When is the best time of year to rent my home?
Historically, the rental market experiences its highest demand during the spring and summer peak season. Most people prefer to move during this time, making it easier to rent out properties quickly and at top market value.
What if I have to rent my home in the fall or winter?
After August, as fall and winter approach, rental demand decreases significantly while available property supply increases. Consequently, properties often remain on the market two to three times longer than during peak seasons if the landlord isn't conservative with the list price and proactive in their tenant placement process.
What if my home takes too long to rent in the fall or winter?
When a property takes longer to rent, its profitability suffers due to lost rental income ($100–$200 per day) and accumulating holding costs (such as mortgage, taxes, insurance, HOA fees, utilities, and maintenance). Moreover, if a home sits vacant for an extended period, the risk of break-ins can increase.
How can I improve my chances of renting my home in the fall and winter months?
To mitigate the negative impact of lower rental demand and longer days on the market, savvy landlords can price their properties more competitively in the slower months. This strategy ensures they attract a larger pool of qualified tenants and secure the next tenant in less time, contributing to the overall financial well-being of the property.
To avoid excessive vacancy loss in the fall and winter months, we don't recommend listing the home above the average price in the rental analysis. Be prepared to make small price adjustments weekly based on market feedback. Reducing vacancies is the most significant way to earn more profit at the end of the year.
How can I realign my vacancy for the spring and summer market?
When renting properties during the fall and winter months, we always try to secure either 8 or 16-month leases. This strategy ensures that leases end in the spring or summer, allowing the property to return to the market during the highest demand period. If we can't achieve this with the current lease, we aim to implement it during lease renewal when we have more leverage.
