I recently found out that my tenants of 3 years will be moving out in October (hate to see them go) which seems to be of a rough month to find tenants as families are already settled in for the school year and it is getting colder etc... my plan is to negotiate a term with the next tenants to push the ending date out to a more renter friendly month. Anyone have suggestions on the most active month for renters?
I'm in the canton/plymouth mi market, top notch school systems, maybe mid summer to catch young families?
Appreciate any advice...
I had a similar problem in the past and I gave my new tenant a 18 month lease to get them back into the spring/early summer time. My best time frame would be April/May/June for me. It's warmer and people are getting active again. Since I am in an area that contends with winter I would suggest you look at the same time frame to have all your leases end.
I think this can definitely be area specific. December is probably a terrible month all around because of the holidays.
For me here in the Deep South, I have found July and August to be harder months to find tenants, because nobody wants to move in 100+ degree heat unless they have to. But I could see those being very active months for other areas.
That's a good idea to adjust the lease term with your new tenants so that it ends up falling in a better time of year to find tenants.
I also recommend the longer (greater than 12 months lease) and shoot for May.
I like the summer as well here in the north. This summer though I had 4 all in the same month. Really tough on a DIYer! Thankfully 2 left a few days before 7/31 and I was able to get started.
Some states (like WA) require anything longer than 12 months to be notarized. Something to check on in your area!
I find that family homes rent well in spring and summer, correlating with the school schedule. One and two bedroom units can rent a lot easier at other times because they will often be singles and couples with no kids who might be relocating for jobs. Job changes can happen throughout the year. Obviously if you are near a college campus summer is the way to go but there will also be some turnover in winter between semesters.
I just got a new tenant in late July who wanted a one year lease. I gave her an 11 month lease instead so I'd have more "peak" time to find a new tenant. I hate to get too far into August without a tenant. Along those lines, I don't do month to month at the end of the lease term anymore because I don't want to get stuck with a home in October without a tenant.
In our market here in CT the rental demand is here 12 months a year. It is interesting to hear how different markets are impacted by the time of year as far as vacant units go.
Thanks for the replies! It seems like timing is huge where I am... I got a ton of interest (4-6 emails a day) when I had a vacancy to fill in June. I haven't gotten any interest yet for October. Maybe it is a little early to say as we are over a month away... If it continues this way I might lower the rent a bit
I assume you've checked, but be sure your rental is still competitive compared to the rest of the market. I've found that if a rental is a good deal for potential tenants compared to comps, the time of year doesn't matter nearly as much.
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