According to the Colorado Apartment Association, approximately 24,000 of the 414,000 apartments in the seven-county Denver metro area were vacant at the end of 2023. That gave the area a vacancy rate of 5.8%.
Vacant properties are like holes that let money leak out. New or renewed leases cover them, but they're not always easy to get.
Read on to learn how to decrease vacancies with creative rental leasing strategies in Boulder, CO.
Offer Flexible Terms
Rental leasing doesn't have to be a one-size-fits-all process. The typical 12-month lease doesn't work for everyone. What about shorter month-to-month options or a longer 18 or 24-month commitment?
Adjusting the terms of your lease may also work. Even relaxing pet restrictions can help fill vacancies.
Many vacancy reduction methods focus on getting current tenants to renew leases. Making lease terms more flexible encourages new ones to sign. It also expands your tenant pool.
Use Strategic Pricing
Perform a rental analysis to get a sense of the property's value. Look at what other properties in the area are going for to see the current market rate. Consider going a bit lower if you're suffering from a high vacancy rate.
Offer specials when they move in such as a month of free rent or a discounted security deposit. You can gradually raise rent as they stay, but only once every 12 months.
Use Effective Real Estate Marketing
Rental leasing and real estate marketing in Boulder are tightly connected. Getting more eyes on your property opens up your tenant pool and decreases the risk of vacancies.
Put your property on as many listing sites as possible. Use other marketing methods as well, such as:
- Social media
- Paid advertising
- SEO or search engine optimization
- Email marketing
The content you create needs to be top-quality. Use text that highlights your property's unique features. Hire a professional photographer to take as many high-quality pictures as possible.
Build Local Boulder Community Connections
They say it isn't what you know, it's who you know. That's true in every part of property management.
One of the best leasing strategies in Boulder is to become a part of the community. Network with local employers. Sponsor or become a part of local events.
This strategy improves your reputation and gives you invaluable word-of-mouth advertising. Offering referral bonuses to tenants who bring in new renters increases the effect.
Prioritize the Tenant Experience
One of the best rental occupancy tips is also the simplest. The more tenants enjoy living in a property, the more likely they are to renew their lease.
Communicate with them and respond quickly to all their maintenance requests. Add in a few incentives, such as:
- Free or reduced rent
- Gift cards to nearby Boulder businesses
- Free cleaning or painting
- Paid utilities
- Reduced security deposits
Get Creative Today With Boulder Property Management
The right rental leasing strategies can help you decrease your vacancy rates. They include creating flexible terms, using the right pricing strategies, connecting with the community, mastering marketing, and prioritizing tenant experiences.
PMI Coal Creek is a full-service Boulder property management company for residential and commercial property owners. We provide prompt, friendly service to tenants and owners. Contact us to maximize your investment's profitability today.
