It's october now, school year has started. Is there more difficulty with finding tenants at certain times of the year than others? Seems spring/summer would be best, and then fall off toward the holiday season.
If I were to initiate a purchase of a property right now, then best case I'm looking at right around Thanksgiving time to START finding a tenant. I wonder if I might want to wait until just after Christmas and hopefully let potential purchases and their prices keep falling.
But, I don't know if this is accurate or not. Can someone clue me in from their experiences? I'd hate to have to spend 3 months vacancy just because of the time of year.
Yes, that is a very slow time of year for rentals in our climate. From my experience it does seem to pick up right after New Years. But between the holidays you just don't have that many people looking.
I personally would not base my purchase decision on that, I think you need to look at it with a more long term perspective. If a property was available that I believe was the right one I would make an offer regardless of the time of year.
Thanks for the tip.
Ironically, the tenants that got placed in my rental in late 2010, I found on december 21. They moved in and signed the first lease on the 23rd. Go figure that one. I think I got super lucky.
In our area, once it's August things get WAY harder, I suspect since people look about 3 weeks ahead and by then it's to late to move before school starts.
I'd say there's a similar pattern in my area, though you do get some people scoping rentals into September/October. It's not uncommon for some people on a month-by-month lease to vacate after peak rental surveying season is over in hopes of finding more reasonable deals after the summer. And you definitely do see some renters slide their prices down a notch in hopes of scooping up some of these late-year prospects.
What I have found is that September, October and November are hard months to find new tenants. December and January seem impossible especially if there is snow on the ground and/or bad weather. February and March are better. But April thru August are no problem.
I asked my realtor this question and she said there was no pattern. But she also wants to sell a house, so...
I found my tenants on dec 21 or so of 2010 but I might have just been very lucky
In Queens, it is very common for rent asking prices to drop around September - January, due to the much higher difficulty involved in finding a tenant during this period.
so do alot of investors looking for sfr tend to avoid picking up rentals around now to avoid the risk of holding costs?
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing