If you’re a new rental property owner, you might have questions about when the rental market is the hottest. And the answers are always concrete because a lot of factors are involved. But here’s a general outline of the most common trends in renting each year to help.
One factor that makes a big difference is whether or not the renter is more looking for several options or more interested in saving money. Consider your target renter and what might be most important to them.
The Biggest Moving Times
If you’re looking at renters that are open to options, many people moves between the months of May and September. This is common because it’s the time when young adults are graduating from college or moving for summer break. There’s usually nice weather and a more free schedule, which makes moving easier.
That means rental property turnover can be higher during this time, so those who are looking for a place might have more options. It also means demand can be higher, which is important to take into account regarding your rental fees.
For those who are more concerned about saving some cash, winter is often the time they’ll be searching. Turnover is slower and these renters will know there’s a bigger chance of a deal on vacancies. You can research the surroundings rates of properties during this time to find out what others are offering. The amount of rental properties you own may also be a factor in how high or low you’re willing to go.
Working With HOA Management
If you’re not sure how to handle this information for your property, consider hiring an HOA manager to help you organize a rental plan. That way, you can better understand your target renter and know how to effectively list your property for your ideal situation.