When you invest in Greensboro single-family rental homes, you will see how easy it is to predict what will happen in the market — and when. As with other aspects of life, renting also has its seasonal patterns each year. These patterns are known as “seasonality” and can help property owners and landlords anticipate and prepare for tenant turnovers. If you understand how seasonality can help you maximize your time and budget, you are on your way to owning lucrative rental homes.
Searching Season vs. Moving Season
Seasonality shows that there are peak seasons for both searching and moving at different times of the year. While rental markets vary, increases and decreases in renter activity are fairly predictable. 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
Most renters prefer to move during the summer to take advantage of the warm weather, making May to September peak season for moving in or out. This does not mean, though, that renters do not move all year round. They still do and do so 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, as a rental property owner, you will be very busy in the summer as well.
The Cool of Winter
In contrast, the cooler winter months also signal a slow down in the rental market. This is largely in part due to weather and renter preferences. Most renters prefer to stay where they are rather than move during the winter holiday season.
Using Seasonality to Your Advantage
While seasonality patterns do affect the real estate market on a national level, it is vital that you know your local market patterns as well. This information can be very helpful in your annual planning. Regular communication is very important in a good landlord-tenant relationship. But, during peak searching season, you could keep an eye out for hints about your tenant’s intent to stay or leave, especially if their lease is up for renewal.
Let us say that your tenant is likely to 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. Since the majority of renters move in or out during the summer, most Greensboro property managers use the winter season to work on administrative tasks, enjoy personal time, or see other important matters of your business. By doing this, you can anticipate and prepare well for the busier moving season when it arrives each year.
One of the ways a landlord can ease the workload is by hiring a good property management company to take care of the day-to-day tasks. Real Property Management of the Triad 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.
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