What are the best months to put a house up for rent? I'm guessing this is also dependent on the industries in the area but in general?
@Roy Gutierrez ..In my market SFR..June, July Aug..summer and before school starts..Most families with kids settle in..Sometimes during winter months around Thanksgiving/Christmas I offer incentives...1/2 off, no app fee, etc...
@Roy Gutierrez generally May-August. Why? That is when families with children move because it is between school years and most convenient to avoid changes mid-school year. Not that you want to state that anywhere or that I have any preference (Fair Housing Rules and all :-) but that's when you can expect the largest pool of potential renters for those reasons. People move year round, but when they have a choice, that is usually the "moving season."
How do you guys make a person's name with link appear? Rolanda, I haven't been charging an application fee, I guess depends on the market, but maybe I should start, this is when I have 0 business mentality... Robert, seems the same here in Michigan, but what do I know, I have had to rent only 3 times so far, 2 in May with a decent demand and one in winter with kind of the same demand, although the one in winter was in a more desirable area though.
@Roy Gutierrez in order to link the name you just type @ then the persons name.
Thanks Jonathan, so I'm using you as a guinea pig @Jonathan Lewis
@Roy Gutierrez everyone will tell you the same exact thing, summertime (May-August) due to summer break for students. Even within the same city you can have multiple school districts or even city/county schools and most parents will only make the switch during summer months.
@Roy Gutierrez Hi Roy, I may be a minority here but I actually like it when I get tenants in the winter months. The chances of them wanting to move during the cold of winter is a lot less! However, I agree more people move in the summer than in the winter.
@Roy Gutierrez Right now through August. For the reasons the fine folks above me stated. We have all of our leases for our properties in Oak Park and South Redford expire on March 31. That way if a property turns over we can put them back on the market when the demand is strong. Nov.-March can be rough in our market- stays vacant longer, less qualified people, etc.
Thanks guys, very good input!
The best month to rent is when you have a vacancy. You have no real control over when your tenants leave. When they do, you fill a vacancy.
Hi @Jon Holdman , lets say I have a tenant that began the lease in November, if the renter is working out I could ask the renter to cut the original short and sign a new one around a good month for the area and if the renter agrees then good to go, so with these you have some control it seems to me unless I'm missing something.
I only do month to month leases. A long term lease ties your hands much more than it locks in the tenant. A year lease signed in June in no way ensures you'll be getting a new tenant in June.
I am the opposite. I like to tie the tenant to not move. Turn over cost are always my biggest cost. Run the numbers. A vacancy cost after 2 years could take away all your gains for the last 2 years. I always use incentives to get another year lease.
But your questions is a local question. Different areas have different answers. For this I would start a new thread and ask specifically. Here in Texas the summer is a little better because everyone likes to move in the summer, so you can find a tenant easier, which means you can loose a tenant easier too. I don't think there is a good or bad time. My last house was on the market for 4 days in December and the family moved in Jan 1st.
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