An advantage of investing in La Connor single-family rental homes is the predictability of what will happen in the market, and when. Like other things in life, renting also has seasonal patterns each year. These patterns are known as “seasonality” and can help property owners and landlords anticipate and prepare for tenant turnovers. It is important if you want to keep your rental homes lucrative, to know about seasonality and how it can help you optimize your time and budget.
Searching Season vs. Moving Season
Seasonality means that searching and moving have their respective peak seasons at different times of the year. Highs and lows in renter activity are predictable even as rental markets vary. The searching season usually begins in the early part of the year, peaking at March through July when you see the most people looking for a new rental home.
The Heat of Summer
Most renters prefer to move during the summer to take advantage of the warm weather, making May to September peak season for moving in or out. Renters do move all year round, and for various reasons at all times of the year. But the summer months generally coincide with most of life’s big events, and most renters prefer not moving in cold or snowy weather. This is why most rental property owners are very busy during the summer.
The Cool of Winter
In contrast, the cooler winter months also signal a slow down in the rental market. This is mostly due to weather and renter preferences. Renters rarely want to move during the winter holiday season, preferring to stay where they are.
Using Seasonality to Your Advantage
While seasonality affects the real estate market on a national level, it is still important that you observe the patterns in your local market. If you understand these, it will be helpful in your annual planning. Any successful landlord-tenant relationship needs regular communication. But during peak searching season, it helps to listen for hints about your tenant’s intentions of staying or leaving in the coming year, especially if their lease is up for renewal.
Let us say that you predict your tenant will move out. In that case, you can then start preparing for the turnover ahead of time by assessing the property condition, preparing marketing materials, and scheduling property maintenance.
You can plan your schedule better if you understand seasonality. Most La Connor property managers complete administrative tasks, take personal time away, or check on other aspects of the business during the winter season, knowing that renters tend to move in or out during the summer. By scheduling tasks this way, you can better accommodate the busy moving season when it arrives each year.
Of course, one of the best ways to unload a landlord of what can become an overwhelming list of tasks is to hire a good property management company to handle the day-to-day tasks. Real Property Management Teyata can help with almost every aspect of rental property ownership, all year round. This can free up your time to focus on your investing business. Contact us today to learn more about all the services we offer.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
