For landlords in Denver, it’s important to keep in mind that the rental market tends to “cool” down with the weather each year, which means be prepared that your property will most likely sit on the market longer than it normally would.
Here are some tips on how to successfully rent your property in the Winter months:
- Focus on vacancy, not price: In order to combat the higher vacancy risk that the Winter presents in Denver, we encourage all Property Management Clients who are looking for a tenant from November through January to be proactive and list the property as aggressively as they can. Shift your focus to leasing the property as quick as possible by listing at a price irresistible to prospective tenants. This will give you leverage in negotiating an advantageous lease term that will end in a more favorable time of year for your property. Then you can shift your focus back to getting your dream price and aim for consistent 12-month lease terms.
- Be open to shorter or long term leases: If you find yourself constantly having to rent your rental property in the Winter months, be open to 6 month, 9 month or even 15-18 month-long leases. That way your property will become available in the Spring, Summer or Fall when rental prices are higher, and there is a larger pool of tenants.
- Be open to pets: When you do not allow pets in your Denver rental in general, you’ll see about 20% less interest than if you were to allow pets. In the Winter, when you have a few factors working against you (pricing & smaller lead pool), allowing pets will give you more options for tenants.
Although pricing and listing strategies vary from property to property and are dependent on the location, condition, size, and features of the property, the single-family detached homes will see the highest return when the weather is warmer. If you’re listing in Winter, then make sure to talk with your Denver Leasing Agent and discuss what options make the most sense for your specific rental property.