List rental in Feb or wait until March?

Question

It looks like my current tenants are going to likely move out.  We are in mid-February and their lease expires on April 28th.

I understand that Dec-Feb are slow months for rentals and prices usually fall due to low demand.  And then April-Jun are the best months to list a rental house where prices go up.

I've got 2.5 months until the lease expires.  I'd love to get a new tenant in the week after the old ones move out.

If I list it now (mid February), I worry that it will sit on the market longer.  And then when people look at the listing they'll see it has been up for a long time and be turned off.  So I was contemplating waiting a month until the market was "hotter" (mid-March for example).

This is a 2000 sq ft single family home in a nice family neighborhood in Austin, TX

So what do you think?

Nathan Gesner · Answer

I always start marketing my rentals 30 days prior to vacancy. My lease agreement requires the tenant to participate in showings during their final 30 days. This really reduces the risk of vacancy.

Theresa Harris · Answer

Are the current tenants who are breaking their lease paying rent after they move out?  If not, how much do you get for rent and how much would you lose by having it vacant for a month?  Over the course of the year, the difference in the price of rent may not cover a lost month's rent.

I've always advertized my place as soon as possible.

Brady Boyer · Answer

I have looked at days on the market before as a potential negotiating tactic and also have looked at days on market for rental rate analysis when researching a market.  If I see a place that hasn't rented in 2 months its likely the rent is over valued / the property is less desirable in some manner.  However, if I was you I'd list it ASAP and then if the listing doesn't get traction then simply just take it down and put it back up after a day or two.

Thomas S. · Answer

I have never had a tenant try to leverage but if they did I would simply tell them to look else where if they can not afford my rent. Listing two months ahead has always found me a tenant within a few weeks maximum.

Salvador Santolucito · Answer

It doesn't sound like any of you would wait to list it just to get the listing started in a "hotter market" month?

Do renters care about number of days on the market when looking?  Will they use that as leverage if I list it too early?

Salvador Santolucito · Answer

My lease says tenant must give 60 days notice and I can do showings during that time.

Thomas S. · Answer

Because our regulations require tenants to give 60 days notice I prefer to market 2 months ahead. This insures that any applicants can provide sufficient notice to their present landlord and eliminates getting applications from those in a rush to move.... those planning a midnight run or those being evicted.

I prefer tenants that plan ahead.

List rental in Feb or wait until March?

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