The market is always changing, but there are some additional factors to keep in mind when setting your rental price in 2022. The pandemic might have started two years ago, but many industries are still feeling the ramifications of it today (in fact, we will be feeling them for a long time). The rental industry is no exception.

From 2020 to 2021, out-of-state rental applications increased by 42% due to a rise in remote work and high housing costs. COVID-19 may also have prompted many city residents to move to less crowded areas. By January of this year, the occupancy rate of rentals in the U.S. reached a record high of 98%. With demand so high, supply has dropped and prices have surged.

At All County Denver Metro, we’ve noticed that properties have been sitting on the market for longer periods. Property owners are frustrated, and they aren’t sure how to proceed in our current climate. A lot of major changes have occurred over a short span of time, so this is understandable. Here’s how you should re-think rental pricing in 2022 and beyond.

Rental Pricing in 2022: Learning How to Re-Evaluate Your Expectations

The Pricing Boom is Coming to a Close

Due to increased building costs and labor shortages, new units weren’t constructed as quickly during the pandemic. This contributed to a lack of supply in the industry, and as a result, rent prices went up 14% from 2020-2021. A number of landlords took advantage of this time period and raised rent prices dramatically. However, a shifting economy has impacted tenants’ ability to keep up with these rent hikes. The housing market slowdown has caused rental properties to sit on the market for longer, but few property owners have accepted that the pricing boom is ending.

Affordability is Shifting for Tenants

Although rent prices have gone up, most applicants’ incomes have only increased by about 6%. Inflation continues to be a problem, and Americans are weary after financial losses due to COVID-19. It shouldn’t be surprising that properties are sitting on the market, given the current situation. Rent hikes are coming at the worst possible time, and tenants simply can’t afford them. It’s time for property owners to recognize this and shift their perspective. In the future, landlords will need to meet tenants where they’re at if they want to keep units occupied.

Your Property May Not Be Worth What You Think

Landlords have gotten used to inflated rent costs, and this has altered their beliefs about the value of their properties. Rental pricing in 2022 is another story. If your property is sitting on the market, you need to ask yourself some hard questions. Is your property really worth as much as you think it is? Is it maintained and inspected regularly? Have you upgraded the appliances and fixtures? Is it located in attractive area near lots of shops, entertainment venues and restaurants? What about the neighborhood; is it safe and welcoming for tenants? If your rental property is lacking in any way, that needs to be reflected in the price moving forward.

Partner with All County Denver Metro for Expert Property Management Services

Things are changing fast. Now more than ever, it’s imperative that landlords adjust their strategies concerning rental pricing in 2022. We can help you adjust to the times. All County Denver Metro Property Management is here to give property owners confidence in the quality of their tenants and the security of their property through knowledgeable and trustworthy property management services. From managing tenant relationships to pricing rent to lease enforcement, we look forward to working with you to see how your investment can be a long-term, stress-free asset. For a complimentary quote or information about rental pricing in 2022, call us today at (720) 575-6100.

The first few weeks of your tenant’s new home are critical. To make their new renters feel welcome, landlords should make a great first impression. On move-in day, that might involve introducing yourself and asking your tenants if they need any assistance. However, there are several additional steps you can take to help tenants settle into their new home and build a strong tenant-landlord relationship.

As a landlord, you expect your tenants to act responsibly and pay their rent on time. In return, tenants expect friendly service and access to maintenance among other things. Over the course of a renter’s stay, you’ll have to communicate with them often. Use this time to help tenants settle into their new home and ensure they have a good experience.

How to Help Tenants Settle into their New Home

Clean the Unit Prior to Move-In Day

You can begin helping tenants settle into their new home before they even arrive. To do this, make sure the unit is spotless and odor-free. The previous tenant was probably not too concerned with leaving everything in excellent shape before they moved out. Chances are, the space needs a thorough cleaning. Rather than doing a quick sweep with a broom and a dustpan, dedicate an entire day to cleaning. Be especially cognizant of areas like the bathroom and kitchen. There should be no trace of the previous unit left behind when the next one moves in.

Review and Fulfill Any Tenant Requests

Every tenant is unique, and some will have specific requests that need to be fulfilled prior to, during or after move-in day. A request could be something as simple as painting the walls or something more complex like installing a wheelchair ramp. In some cases, you may be legally required to make these modifications. Regardless, it’s important to take care of them as soon as possible. When helping tenants settle into their new home, it’s important to ask them if they require any additional adjustments as well. Ultimately, your new renter should know that you value their needs.

Communicate Often and Provide Your Contact Information

Once as they are moved in, you can help tenants settle into their new home by staying in touch. Check in with your renters often to ensure that they’re satisfied with their experience. Do they need directions to local shopping centers, schools, or grocery stores? Are there any confusing policies you can clear up for them? Do they know where the laundry facilities are located and where to place their trash? You should also be sure that they have all your contact information, including a phone number and e-mail address. If they ever need to submit a maintenance request or discuss another concern, your tenants need to know how to reach you.

Partner with All County Denver Metro for Expert Property Management Services

All County Denver Metro Property Management is here to help property owners have confidence in the quality of their tenants and the security of their property through knowledgeable and trustworthy property management services. From managing tenant relationships to pricing rent to lease enforcement, we look forward to working with you to see how your investment can be a long-term, stress-free asset. For a complimentary quote or information about helping tenants settle into their new home, call us today at (720) 575-6100.

When a tenant raises a concern or complaint, the landlord should be proactive, rather than reactive. It can be easy to get defensive when a renter complains about things like noise, repair issues, or pests. Landlords want to believe their property is immune to issues like these. However, they happen every day, and it’s crucial to confront them with a positive attitude. Maintaining relationships with tenants is the most important part of being a landlord. If your tenants are happy, you have a much better chance of running a solid business.

Follow These Steps When a Tenant Raises a Concern

 

1.   Listen with an Open Mind and Be Compassionate

Just like it’s difficult to address a tenant’s concern, it can be equally hard for tenants to reach out. Asking for help may make them feel uncomfortable, like they are bothering you. If they’re taking the time to confide in you, it’s important that you listen. Whether they’re upset about a disruptive neighbor or they have a leaky faucet, always hear them out fully. Try not to interrupt your tenant or correct their point of view. Never escalate an argument when a tenant raises a concern; instead, show compassion and patience. If they seem to be overdramatizing the situation, it may be possible that you’re misunderstanding them. Be sure to ask lots of questions and put yourself in their shoes to see the issue through their eyes. If you were experiencing the problem, how would you want it resolved?

2. Encourage Communication Throughout the Process

When a tenant raises a concern, make sure they’re able to contact you after discussing the issue. Let’s say, for instance, that a tenant visits you to raise a concern about another tenant’s noise level. You may tell them to wait and see if it’s a one-time problem or if the same thing happens repeatedly. If the other tenant decides to start throwing loud parties once a week, you want to know about it as it’s happening. Give your tenant a number they can call to reach you. You shouldn’t be on-call all the time, but you should have a plan in place for after-hours complaints. This way, the tenant can take action in the middle of the night if they need to.

3. Handle the Concern Right Away

There are a lot of things you can do to prevent or resolve tenant issues, but the most important step is to address the problem as soon as possible. It’s true that every concern is unique and may not require immediate attention. That being said, it’s always better to handle things sooner rather than later. Taking notice of a request or complaint is crucial to preventing the situation from deteriorating further. You don’t want to forget about it and leave the problem unresolved. Your renters should know that you value and respect them. Respond promptly when a tenant raises a concern and ensure that the problem is resolved within an appropriate timeframe.

 

Partner with All County Denver Metro for Expert Property Management Services

All County Denver Metro Property Management is here to help property owners have confidence in the quality of their tenants and the security of their property through knowledgeable and trustworthy property management services. From managing tenant relationships to pricing rent to lease enforcement, we look forward to working with you to see how your investment can be a long-term, stress-free asset. For more information about what to do when a tenant raises a concern, call us today at (720) 575-6100. We also offer complimentary quotes!

A successful property management company handles a lot of the day-to-day chores of property owners, freeing them up to focus on their business. For example, property management companies can provide a range of services for their clients, including maintenance, inspections, marketing and more.

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The question of what to charge for rent is a difficult but crucial one for property owners. Property ownership is a business, and you need to make sure your investment is paying off. There are also a lot of expenses associated with property ownership, and choosing the correct price will offset these costs. To set the right price, it’s important to know the cost of renting in your area, the scope of your competition, and the size of the property among other factors.

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