Did you know that 70% of moves occur between Memorial Day and Labor Day weekend? With those stats, it’s easy to see why peak leasing season occurs between May and early September. Increased activity means greater demand, which of course, equals an increase in rents. So whether you’re looking to fill a vacancy this summer or renew the lease with your current tenants, here are a few tips to help you maximize this year’s peak leasing season in Colorado Springs.
Make The Most of Peak Leasing Season in Colorado Springs
Know Your Current Market & Renter Demographic
Colorado Springs is a diverse and thriving city that offers incredible opportunities to landlords and tenants alike. With a gorgeous mountain landscape and growing population, Colorado Springs is extremely popular. For that reason, rental property owners in Colorado Springs can easily maximize their investment by understanding the current market and renter demographic.
The average rent in Colorado Springs for a 3-bedroom single-family home stands around $2,214, while the average rent for a 2-bedroom apartment is $1,614. Make sure to do your homework when deciding what your starting rent should be by searching for comparable properties in your area. Check for the number of rentals in your neighborhood and surrounding area, taking into account the difference in upgrades and amenities. And if you want to take the guesswork out of it, simply contact us for a Free Rental Analysis. We’ll let you know exactly what your rental property could rent for in the current market, and at no obligation.
After determining the right starting rate for your rental, the next focus boils down to your audience. After all, knowing current renter trends and what they’re looking for is key to successfully finding qualified tenants. One of the biggest demographic features to consider in Colorado Springs is the sprawling military community. With Fort Carson Army Base, Peterson Air Force Base, Shriver Air Force Base, the Air Force Academy, and more nearby, Colorado Springs is home to many active duty service members and veterans alike. Offering military discounts, highlighting proximity to local bases, and ensuring your lease accounts for military-specific clauses should all be considered in your marketing strategy.
Update Your Marketing Strategy
First impressions play a big role in whether or not a potential tenant will apply for your property. For that reason, it’s important to put your property’s best foot forward with quality photos and a detailed ad that highlights all the important features and amenities your rental has to offer. Make sure your ad details location-specific highlights, such as travel access, local attractions, the neighborhood name, and nearby amenities. Describe key features, including any updates or popular features like hardwood floors, washer and dryers, and air conditioning if available.
Streamline your processes as well by marketing across all the popular rental sites and providing digital applications and payments. Make sure to clearly disclose your rental criteria, pet policy, and requirements to help avoid any miscommunication and cut down on the number of unqualified applicants. And stay up to date on any regulatory requirements when advertising and screening applicants. There are a few major dos and don’ts when it comes to property management, so be familiar with local, state, and federal laws that govern real estate.
Capitalize on Lease Renewals
Peak leasing season is also peak renewal season and offers great opportunities to rental property owners and residents alike. If your residents’ lease is set to expire this summer, make sure to reach out to them well in advance to inquire about their plans. Renewing the lease with residents who pay on time and take care of the property is always a good move. Be flexible and willing to work with your current tenants to avoid costly turnover. After all, moving and vacancies are expensive. Do what you can to encourage residents to stay long-term by providing excellent service, maintaining the property in good condition, and streamlining processes to renew the agreement in a timely manner.
Create a Turnover Kit and Maintenance Gameplan
In the event your property is going to be vacant over the summer, have a game plan in place to help minimize your vacancy period as much as possible. Schedule move-out inspections and repairs as soon as your residents vacate the property. Complete any needed repairs for the security deposit quickly and efficiently. Be sure to document everything, including pictures. And if you decide to make any upgrades to your property, in between tenants is a great time to do so. Consider what makes sense for your budget in comparison to what current trends say are most important to tenants.
Update Your Vendor List
Having a reliable team of vendors for any type of repair is essential during any stage of rental property management. To maximize the peak leasing season in Colorado Springs, repairs need to be completed swiftly and efficiently. Make sure to compile a list of vendors for each type of work, as well as one or two backups in case your preferred contractor isn’t available. This way, you avoid hunting down reasonable and reliable vendors during crunch time.
They don’t call this time the busy season for nothing! Take the stress out of the peak leasing season in Colorado Springs by maximizing your opportunities and staying proactive. Doing so not only ensures a smooth season but allows you to make the most of your investment. And if you’re looking for help maximizing your rental property’s potential or simply navigating the challenges of screening tenants during peak season, our team is here to help! We offer both full-service property management and tenant placement services in Colorado Springs. Contact us today to learn more about our services and how we can help you make the most of the busy summer season!
