Searching Season vs. Moving Season
The first thing you should know about seasonality is that both searching and moving have different peak seasons throughout the year. While rental markets vary, it is easy to predict the changes in the volume of renter activity. The searching season typically starts in the early part of the year, with March through July usually seeing the bulk of people looking for a new rental home.
The Heat of Summer
Since most renters prefer to move during warm weather, the summer months of May to September are the peak season for move-in or move-out. Renters still move for various reasons and at different times of the year. But the summer months tend to be the most convenient, and most renters do not want to move 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
The winter month, in comparison, are the slower months in the rental market. This is mainly 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 there are seasonality trends in the real estate market on a national level, you should also get to know the patterns for your local market. If you understand these, it will be helpful in your annual planning. Regular communication is very important in a good landlord-tenant relationship. But during peak searching season, you could be more attuned to your tenant for hints of staying or leaving in the coming year, especially if their lease is due for renewal.
Suppose you suspect that your tenant might 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 Homestead 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, hiring a quality property management company can help any landlord handle major activities as well as day-to-day tasks. Real Property Management Dade 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.