We all know about the hospitality industry’s “peak season” when hotels and resorts increase their prices according to seasonal demand. A similar phenomenon can be observed in the real estate industry as “peak rental season.”
Ask any experienced Richmond property manager will tell you, there are certain times of the year when the demand for rental property is at an all-time high. Read on as we share all the details you need to know about this time of year and how beneficial it is to plan on listing your rental property then.
Which Time of Year is Best to Rent Out My Property?
As a property investor, you ought to know when to splash out on advertising. This means you should know when to go all out with your advertising posts to gain the best results. The summer season is usually the time when most people look for rental properties.
Using the calendar as a basis, it becomes clear that most people want to settle in before the school season starts, with schools opening in September. This means more people start looking for rental listings during March and April but become serious about rentals from May to August.
May to August is the ideal time to list your property, especially if you are looking to target families with school-going children. However, if your target market is university students, you can list your rental property anytime between May to August. College students look for rental homes closer to when universities open and choose to settle into their new rental home around August before the campus year starts.
When To Increase the Price of Your Rental Property
This is a slightly difficult question to tackle. Your rental price should never be so low that you barely break even with your mortgage loan. If you are looking to increase the rent, it’s best to do so between June and August. Since more people are keen on finding a home during this period, they would also be more likely to pay a higher rental to secure one.
Are There any Favorable Days to Publish Rental Listings?
Knowing that you want to publish rental listing adverts from May to August, you may also be interested in knowing when most interested renters will look at your advert. Remember, most people looking for accommodation are either working, going to college, or having other commitments.
Therefore, potential renters will want to view an advert for a rental property and immediately visit their possible home around that time of the week. Having researched this fact, Thursdays are seen as the best day to upload the listing. Thursdays are also desirable because potential tenants can visit the home either the same day or over the weekend.
It might be a good idea to avail yourself during the evenings to show off the house to potential renters. You never know what other people's schedules may look like, but many people who are looking for accommodation will enjoy the option of viewing a home at night.
What Time Should Your Rental Listing be Available?
Since Thursday is seen as a favorable day for listing your rental property, a suggestion would be to post an advert earliest on Thursday morning. That way, your advert has a strong chance of being seen by a potential renter, particularly a renter who can only see rental homes on the weekend.
Remember to plan your schedule to make sure that it works with the availability of potential renters. The last thing you want is to get calls and have people schedule a time for viewing, which then goes against your schedule.
Is There a Desired Way to Make Your Listing Available?
Thanks to the free availability of the internet, most people prefer to look for accommodation online. On a Thursday in between office work, many interested renters will search for rental listings that they may view either that same evening or over the weekend. So, it would do you well to make your listings available online.
What Does Knowing About the Time and Month to Rent Mean for You?
It means that you will probably fill up your empty home from May to August, which hints at the fact that if your lease ends in December, you may sit for a good few months without rent. That is unless you hire the best property management company in Richmond with a stellar track record for quick renter placement and turnaround times.
A vacancy is never ideal for a property investor, and it is known that people rarely move homes in December or in January when everyone is financially burdened. So it is essential to have an experienced and qualified property manager by your side at this critical time.