How to Find Renters During the Off Season
Living in the beautiful area of Durango brings a multitude of benefits. From the mild and comfortable summer months, to the snow-tipped peaks that are going to be soon upon us. There are more than a few reasons why so many people flock to the area. However, despite the attractions, including a bustling local college, there are some challenges particularly when it comes to attracting and finding renters during the off season. Fortunately, there are a few steps that you can take in order to keep your property occupied!
Photo credit: Hank Blum Photography
Pay Attention to The Season
Living in a town where there is a bustling college area has its benefits, especially when it means that there are a growing number of potential renters out there looking for a place to call home when the school term starts back up. However, there can certainly be a lull in your occupancy rate when the college students leave for winter break or graduate, moving onto different housing options. As such, it is essential that you pay attention to the season, as there are a variety of influences that can play a role in finding renters during the off season.
If you do find yourself experiencing a lack of tenants in your rental property due to the season, the folks over at HomeAway recommend taking an opportunity to do a run through inspection during the break in seasons to ensure that any potential renters find your property welcoming and a place they would love to call home. This way you can stay on top of any issues that may arise when your new tenants turn on the heat to combat the upcoming winter chill in the air.
Consider Alternative Tenants
As society changes, so do the types of occupations potential renters may have when looking for a rental, possibly your rental. A growing number of individuals are pursuing freelance and other types of alternative professions that may not provide a typical pay stub that you may be more familiar with when sorting through potential tenants or rentals. Through utilizing a process such as a rent payment guarantee, you can identify if the individual you are considering as a renter in your property would be able to cover the costs associated with renting your income property. Business Insider suggests this type of service, which can allow you to rest easy, knowing that your renter does not default on their rent, whether it is a week, month, or year.
Keeping Up with Your Competition
In the current age of technology, assessing your competitors is essential in ensuring that your rental property is on par with what other properties are available in the area. If your rental has been on the market for a while, it may be wise to revisit the price at which you have set your rent. You may also want to spruce up your property to make it more enticing, as well as consider reducing the rent during the slow season in order to attract potential tenants.
Conclusion
Owning a rental property can be a tricky endeavor, particularly in locations such as Durango where there can be a diverse population of potential renters, with the seasons often dictating who pays a visit to the gorgeous area that we enjoy. The college calendar, as well as the weather can have a significant influence on the rate at which you are able to keep long-term renters in your income property. Through considering unconventional renters and ensuring that your property is priced right for the market can help to reduce the downtime you may experience during the off season. Hiring a property management company can help to handle the ebb and flow that often occurs when operating rental properties in communities such as Durango.
