a rental property, considering its landlords make an annual average income of $83,488, according to ZipRecruiter. Even the lowest percentile still makes $53,008, while the top earners make as much as $155,422!
However, for your Denver property to be profitable, you must know how to combat high vacancy rates. The more often and the longer it sits empty, the less income it generates.
In this guide, our team at PMI Denver West shares creative rental leasing tips to help you fight vacancies, so read on.
Discounted Security Deposit
Per Colorado Revised Statutes § 38-12-102.5, landlords, including those in Denver, can require tenants to make a security deposit equivalent to two months of rent payment. For example, a landlord who charges a monthly rate of $1,000 can set the security deposit requirement to $2,000.
State and local laws do not require these deposits, so renters may look for other rentals that charge less. If you've been grappling with high vacancy rates, it may be because your security deposit requirements are too high.
Consider lowering your security deposit to attract more prospective renters. Then, offer existing ones a "discounted" rate to encourage them to renew their leases.
Welcome Pets
You can reduce rental vacancy by allowing pets on your property. By implementing a pet-friendly policy, you can:
- Expand your prospective renter pool
- Get more lease renewals
- Improve overall tenant retention
How so?
First, according to the Insurance Information Institute (III), two in three American households own pets. As you can imagine, many of these families are renters.
Second, most people who own pets consider them family. Indeed, according to a Pew report, a whopping 97% of pet owners think like this! Now, you wouldn't leave a family member behind if you moved to a new home, would you?
So, consider welcoming pets and advertising your property as a pet-friendly rental as part of your creative leasing strategies.
Hire a Denver, CO, Property Management Firm
When you hire a property management company, you'll delegate your property's day-to-day operational and managerial tasks to them. They can help reduce vacancy rates because they're experts in:
- Analyzing rental properties to determine their potential rental income and profits
- Marketing and listing your property through different platforms
- Communicating with interested applicants
- Performing efficient property showings
- Screening and placing quality tenants
- Enforcing the lease
- Responding to and addressing tenant concerns promptly
- Providing practical insights into improving lease terms and conditions
So, partner with a property management company if you'd rather have an expert handle your rental while waiting for your income.
Implement These Practical Rental Leasing Strategies
Offering security deposits, welcoming pets, and working with a reputable property management firm are top creative rental leasing strategies to help decrease vacancies. Add these to your arsenal to get those tenant renewals rolling in.
PMI Denver West is your top choice if you're ready to outsource your landlord responsibilities to experts. As a full-service real estate asset management company, we aim to decrease our clients' vacancy rates by finding quality tenants who'll pay on time and most likely stay in the long run.
Speak with us today and request your complimentary property analysis!
