To keep vacancy numbers low, you’re obviously going to want to list your rental as soon as the previous tenant puts in their 30-day notice. However, if you’re in a position to be a little bit flexible, it could be beneficial to plan the dates you decide to list.
When is that? The simple answer: between April and May. Here’s why.
1. Your rental looks nicer.
Not only can you take nicer photos for listings, but chances are your rental will look more appealing with green grass and sunshine surrounding it. You’ll also be more inclined to fix up any minor cosmetic or seasonal maintenance before listing, and that can make a big difference when potential tenants come to tour the place.
2. It’s when people are looking.
Studies show that most people wait until the weather starts to warm up before they think about moving. Higher demand means you’ll be able to screen potential tenants and make sure you found the right match.
3. It’s tax refund time.
Moving can be expensive after you factor in security deposits and moving vans. The bump in extra spending money that most people get after tax refund season is often an incentive for them to look at moving to a new rental.
Runner up: July and August.
If you can’t list your rental in early spring, wait until the end of summer to try and rent it. That’s when students start looking for somewhere to live and apartments are in high demand. The downside, however, is that they won’t typically be long-term tenants.
So, what happens if your current contracts end during the months where demand is low?
If you have a contract that ends in the winter months, many real estate investors suggest offering a month-to-month option and waiting to find new tenants until the spring.
Any observations about the best time to rent? Let us know in the comments!