Top Five Reasons to List Your Rental by Spring’s End
Seasonal Surge in Renters The seasonal changes in the rental market can be quite distinct. During the summer, landlords often experience increased demand as many prospective tenants look to take advantage of the balmier weather by finding a new home. Consequently, landlords may receive up to 50% more rental applications. This influx of potential tenants is something that landlords should prepare for and seek to capitalize on. By ensuring a thorough screening process, landlords reduce the risks associated with taking on new tenants and increase their chances of selecting the perfect tenant profile for their property.
Recent College Graduates As the school year winds down in spring, college graduates search for housing rentals they can move into in the summer. Landlords must ensure their rentals are ready and on the market so they don't miss out on these prospects looking for accommodation over the summer months. With increased number of tenants, landlords have a prime opportunity to bolster their income. Tenants from this group tend to be motivated, organized, and willing to pay rent on time, which can benefit landlords.
Parents with School-age Kids Moving during the summer is ideal for parents with school-age children. By relocating when classes are not in session, children can have minimal disruption to their lives and still be able to start in their new home feeling settled. For rentals, landlords often prefer summer rentals as it gives them more control over when they can assess properties and plan renovations on vacant rentals before rentals become available again at the start of the school year.
Find Better Tenants If a landlord is looking for the best tenants for their rental property, listing their property by the end of spring may be more beneficial than waiting until later. At this time of year, more tenants are on the market, meaning more people to qualify and choose from. It also gives these landlords an advantage when getting the ideal tenant situation they desire while still meeting their qualifications. Ultimately, this will ensure you get better tenants quickly, making it less stressful and more profitable.
Ideal Renovations Time The beginning of spring is an ideal time for landlords to renovate their rental property as it helps them prepare for the high summer rental season. By getting critical renovations and upgrades done during this time, landlords can ensure that their rental property is in an optimal rental cycle and attract more tenants looking for rental properties once summer comes around. In addition, these proactive measures will also help landlords maintain a steady flow throughout the year, enabling them to maximize rental income. So, taking a small amount of time at the start of spring to provide anticipatory maintenance and renovations will always benefit any rental property in the long run.
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