According to KRDO.com, Colorado Springs's apartment vacancy rate was 7.5% in the last quarter of 2023. The availability of more housing units is a primary factor contributing to this high vacancy rate.
If you're also a Colorado Springs landlord having trouble finding tenants to move into your rental, it may be time to up your property marketing ante. Revising your real estate marketing game plan can help enhance your property's exposure and boost rental applications.
The experts at Colorado Casa PMI have shared the top property advertising and real estate strategies to help you get started, so read on.
Consider Marketing Your Rental With a Move-in Offer
A move-in offer is a one-time or temporary property promotion involving a reduced rental rate. For instance, you can offer one month of free rent or small rent deductions for each month. The key is to only include this in leases that span at least 12 months; if you apply them to shorter leases, you risk losing too much money.
When you market your property, ensure you specify in the listing or ads that you offer a move-in special. Seeing "free" or "discount" alone can pique potential tenants' interest, especially since, in Colorado Springs, monthly rents averaged $1,456 in the last quarter of 2023, per Gazette.com.
Highlight Your Tenant Benefits Package in Listings
Effective marketing for rental properties always underscores the best features and perks of the properties they promote. In many cases, these benefits are also the first things prospective tenants look for.
So, if you plan to offer a tenant benefits package, include a brief overview in your property listings and ads.
If you haven't considered offering a benefits package, now's a good time to add it to your marketing game plan. They don't have to be expensive but can help attract and retain tenants. Items like gift cards or a free HVAC filter replacement can be enough of a touching gesture to make renters appreciate you more.
Emphasize Your Rental Is Pet-Friendly
If it's not, turn it into one.
Why? Because having a pet-friendly rental is among the most effective ways to attract a wider pool of prospective tenants.
As Multifamilydive.com points out, nearly six in ten renters now own pets. It also noted that twice as many renters filter their searches to properties that allow pets.
When you market your property, ensure your headline or title emphasizes its pet-friendliness. It's a neat trick to quickly grab the attention of existing (and future) pet-owning renters. Then, in the description, give a quick overview of the rules and perks of your pet-friendly property.
Implement These Property Marketing Techniques Today
A move-in special, a tenant benefits package, and a pet-friendly policy are all effective property marketing tactics that can drive more rental applicants to your door. So, if you've been having difficulty squashing your high vacancy rates, it's time to implement these strategies.
Or, much better, partner with us here at Colorado Casa PMI, our full-service property management company. We're part of PMI, a national franchise that has helped improve the property management industry for over 20 years. At the same time, we're locally owned and operated, so rest assured we're always near and can look after your Colorado Springs rental.
Call us today to learn more about our services and get your free property analysis!
