No one likes a long vacancy period, and finding a tenant quickly is important to your bottom line. A lot of Lakewood rental property owners ask us how long it will take to find a tenant and rent out their home. The frustrating answer is this: it depends.
It depends on the market, your property location, and the way in which it has been maintained. It even depends on the season; finding a tenant may take longer in the winter than in the spring or summer.
A rental home that’s priced right and attractive will be rented quickly to good tenants. One that is over-priced or in need of obvious cosmetic work will languish on the market, unoccupied and losing money.
To get a tenant in place quickly, we pay attention to these important factors.
Understanding the Lakewood Rental Market
In the Lakewood rental market, we are presently enjoying low vacancy rates. The rental housing market is in a good place, and the inventory of high quality rental homes is not nearly enough to meet the demand. This is good news for investors and landlords, especially when it comes to renting your home quickly. You can expect to find a great tenant looking for a home within a few weeks of listing it.
Of course, the market is always changing. At some point, you may find it’s flooded with rental properties just like yours, and competition for tenants is strong. During these periods, owners may have to wait longer to rent out a property.
Property Condition Drives Tenant Interest
Well-maintained homes will always rent faster than homes that are older, worn, and in need of repairs and updates. If you want to rent your home quickly, make sure it’s attractive to high quality tenants. The best renters will look for a home that’s clean and functional and an exterior that’s free of debris, weeds, and dirt.
Create curb appeal because those marketing photos and first impressions matter. When your home looks appealing, you’ll have an easier time attracting the attention of potential renters. Make sure everything in the property works the way it should. Consider investing in minor upgrades and updates. Fresh paint and new floors will help you rent your property faster, as will new light fixtures and energy-efficient appliances. If anything in your rental home is old, unappealing, or in constant need of repairs, you will want to replace it so the property shows well.
Lakewood Rental Property Pricing
A correct and competitive rental price will also ensure you find a good tenant as quickly as possible.
Every landlord wants to earn as much as possible in monthly rent. However, if you overprice the property you’re renting out, tenants will ignore your home and move onto the next. Make sure you use some reliable data to determine where your rental value should land.
It’s not worth losing an entire month’s rent on a longer vacancy just because you want to earn $2,000 a month instead of $1,800. In the long term, you’ll lose money. Take a close look at what similar properties in your neighborhood are renting for, and make sure you’re in the right range.
When your property is well-located, in good condition, and priced competitively, the only thing left to do is to market it strategically. Getting it listed in front of all the best tenants who are looking for new homes will ensure you find and place a resident quickly.
If you’d like some help, we’re here to provide it. Please contact us at Assured Management, Lakewood property management experts serving residential landlords in West Denver and the surrounding areas, including Littleton, Golden, Wheat Ridge, Arvada, and more.