When you invest in Colchester single-family rental homes, you will see how easy it is to predict what will happen in the market — and when. Renting follows 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. While rental markets vary, increases and decreases in renter activity are fairly predictable. The early part of the year is the searching season, peaking at March through July when most people look 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 summer is one of the busiest times of the year for rental property owners.
The Cool of Winter
On the other hand, the winter months are the slow ones in the rental market. This is because of weather and renter preferences. Not a lot of people enjoy moving during the winter holiday season, and most renters will prefer to stay where they are.
Using Seasonality to Your Advantage
While seasonality patterns do affect the real estate market on a national level, it is vital that you know your local market patterns as well. Once you understand these patterns, you can benefit from them in your annual planning. Regular communication is a trademark of any good landlord-tenant relationship. But during peak searching season, it is wise to listen for hints about your tenant’s intentions for the coming year. This is especially true if their lease is up for renewal.
Suppose you think that 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.
Your understanding of seasonality can also help you plan your schedule. Since most renters tend to move in or out during the summer, most Colchester property managers complete their administrative tasks, take personal time away, or check on other business matters during the winter season. This way it becomes easier to accommodate the busy moving season when it arrives.
One of the ways a landlord can ease the workload is by hiring a good property management company to take care of the day-to-day tasks. Real Property Management Sterling 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.
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