Searching Season vs. Moving Season
One thing you should know about seasonality is that both searching and moving seasons have different peak times within 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. Needless to say, renters still move all year round and for various reasons. 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 means, as a rental property owner, you will be very busy in the summer as well.
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. Renters rarely want to move during the winter holiday season, preferring to stay where they are.
Using Seasonality to Your Advantage
It is important to know the seasonality patterns of your local market, just in case, it varies a bit with the national real estate market trend. This information can be very helpful in your annual planning. Regular communication is very important in a 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.
When you understand seasonality, you can plan your schedule better. Most Staunton 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 doing this, you can anticipate and prepare well for the busier moving season when it arrives each year.
Of course, hiring a good property management company is very helpful for any landlord managing a rental home business. Real Property Management Summit 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.