Do you want to make the most of your rental property? According to statistics, landlords get a significant volume of rental applications throughout the summer, implying that they may charge higher rents owing to greater demand.
In particular, landlords see a 51 percent increase in applications during the summer compared to the winter. If you want to know how to take advantage of the peak rental season, this book will teach you when to rent, when to demand a higher fee, and when to post your property online.
When is the busiest time for renting a car?
The peak rental season is when most tenants are seeking a Key West houses for rent. This usually occurs over the summer, according to the school year schedule.
College students aim to acquire a rental before the start of school, while graduates move into rentals after finishing their schooling. Parents with smaller children prefer to relocate over the summer in order to avoid changing schools throughout the school year and to settle in before enrollment starts. Moving throughout the winter is difficult in many parts of the nation due to snow, rain, and freezing temperatures.
When is the optimum time for landlords to put their rental property on the market?
You should begin looking for a new renter at least 60 days before your lease expires, so be proactive with your tenants. Discuss their intentions to renew as soon as feasible. Few people move without some forethought, so spring is the time to get a head start on the summer rental market.
Renters start searching for a change of scenery or a better price on rent in the spring, so you’ll want to have your rental ad out there while choices are being made.
How to take advantage of the high season for rentals?
Transition to a summer vacancy cycle
To make the most of the peak rental season and reduce vacancies, schedule your leases to expire in the summer. If you are presently in a winter vacancy cycle, consider considering a 6-month or 18-month lease with end dates in the summer.
Analyze the current rental market
Go “comparison shopping” and look at local rental listings. This is the most accurate technique to estimate the fair market rent for your apartment and, most likely, how much rent you may charge. Find out whether your rivals’ pricing has risen or if they are giving incentives or discounts. If rents in the neighborhood have risen, you may be able to raise your rent on new leases, and existing renters may be willing to accept a rate increase when they renew.
Keep current tenants
Once you have a good understanding of what is going on in your rental market, you can think about what features and amenities you might want to offer as an incentive to keep your current tenants. If rents haven’t risen enough to justify turnover expenses, you may be able to negotiate a new lease with your present renters if you promise not to raise the rent. Check out our post on tenant retention for additional ideas on how to prevent your best renters from leaving.