What is the best time to list your rental property?
It’s incredibly simple to find information online about selling a property. Simply type “sell my house” on Google and you’ll be inundated with tips and tricks to make the most from your sale. One of those tips includes what time of year is best to list your house on the market.
But what about your rental units? Is there a specific time of year that’s easier to find a renter?
There certainly is, and it actually coincides with the best time of year to sell a property. Spring time: the birds start chirping, baby rabbits are frolicking in meadows, the air smells of soil and sunshine, flowers begin to bloom, and evidently, the amount of days it takes to rent a unit (market time) vastly decreases. A study on Chicago apartment site Domu shows that on average, market times in June are around 23 days in comparison to January, the worst month to list a unit with a market time of 49 days.
It makes sense really. Many people moving to a new unit will not want to do so in the colder months. The roads are icy and the air frigid for packing up and moving large items. Also, rental properties have a better chance of looking nicer during the Spring. After the snow and slush have melted (or most of the rain has stopped!), the grass will be green and it gives landlords and owners opportunities to spruce up the outsides of their properties. Not to mention be able to maintain a lobby and hallways that are road salt-free and looking snazzy.
Spring brings the scent of tax refunds as well, so people have a little more cash at their disposal to spend on first and last month’s deposits and hiring moving companies.
It’s not necessarily the easiest to rent units at a specific time of year since their availability relies heavily on when your tenants decide to give notice and move out. One way to simplify tenant transitioning for yourself is to ensure your lease dates are set up to end at the beginning of favourable renting seasons (ie Spring and Summer). After your new tenant reference check, ensure you set up a lease with the new tenant that ends in April or May so you’re able to list the unit when a surplus of renters will be seeking new housing.
Ultimately, though the warmer months of Spring and Summer are the ideal time to list your unit, if a tenant gives you two months notice in December or January, it’s obviously best to list it ASAP and get cracking on your tenant search immediately. The quicker you begin viewings the quicker you’ll be able to rent your unit and ensure there is no time between your tenants.
Remember, Certn is here to help you out with your new tenant’s rental background check when the time comes. Contact us today to learn more.