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, increases and decreases in renter activity are fairly predictable. The season for searching for a new rental home usually begins in the early part of the year, with March through July typically having the most activity.
The Heat of Summer
On the other hand, others want to take advantage of the warmer summer months so most renters prefer to move between May to September, making this the 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 means summer tends to be one of the busiest times of the year for rental property owners.
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. 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 affects the real estate market on a national level, it is still important that you observe the patterns in your local market. This information can be very helpful in your annual planning. Any successful landlord-tenant relationship needs regular communication. 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.
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 Pinecrest 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, 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 Genesis 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.