I have a couple rentals right now on the market that would have been snatched up this past spring. I can always lower the rent and a bit and still cash flow nicely and rent them. But I seem to rent quicker and get a premium on rent if I market from early spring to mid summer.
Does anyone else experience the same seasons and do you try and make sure your leases renew during a good rental time?
I feel the only downside would be having more turnover in a short concentration of months instead of spread out through the year which is not a big deal.
Sure, so many people try to move during the spring summer months especially in areas with lots of families with school-age children. Also Thanksgiving. Xmas are tough because there are other priorities for people/ We will definitely try to NOT end a lease during Nov/ Dec
Yes. Yes. Yes. Even acquiring a rental in "off-season" can add months to finding a quality tenant. I've had requests to rent odd terms and the like for a whole host of reasons and simply isn't worth it. This is a business and keeping the business cash flowing is what it's all about.
@Adam Craig This is the kind of thing where you try and make it where your lease ends in the popular months but if you get someone good who applies tomorrow and they only want a year lease you don’t turn them away.
Offer the option for their lease to end in April/May of 2021 and see what they say. If you need to sell it to them tell them there are more apartments for rent for them to pick from also.
Yes, it produces more turnover and work in the spring/summer but you have a larger pool to pick from and can charge higher rates.
I agree with other folks about avoiding Nov/Dec/Jan Lease expiration. I would add it also varies on the size of the house/apartment. If you're renting a studio or one bedroom, that's easy to rent almost year round. If you have a 2,3,4 bedroom and you want that vacant in the winter...tough to fill. What family is moving in the dead of winter?