The air carries a nip and the children are back in school—fall is fast approaching. As the seasons change outside, the rental market will cool as well. Even in cities which have a high demand for living space, the rental market follows trends that hold for most of the nation.
Summer is when most people move. Leases get signed; apartments and houses fill up before school starts. In the fall and winter the demand for rental housing remains low unless your property is connected with ski vacationing. Spring brings a boom in rental searches but not necessarily moves.
Colorado Springs is fortunate to have year round buffers which keep our market slightly more stable than many cities. The military is constantly moving members in and out of the area. Quality universities like UCCS and Colorado College are powerful draws. The natural beauty of the mountains, the plains, and Garden of the Gods are unfading attractive features also. Yet even with the current housing boom, the market will still slow as we head into fall and winter.
We summarized some tips for preparing your rental properties from a Forbes Magazine article and added our perspective.
Plan for Peak Season
You will want to be ready when the season hits, so make a list of all the tasks to complete to stay organized before the big demand begins. It can be chaotic when you’re answering inquiries, showing the space and running application background checks.
If renovations are needed, line up contractors in advance and plan to get those done in between tenants. You’ll have to work fast since people want to move in right away.
Be Careful with Your Listings
Street signs and newspapers might still be effective for some areas, but in most places the internet is where housing is found. List your property online as well as in print, but no matter where you advertise be sure to take care that the language doesn’t violate any laws that apply in your region.
Use Excellent Photos
Nothing slays potential rental interest faster than bad pictures. Make sure your photos are showing the property in the absolute best light and condition. You will need to hire a professional photographer if you don’t have experience with real estate photography.
Adjust the Price
Make certain each season that your rental property is priced appropriately. Before you list the property, you’ll need to carefully research comparable rental properties in the neighborhood and surrounding area. Remember, your potential tenants are shopping around and you’ll want to understand your competition.
Adjust the rental price to make sure you aren’t losing money or missing out on tenants.
Work with a Property Manager
No doubt, these tips sound like a lot of work, and they are! If you aren’t already a real estate expert and you want the most from your property investment, hire a property manager! Blue Mountain Property Management is a team of experts in the Colorado Springs rental market and real estate. We are here to make sure your properties are well cared for and remain occupied year-round, while you enjoy the seasons.