In its 2024 to 2025 "Best Places to Live" in the United States, US News & World Report has included several Colorado cities. Per 9News.com, Denver is among them and is the fourth best place to live in the Centennial State.
Such high rankings will likely spur Denver's population further, bringing in more residents, including renters. So, if you have a rental property here, your goal should be to acquire and keep good tenants for as long as possible.
Effective leasing management techniques can help you achieve those goals.
PMI Foothills has shared rental property strategies to boost tenant satisfaction and keep your occupancy rate high, so read on.
Make Your Rental Pet-Friendly
Multifamily Dive says that a new Zillow study found that nearly six in ten renters now own at least one pet.
Not all rental properties allow pets, though. As a result, many renters still find it challenging to find homes that will accept them and their furry family members.
Make a positive change in the Denver rental market by turning your rental property into a pet-welcoming haven. Doing so can expand your renter pool and increase your rental income. It also helps boost tenant relations and make existing renters more likely to stay and renew their lease, as they know how difficult it is to find pet-friendly housing.
Stay in Touch With Renters
Even something as simple as checking in on your renters to ask them how they're doing can make them appreciate you. Let them know you're just a call or text away if there's an issue with your property.
If they ever phone or message you about problems, respond and address their concerns immediately. Doing so can make your renters think of you as a responsive and caring landlord, which can be enough to make them want to stay longer.
Maintain Your Property's Safety and Habitability
Colorado Revised Statutes § 38-12-505 governs the legal responsibilities of landlords. Under the law, you, the landlord, must provide safe and habitable housing to tenants.
Non-compliance can force your tenants to file complaints against you, and even if they don't, they'll likely be unhappy and leave without renewing their lease.
Prevent those issues with regular rental maintenance, inspections, and repairs. Coordinate schedules with your tenants and ensure they give their consent before you enter the property.
Set aside a portion of your rental income to ensure you always have the funds to cover property maintenance costs. Investopedia recommends setting aside at least 1% of the property's value annually.
Keep These Leasing Management Techniques in Mind
From welcoming pets to communicating with tenants and keeping your property safe and habitable, these leasing management techniques can help you keep your renters happy. You want renters to be happy and satisfied, as it's the key to making them want to stay and renew their lease.
If you need more professional guidance and assistance managing your Denver, CO, leases, PMI Foothills is happy to help! Partner with us, and we'll handle your marketing, lease enforcement, rent collection, tenant management, and property maintenance.
If you're ready to explore and experience the difference PMI Foothills can make, speak with us today! We look forward to giving you a complimentary property analysis.
