When is Peak Rental Season?
Peak rental season is when there are more tenants looking for rental properties. This happens in the summer, specifically May to August.
When is Trough Rental Season?
Trough rental season is when there are less qualified tenants looking for rental properties and a lot of properties on the market.
Wondering why its extremely difficult for leasing between October- December
- It’s hard to move during the winter. For most of the United States, moving in the winter requires moving furniture through snow and sub-zero temperatures.
- Parents typically want to move during the summer, so their children’s school year is not interrupted.
- Students who are renting while they’re in school want to sign a lease right before the school year starts.
- Graduates typically finish school in the summer and move into rentals.
What are the Benefits of Finding Tenants During Peak Rental Season?
As a landlord, you want to make finding tenants, screening tenants, and signing a new lease as easy as possible. Searching for tenants during peak rental season helps you do just that. Here are the specific benefits:
Maximize Tenant Interest
If you list your property during peak rental season, more tenants will see your rental listing, which will result in more tenant leads. You want to list during peak demand so you can engage with more tenants.
With a larger number of tenant leads, you can be more selective. When you’re selective, you increase the chances of finding quality tenants who pay rent on time and take care of your property. We’ll help you find quality tenants with our tenant screening advice. Learn how to:
- Review rental applications
- Verify tenant income
- Contact prior landlords
- Analyze tenant credit reports and background checks
- Accept or deny prospective tenants
- Avoid Rental Vacancies
If you list your property when demand is high, you decrease your chances of having a vacant rental property. At PropertyWize, our online rental listings generate an average of 25 tenant leads per month, so a vacancy is almost never a concern.
Things to Consider Renting During Trough Season
Don’t panic or become desperate
Make sure your rental property stands out in appearance and PRICE amount the competition.
Offer a leasing incentive to move.
Keep the same screening process but you may need to budget to drop the rent.
Know the cycles of leasing as it important when budgeting for new investment properties. We always inform clients that you may be able to a good deal but always know this time of year is very tough to rent homes to qualified tenants.
What Do PropertyWize do to assist with leasing during the Trough Cycle
In order to make the most of peak rental season, you’ll want to get on a summer vacancy cycle. Beginning during the month of November, we offer an incentive for doing an 18-month lease term or in some rare cases we offer a 6-month lease option. That way, the next time you must search for tenants, it will be during the summer.
Turn up the Marketing Efforts
- During the Winter Season, we increase our marketing activity:
- Post to craigslist at least 2-3 times a week
- Offer Free Applications
- Make sure our Listings stand out by having professional photos and proper signage
- List to over 30 sites and counting including the top 6 (Zillow, Hotpads, Trulia, Craigslist, Go-Section 8, and Facebook Marketplace)
- Run Sponsored Ads on Facebook to drive more clicks
- Promote to all the Popular Facebook Groups
- Refresh leads more often to stay at the top of the listing’s webpage.
- Weekly email blast using Mail chimps and Go section 8
- Have brochure boxes in specific properties with flyers to generate more drive by traffic
- Co-Op with other Realtors and Tenant Placement companies
- Host Big Open Houses to drive in more traffic
Other things to consider when Leasing a Rental Home.
Going into 2020 all rentals should include the following amenities to attract the best quality tenants:
- Washer and Dryer
- Black or Stainless Appliance Package
- Window Treatments
- Central CAC
- Prompt and Professional Maintenance Service
Does this place have easy access to roadways and/or public transportation? Can I easily access grocery stores? Will my commute be reasonable for my preferences? Is this area safe? Are the school districts acceptable?
These are all questions renters are going to ask when looking for a quality place to live. You don’t necessarily need to provide all of these to have a rental that performs well, but they are certainly things to consider.
If your rental is near a University, there are some advantages for leasing during the trough season.
For example, if you’re near a University, and tend to rent to students, then you should pay attention to the school’s annual calendar. You’ll want to sign a lease 30 days before the school year starts because students want to move-in right before classes start.
Keep in mind a few key details about timing:
You want new tenants to move in right away to avoid a vacancy but leasing to the wrong tenant will cost you even more. So its best to wait for the optimal timing.
Your new lease should be signed 30 days before new tenants move in
It typically also takes 30 days to find and screen tenants during the Peak Season and 60-90 days during the Trough Season.
Making the most of peak rental season will help you find more interested tenants, be selective, and charge a higher rent price. If you end your next lease during the summer, you can be on a summer vacancy cycle moving forward.
Researching Property Management Companies?
PropertyWize is the best in the industry!
We are committed to making you a successful investor. Our team wants to see you get a better return on your rental property. We know how to increase your profits all while decreasing your stress and frustrations. Our proven systems, and use of cutting-edge technology, sets us apart. Being a landlord is hard work. Put our experienced team of 10 individuals to work for you. Schedule a 15 minute consultation with an Experienced Manager Today!